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

Death Prior to Commencement of Benefit Payments. In the event the Participant should die while actively employed by the Plan Sponsor at any time after the date of this Plan but prior to the Participant’s Normal Retirement Age, the Participant shall be entitled to the benefit amount shown on Schedule A under the column labeled "Early Termination Annual Benefit" for the Plan Year in which the Participant's death occurs, multiplied by fifteen (15) (the "Death Benefit"). The Death Benefit shall be paid in one hundred eighty (180) equal monthly installments to the Participant's Beneficiary, and shall commence to be paid on the first day of the second month following the month in which the Participant dies.

Appears in 4 contracts

Samples: Old Line Bank (Old Line Bancshares Inc), Old Line Bank (Old Line Bancshares Inc), Old Line Bank (Old Line Bancshares Inc)

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Death Prior to Commencement of Benefit Payments. In the event the Participant should die while actively employed by the Plan Sponsor at any time after the date of this Plan but prior to the Participant’s Normal Retirement Age, the Participant shall be entitled to the benefit amount shown on Schedule A under the column labeled "Early Termination Annual Benefit" for the Plan Year in which the Participant's death occurs, multiplied by fifteen five (155) (the "Death Benefit"). The Death Benefit shall be paid in one hundred eighty sixty (18060) equal monthly installments to the Participant's Beneficiary, and shall commence to be paid on the fifteenth (15th) anniversary of the first day of the second month following the month in which the Participant dies.

Appears in 1 contract

Samples: Continuation Plan Agreement (Old Line Bancshares Inc)

Death Prior to Commencement of Benefit Payments. In the event the Participant should die while actively employed by the Plan Sponsor at any time after the date of this Plan but prior to the Participant’s Normal Retirement Age, the Participant shall be entitled to the benefit amount shown on Schedule A under the column labeled "Early Termination Annual Benefit" for the Plan Year in which the Participant's death occurs, multiplied by fifteen (15) (the "Death Benefit"). The Death Benefit shall be paid in one hundred eighty (180) equal monthly installments to the Participant's Beneficiary, and shall commence to be paid on the first day of the second month following the month in which the Participant dies.. Exhibit 10.40

Appears in 1 contract

Samples: Continuation Plan Agreement (Old Line Bancshares Inc)

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Death Prior to Commencement of Benefit Payments. In the event the Participant should die while actively employed by the Plan Sponsor at any time after the date of this Plan but prior to the Participant’s Normal Retirement Age, the Participant shall be entitled to the benefit amount shown on Schedule A under the column labeled "Early Termination Annual Benefit" for the Plan Year in which the Participant's ’s death occurs, multiplied by fifteen (15) (the "Death Benefit"). The Death Benefit shall be paid in one hundred eighty (180) equal monthly installments to the Participant's ’s Beneficiary, and shall commence to be paid on the first day of the second month following the month in which the Participant dies.

Appears in 1 contract

Samples: Continuation Plan Agreement (Old Line Bancshares Inc)

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