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 and Disability, the Employer shall pay the Beneficiary an annual benefit in the amount of Forty-Two Thousand Dollars ($42,000) in lieu of any other benefit hereunder. The annual benefit shall be paid in equal monthly installments commencing on the first day of the month following the Executive’s death and continuing for ten (10) years.

Appears in 2 contracts

Samples: Salary Continuation Agreement (First Clover Leaf Financial Corp.), Salary Continuation Agreement (First Clover Leaf Financial Corp.)

AutoNDA by SimpleDocs

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service and DisabilityService, the Employer shall pay the Beneficiary an annual benefit for fifteen (15) years in the amount of Forty-Two Fifty Thousand Dollars ($42,00050,000) ($750,000 in the aggregate) in lieu of any other benefit hereunder. The annual benefit shall will be paid in one hundred eighty (180) equal monthly installments commencing on the first day of the month following the date of Executive’s death and continuing for ten (10) yearsdeath.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Community West Bancshares /), Salary Continuation Agreement (Community West Bancshares /)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service and Disability, the Employer shall pay the Beneficiary an annual benefit in the amount greater of (i) the Deferral Account balance or (ii) Two Million Five Hundred Forty-Two Three Thousand Eight Hundred Ninety Dollars ($42,000) 2,543,890), in lieu of any other benefit hereunder. The annual This benefit shall be paid in one hundred eighty (180) consecutive equal monthly installments commencing on the first day of the month following the Executive’s death and continuing for ten (10) yearsdeath, with interest credited on the unpaid balance at the Distribution Period Crediting Rate.

Appears in 1 contract

Samples: Deferred Compensation Agreement (Orrstown Financial Services Inc)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service and DisabilityService, the Employer shall pay the Beneficiary an annual benefit in the amount of Forty-Two Thousand Dollars ($42,000) in lieu of any other benefit hereunder. The annual benefit shall will be paid in equal monthly installments commencing on the first day of the month following the Executive’s death and continuing for ten fifteen (1015) years.

Appears in 1 contract

Samples: Salary Continuation Agreement (Eagle Bancorp Montana, Inc.)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service and Disability, the Employer shall pay the Beneficiary an annual benefit in the amount of Forty-Two Fifty Eight Thousand Dollars ($42,00058,000) in lieu of any other benefit hereunder. The annual benefit shall be paid in equal monthly installments commencing on the first day of the month following the Executive’s death and continuing for ten (10) years.

Appears in 1 contract

Samples: Salary Continuation Agreement (First Clover Leaf Financial Corp.)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service and Disability, the Employer shall pay the Beneficiary an annual benefit in the amount greater of Forty(i) the Deferral Account balance or (ii) Two Million Two Hundred Sixty Thousand Six Hundred Thirty-Two Thousand Eight Dollars ($42,000) 2,260,638), in lieu of any other benefit hereunder. The annual This benefit shall be paid in one hundred eighty (180) consecutive equal monthly installments commencing on the first day of the month following the Executive’s death and continuing for ten (10) yearsdeath, with interest credited on the unpaid balance at the Distribution Period Crediting Rate.

Appears in 1 contract

Samples: Deferred Compensation Agreement (Orrstown Financial Services Inc)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service and Disability, the Employer shall pay the Beneficiary an annual benefit in the amount of FortyThirty-Two Eight Thousand Five Hundred Dollars ($42,00038,500) in lieu of any other benefit hereunder. The annual benefit shall will be paid in equal monthly installments commencing on the first day of the month following the Executive’s death and continuing for ten fifteen (1015) years.

Appears in 1 contract

Samples: Salary Continuation Agreement (Eagle Bancorp Montana, Inc.)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service and DisabilityService, the Employer shall pay the Beneficiary an annual benefit in the amount of FortyTwenty-Two Six Thousand Five Hundred Dollars ($42,00026,500) in lieu of any other benefit hereunder. The annual benefit shall will be paid in equal monthly installments commencing on the first day of the month following the Executive’s death and continuing for ten fifteen (1015) years.

Appears in 1 contract

Samples: Continuation Agreement (Eagle Bancorp Montana, Inc.)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service and DisabilityService, the Employer shall pay the Beneficiary an annual benefit for fifteen (15) years in the amount of Forty-Two One Hundred Thousand Dollars ($42,000100,000) ($1,500,000 in the aggregate) in lieu of any other benefit hereunder. The annual benefit shall will be paid in one hundred eighty (180) equal monthly installments commencing on the first day of the month following the date of Executive’s death and continuing for ten (10) yearsdeath.

Appears in 1 contract

Samples: Salary Continuation Agreement (Community West Bancshares /)

AutoNDA by SimpleDocs

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service and Disability, the Employer shall pay the Beneficiary an the vested annual benefit in the amount of Forty-Two Thousand Dollars ($42,000) in lieu of any other benefit hereunder. The vested annual benefit shall will be paid in equal monthly installments commencing on the first day of the month following the Executive’s 's death and continuing for ten fifteen (1015) years.. The vested annual benefit shall be calculated as follows: Year of Death Amount of annual benefit 2016 $14,400 2017 $14,400 2018 $23,760 2019 $28,800 2020 $43,200 2021 $54,000 2022 $64,800 2023 $72,000

Appears in 1 contract

Samples: Executive Supplemental Retirement Plan (LINKBANCORP, Inc.)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service and DisabilityService, the Employer shall pay the Beneficiary an annual benefit in the amount of FortyFifty-Two Five Thousand Dollars ($42,00055,000) in lieu of any other benefit hereunder. The annual benefit shall will be paid in equal monthly installments commencing on the first day of the month following the Executive’s death and continuing for ten fifteen (1015) years.

Appears in 1 contract

Samples: Salary Continuation Agreement (Eagle Bancorp Montana, Inc.)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service and Disability, the Employer shall pay the Beneficiary an annual benefit in the amount of Forty-Two Thousand Dollars ($42,000) in lieu of any other benefit hereunder_________________. The Employer will pay the annual benefit shall be paid in twelve (12) equal monthly installments for a period of fifteen (15) years commencing on the first day of the fourth month following the Executive’s death and continuing for ten (10) yearsdeath.

Appears in 1 contract

Samples: Continuation Agreement (Heritage Oaks Bancorp)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service and Disability, the Employer shall pay the Beneficiary an annual benefit in the amount of FortyTwenty-Two Thousand Dollars ($42,00022,000) in lieu of any other benefit hereunder. The annual benefit shall will be paid in equal monthly installments commencing on the first day of the month following the Executive’s death and continuing for ten fifteen (1015) years.

Appears in 1 contract

Samples: Salary Continuation Agreement (Eagle Bancorp Montana, Inc.)

Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service and DisabilityService, the Employer shall pay the Beneficiary an annual benefit in the amount of Forty-Two Nine Thousand Five Hundred Dollars ($42,0009,500) in lieu of any other benefit hereunder. The annual benefit shall will be paid in equal monthly installments commencing on the first day of the month following the Executive’s death and continuing for ten fifteen (1015) years.

Appears in 1 contract

Samples: Salary Continuation Agreement (Eagle Bancorp Montana, Inc.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!