Death of Employee Prior to Retirement Sample Clauses

Death of Employee Prior to Retirement. In the event that Employee should die while in the active employ of the Company, the Company agrees to pay to such persons as he may have designated (in accordance with the provisions of Paragraph 6) a sum equal to Four Hundred Fifty Thousand Dollars ($450,00.00), which sum shall be paid in one hundred twenty (120) monthly installments at the rate of Three Thousand Seven Hundred and Fifty Dollars ($3,750.00) per month, commencing on the first day of the month following Employee’s death. All other terms and provisions of the above referred to Deferred Compensation Agreement shall remain in full force and effect.
Sample 1See All (4)
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Death of Employee Prior to Retirement. In the event that Employee should die while in the active employ of the Company, the Company agrees to pay to such persons as he may have designated (in accordance with the provisions of Paragraph 6 above) a sum equal to One Hundred Thousand Dollars ($100,000.00), which sum shall be paid in one hundred twenty (120) monthly installments at the rate of Eight Hundred Thirty-Three Dollars and Thirty-Three Cents ($833.33) per month, commencing on the first day of the month following Employee’s death.
Sample 1
Death of Employee Prior to Retirement. In the event of the Employee's death while in the employment of the Corporation, the Corporation shall pay the amount of the Employee's Accrued Benefit: (a) to any beneficiary designated in writing by the Employee in accordance with the provisions of paragraph 4 of this Agreement or, if no such designation is effective; (b) to the Employee's spouse, provided that she survives the Employee by at least 24 hours, or (c) if there be no such spouse, to the Employee's estate. Any such payment(s) to a beneficiary so designated by the Employee or to the Employee's spouse shall be made in equal monthly installments over a ten (10) year period. Any such payment to the Employee's estate shall be made in a lump sum. Once payment to a beneficiary or spouse has begun, should such beneficiary or the Employee's spouse die before receiving the full amount of the Employee's Accrued Benefit, the remainder thereof shall be paid to the successor person or persons so designated by the Employee in writing or, if no such designation is effective, in a lump sum to the estate of such deceased beneficiary or spouse, as the case may be.
Sample 1
Death of Employee Prior to Retirement 
Sample 1

Related to Death of Employee Prior to Retirement

  • Termination of Employee Plans The Company shall have provided Parent with evidence, reasonably satisfactory to Parent, as to the termination of the benefit plans referred to in Section 5.9.

  • Termination of Employees At closing the Vendor will terminate the employment of all employees to whom the Purchaser has made an offer of employment under section 8.1 and will indemnify and save harmless the Purchaser from and against all claims by any employee of the Vendor for wages, salaries, bonuses, pension or other benefits, severance pay, notice or pay in lieu of notice and holiday pay in respect of any period before closing.

  • Termination of Employment Due to Retirement In the event of the Retirement of the Participant after nine months of the Performance Cycle have elapsed, the Participant’s Performance Units shall be settled based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Board after the close of the Performance Cycle as described below. Subject to the negative discretion of the Board, the Participant will be entitled to receive a payment equal to the product of (i) the pro-rata vesting percentage equal to the days of Participant’s Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Payout Value. Such payment shall be made as soon as administratively feasible following the Board’s determination under Paragraph 2 and, in all cases, the payment shall be made within the first calendar year following the end of the Performance Cycle. If, in accordance with the Board’s determination under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 6 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Participant following Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 6.

  • Death or Disability of Employee In the event that the Employee incurs a Termination of Service due to his or her death or Disability during a Performance Period, the Employee shall immediately vest [INSERT DESCRIPTION OF VESTING CONDITIONS]. In the event that any applicable law limits the Company’s ability to accelerate the vesting of this award of Performance Shares, this paragraph 4(b) shall be limited to the extent required to comply with applicable law.

  • Termination of Employment Generally In the event the Executive’s employment with the Company terminates, for any reason whatsoever including death or disability the Executive shall be entitled to the benefits described in this Section 2.2.

  • Involuntary Termination of Employment If the Executive exercises his withdrawal rights pursuant to Subsection 2.2, and the Executive's employment with the Bank is involuntarily terminated for any reason including termination due to disability of the Executive, but excluding termination for Cause, or termination following a Change in Control, within thirty (30) days of such involuntary termination of employment, the Bank shall be required to record a final Phantom Contribution in an amount equal to: (i) the full Phantom Contribution required for the Plan Year in which such involuntary termination occurs, if not yet made, plus (ii) the present value (computed using a discount rate equal to the Interest Factor) of all remaining Phantom Contributions.

  • Death of Employee Any distribution or delivery to be made to the Employee under this Agreement will, if the Employee is then deceased, be made to the administrator or executor of the Employee’s estate. Any such administrator or executor must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

  • Qualifying Termination of Employment A “Qualifying Termination of Employment” shall mean a termination of Executive’s employment during the Protected Period either (a) by the Company other than for Cause or (b) by Executive for a Good Reason. A termination of employment due to the Executive’s death or Disability during the Protected Period shall not constitute a Qualifying Termination of Employment.

  • Voluntary Termination of Employment If during the Employment Term, Executive terminates his employment under circumstances other than those specified elsewhere in this Section 8, Executive shall be entitled to the payments and benefits specified in Section 8(a).

  • Retirement, Death or Disability If the Executive’s employment terminates during the Term of this Agreement due to his death, a disability that results in his collection of any long-term disability benefits, or retirement at or after age 62, the Executive (or the beneficiaries of his estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason.

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