Common use of DEATH PRIOR TO OR AFTER RETIREMENT Clause in Contracts

DEATH PRIOR TO OR AFTER RETIREMENT. In the event the Executive should at any time after the date of this Agreement but prior to his Retirement Date, or upon the Executive's death after his Retirement Date, the Bank shall pay to the Executive's designated Beneficiary an amount equal to the accumulated salary continuation obligation on the books of the Bank for the benefit of the Executive. Said amount shall be paid to the Executive's designated Beneficiary in a lump sum within three (3) months of the Executive's date of death. If a valid Beneficiary Designation is not in effect, the payments shall be made to the Executive's surviving spouse or, if none, said payments shall be made to the duly qualified personal representative, executor or administrator of Executive's estate. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if it is determined that the Executive has made any material misstatement of fact on any application for life insurance purchased by the Bank.

DEATH PRIOR TO OR AFTER RETIREMENT. In the event the Executive should at any time after the date of this Agreement but prior to his Retirement Date, or upon the Executive's death after his her Retirement Date, the Bank shall pay to the Executive's designated Beneficiary an amount equal to the accumulated salary continuation obligation on the books of the Bank for the benefit of the Executive. Said amount shall be paid to the Executive's designated Beneficiary in an a lump sum within three (3) months of the Executive's date of death. If a valid Beneficiary Designation is not in effect, the payments shall be made to the Executive's surviving spouse or, if none, said payments shall be made to the duly qualified personal representative, executor or administrator of Executive's estate. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if it is determined that the Executive has made any material misstatement of fact on any application for life insurance purchased by the Bank.

DEATH PRIOR TO OR AFTER RETIREMENT. In the event the Executive should at any time after the date of this Agreement but prior to his Retirement Date, or upon the Executive's death after his Retirement Date, the Bank shall pay to the Executive's designated Beneficiary an amount equal to the accumulated salary continuation obligation on the books of the Bank for the benefit of the Executive. Said amount shall be paid to the Executive's designated Beneficiary in a lump sum within three (3) months of the Executive's date of death. If a valid Beneficiary Designation is not in effect, the payments shall be made to the Executive's surviving spouse or, if none, said payments shall be made to the duly qualified personal representative, executor or administrator of Executive's estate. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if it is determined that the Executive has made any material misstatement of fact on any application for life insurance purchased by the Bank.

DEATH PRIOR TO OR AFTER RETIREMENT. In the event the Executive should at any time after the date of this Agreement but prior to his her Retirement Date, or upon the Executive's death after his her Retirement Date, the Bank shall pay to the Executive's designated Beneficiary an amount equal to the accumulated salary continuation obligation on the books of the Bank for the benefit of the Executive. Said amount shall be paid to the Executive's designated Beneficiary in a lump sum within three (3) months of the Executive's date of death. If a valid Beneficiary Designation is not in effect, the payments shall be made to the Executive's surviving spouse or, or if none, said payments shall be made to the duly qualified personal representative, executor or administrator of Executive's estate. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if it is determined that the Executive has made any material misstatement of fact on any application for life insurance purchased by the Bank.