Death While in Service. If the Executive dies while employed by the Bank, the Executive’s Beneficiary shall be entitled to a death benefit equal to the Accrued Benefit under this Agreement. The Bank shall distribute the Accrued Benefit to the Executive’s Beneficiary in a lump sum within sixty (60) days following the date of the Bank’s receipt of the Executive’s death certificate. The Accrued Benefit shall be distributed in lieu of the benefits described under Article 2.
Appears in 6 contracts
Samples: Salary Continuation Agreement (Ottawa Savings Bancorp, Inc.), Salary Continuation Agreement (Ottawa Savings Bancorp, Inc.), Ottawa Savings Bank Salary Continuation Agreement (Ottawa Savings Bancorp, Inc.)
