Death Prior to Separating From Service. In the event Participant Dies before Separating From Service, then Participant’s Beneficiary shall receive the greater of the following: (i) the lifetime benefit that would have been paid to the Director under Paragraph 6.1, calculated as if the Director’s death were at age Seventy-Five (75), or (ii) whatever the lifetime benefit would have been paid to the Director deferring Three Thousand, Six Hundred ($3,600) annually until age Seventy-Five (75). Payments shall be made monthly for a period of ten (10) years (120 months), commencing on the first day of the first month following the month in which Participant dies.
Appears in 6 contracts
Samples: Deferred Fee Agreement (Santa Lucia Bancorp), Deferred Fee Agreement (Santa Lucia Bancorp), Deferred Fee Agreement (Santa Lucia Bancorp)
