Common use of Death Prior to Commencement of Benefit Payments Clause in Contracts

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service, the Employer shall pay the Beneficiary the Death benefit amount shown on Schedule A for the Plan Year ending immediately prior to the Executive’s death in lieu of any other benefit hereunder. The benefit will be paid in a lump sum within sixty (60) days following the Executive’s death, with the precise payment date determined by the Employer in its sole discretion.

Appears in 4 contracts

Samples: Salary Continuation Agreement (Oak Valley Bancorp), 2016 Salary Continuation Agreement (Oak Valley Bancorp), 2016 Salary Continuation Agreement (Oak Valley Bancorp)

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Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service, the Employer shall pay the Beneficiary the Death benefit amount shown on Schedule A for the Plan Year ending immediately prior to Deferral Account balance calculated at the Executive’s death in lieu of any other benefit hereunderdeath. The This benefit will be paid in a lump sum within sixty ninety (6090) days following of the Executive’s death, with the precise actual date of payment date determined by the Employer in its sole discretion.

Appears in 3 contracts

Samples: Deferred Compensation Agreement (LINKBANCORP, Inc.), Deferred Compensation Agreement (LINKBANCORP, Inc.), Deferred Compensation Agreement (LINKBANCORP, Inc.)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service, the Employer shall pay the Beneficiary the Death benefit amount shown on Schedule A for the Plan Year ending immediately prior to the Executive’s death Accrued Benefit in lieu of any other benefit hereunder. The benefit will shall be paid in a lump sum within sixty (60) days the month following the Executive’s death, with the precise payment date determined by the Employer in its sole discretion.

Appears in 3 contracts

Samples: Salary Continuation Agreement (West End Indiana Bancshares, Inc.), Salary Continuation Agreement (West End Indiana Bancshares, Inc.), Salary Continuation Agreement (West End Indiana Bancshares, Inc.)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service, the Employer shall pay the Beneficiary the Death benefit amount shown on Schedule A for the Plan Year ending immediately prior to the Executive’s death Contribution Account balance in lieu of any other benefit hereunder. The This benefit will shall be paid in a lump sum within sixty forty-five (6045) days following of the Executive’s death, with the precise actual date of payment date determined by the Employer in its sole discretion.

Appears in 2 contracts

Samples: Deferred Compensation Plan (Peoples Financial Services Corp.), Deferred Compensation Plan # (Peoples Financial Services Corp.)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service, the Employer shall pay the Beneficiary the Death benefit amount shown in the Pre-retirement Death Benefit column on Schedule A for the Plan Year ending immediately prior to the Executive’s death. Additionally, the benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which the Executive’s death in lieu of any other benefit hereundertakes place. The benefit will be paid in a lump sum within sixty ninety (6090) days following the Executive’s death, with the precise payment date determined by the Employer in its sole discretion.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan (WVS Financial Corp)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from ServiceService and Disability, the Employer shall pay the Beneficiary the Death benefit amount shown on Schedule A for greater of (i) the Plan Year ending immediately prior to Projected Account Balance or (ii) Deferral Account balance calculated at the Executive’s death death, in lieu of any other benefit hereunder. The This benefit will shall be paid in a lump sum within sixty ninety (6090) days following the Executive’s death, with the precise actual date of payment date determined by the Employer in its sole discretion.

Appears in 1 contract

Samples: Performance Driven Retirement Plan Agreement (Farmers & Merchants Bancshares, Inc.)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from ServiceService and Disability, the Employer shall pay the Beneficiary the Death benefit amount shown on Schedule A for the Plan Year ending immediately prior to the Executive’s death death, in lieu of any other benefit hereunder. Additionally, this benefit shall be increased by a pro-rated amount relative the Executive’s service during the partial Plan Year in which the Executive’s death takes place. The benefit will be paid in a lump sum within sixty (60) days during the month following the Executive’s death, with the precise payment date determined by the Employer in its sole discretion.

Appears in 1 contract

Samples: MUNCY COLUMBIA FINANCIAL Corp

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from ServiceService and Normal Retirement Age, the Employer shall pay the Beneficiary the Death annual benefit amount shown on Schedule A for the Plan Year ending immediately prior to the Executive’s death in lieu of any other benefit hereunder. Additionally, the annual benefit shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which the Executive’s death takes place. The annual benefit will be paid for fifteen (15) years in a lump sum within sixty (60) days equal monthly installments commencing the month following the Executive’s death, with the precise payment date determined by the Employer in its sole discretion.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan (Riverview Financial Corp)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service, Disability and Normal Retirement Age, the Employer shall pay the Beneficiary the Death lump sum benefit amount shown on Schedule A for the Plan Year ending immediately prior to the Executive’s death. Additionally, this benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which the Executive’s death in lieu of any other benefit hereundertakes place. The benefit will be paid in a lump sum within sixty ninety (6090) days following the Executive’s death, with the precise payment date determined by the Employer in its sole discretion.

Appears in 1 contract

Samples: Supplemental Executive Retirement Agreement (Two River Bancorp)

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Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service, Disability and Change in Control, the Employer shall pay the Beneficiary the Death benefit amount shown on Schedule A for the Plan Year ending immediately prior to the Executive’s death death, in lieu of any other benefit hereunder. Additionally, the benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which the Executive’s death takes place. The benefit will be paid in a lump sum within sixty (60) days the month following the Executive’s death, with the precise payment date determined by the Employer in its sole discretion.

Appears in 1 contract

Samples: 2022 Supplemental Executive Retirement Plan (CCFNB Bancorp Inc)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service, the Employer shall pay the Beneficiary greater of the Death benefit amount shown on Schedule A for Deferral Account or the Plan Year ending immediately prior to the Executive’s death in lieu of any other benefit hereunderProjected Balance. The This benefit will be paid in a lump sum within sixty ninety (6090) days following of the Executive’s death, with the precise payment date determined by the Employer in its sole discretion.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan Agreement (Sunshine Bancorp, Inc.)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service, Disability and the Normal Benefit Date, the Employer shall pay the Beneficiary the Death benefit amount shown on Schedule A for the Plan Year ending immediately prior to the Executive’s death in lieu of any other benefit hereunder. Additionally, the annual benefit shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which the Executive’s death takes place. The benefit will be paid in a lump sum within sixty (60) days during the month following the Executive’s death, with the precise payment date determined by the Employer in its sole discretion.

Appears in 1 contract

Samples: Retirement Plan (Codorus Valley Bancorp Inc)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from ServiceService and Disability, the Employer shall pay the Beneficiary the Death annual benefit amount shown on Schedule A for the Plan Year ending immediately prior to the Executive’s death death, in lieu of any other benefit hereunder. Additionally, this benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which the Executive’s death takes place. The annual benefit will be paid for fifteen (15) years in a lump sum within sixty (60) days equal monthly installments commencing the month following the Executive’s death, with the precise payment date determined by the Employer in its sole discretion.

Appears in 1 contract

Samples: Retirement Agreement (MUNCY COLUMBIA FINANCIAL Corp)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service, the Employer shall pay the Beneficiary the Death benefit amount shown on Schedule A for the Plan Year ending immediately prior to the Executive’s death in lieu of any other benefit hereunder. The benefit will be paid in a lump sum within sixty (60) days the month following the Executive’s death, with the precise payment date determined by the Employer in its sole discretion.

Appears in 1 contract

Samples: 2016 Salary Continuation Agreement (Bank of the James Financial Group Inc)

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