Common use of Disability Benefit - Supplemental Clause in Contracts

Disability Benefit - Supplemental. If Board of Director approval is obtained within thirty (30) days of the Executive=s death, the Bank shall make a direct, lump sum payment to the Executive's Beneficiary in an amount equal to the following: the sum of all remaining Contributions (or Phantom Contributions) set forth in Exhibit A, but not required pursuant to Subsection 2.1(b) (or 2.1(c)) due to the Executive's disability-related termination. Such lump sum payment, if approved by the Board of Directors, shall be payable within thirty (30) days of such Board of Director approval.

Appears in 3 contracts

Samples: Executive Supplemental Retirement Income Agreement (Magyar Bancorp, Inc.), Executive Supplemental Retirement Income Agreement (Magyar Bancorp, Inc.), Executive Supplemental Retirement Income Agreement (Magyar Bancorp, Inc.)

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Disability Benefit - Supplemental. If Furthermore, if Board of Director approval is obtained within thirty (30) days of the Executive=s ’s death, the Bank shall make a direct, lump sum payment to the Executive's ’s Beneficiary in an amount equal to the following: the sum of all remaining Contributions (or Phantom Contributions) set forth in Exhibit A, but not required pursuant to Subsection 2.1(b) (or 2.1(c)) due to the Executive's ’s disability-related termination. Such lump sum payment, if approved by the Board of Directors, shall be payable to the Executive’s Beneficiary within thirty (30) days of such Board of Director approval.

Appears in 3 contracts

Samples: Executive Supplemental Retirement Income Agreement (United Community Bancorp), Executive Supplemental Retirement Income Agreement (First Capital Bank Holding Corp), Executive Supplemental Retirement Income Agreement (United Community Bancorp)

Disability Benefit - Supplemental. If Board of Director approval is obtained within thirty (30) days of the Executive=s 's death, the Bank shall make a direct, lump sum payment to the Executive's Beneficiary in an amount equal to the following: the sum of all remaining Contributions (or Phantom Contributions) set forth in Exhibit A, but not required pursuant to Subsection 2.1(b) (or 2.1(c)) due to the Executive's disability-related termination. Such lump sum payment, if approved by the Board of Directors, shall be payable within thirty (30) days of such Board of Director approval.

Appears in 2 contracts

Samples: Executive Supplemental Retirement Income Agreement (West Essex Bancorp Inc), Executive Supplemental Retirement Income Agreement (West Essex Bancorp Inc)

Disability Benefit - Supplemental. If Furthermore, if Board of Director approval is obtained within thirty (30) days of the Executive=s death, the Bank shall make a direct, lump sum payment to the Executive's Beneficiary in an amount equal to the following: the sum of all remaining Contributions (or Phantom Contributions) set forth in Exhibit A, but not required pursuant to Subsection 2.1(b) (or 2.1(c)) due to the Executive's disability-related termination. Such lump sum payment, if approved by the Board of Directors, shall be payable to the Executive=s Beneficiary within thirty (30) days of such Board of Director approval.

Appears in 2 contracts

Samples: Deferred Compensation Agreement (First Bancorp of Indiana Inc), Deferred Compensation Agreement (First Bancorp of Indiana Inc)

Disability Benefit - Supplemental. If Furthermore, if Board of Director approval is obtained within thirty (30) days of the Executive=s ’s death, the Bank shall make a direct, lump sum payment to the Executive's ’s Beneficiary in an amount equal to the following: the sum of all remaining Contributions (or Phantom Contributions) set forth in Exhibit A, but not required pursuant to under Subsection 2.1(b) (or 2.1(c)) due to the Executive's ’s disability-related terminationtermination prior to Retirement Age. Such lump sum payment, if approved by the Board of Directors, shall be payable to the Executive’s Beneficiary within thirty (30) days of such Board of Director approval.

Appears in 1 contract

Samples: Executive Supplemental Retirement Income Agreement (Chicopee Bancorp, Inc.)

Disability Benefit - Supplemental. If Board of Director approval is obtained within thirty (30) days of the Executive=s 's death, the Bank shall make a direct, lump sum payment to the Executive's Beneficiary in an amount equal to the following: the sum of all remaining Contributions (or Phantom Contributions) set forth in Exhibit A, but not required pursuant to Subsection 2.1(b) (or 2.1(c)) due to the Executive's disability-related termination. Such lump sum payment, if approved by the Board of Directors, shall be payable within thirty (30) days of such Board of Director approval.

Appears in 1 contract

Samples: Executive Supplemental Retirement Income Agreement (Magyar Bancorp, Inc.)

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Disability Benefit - Supplemental. If Furthermore, if Board of Director approval is obtained within thirty (30) days of the Executive=s 's death, the Bank shall make a direct, lump sum payment to the Executive's Beneficiary in an amount equal to the following: the sum of all remaining Contributions (or Phantom Contributions) set forth in Exhibit A, but not required pursuant to Subsection 2.1(b) (or 2.1(c)) due to the Executive's disability-related termination. Such lump sum payment, if approved by the Board of Directors, shall be payable to the Executive's Beneficiary within thirty (30) days of such Board of Director approval.

Appears in 1 contract

Samples: Executive Supplemental Retirement Income Agreement (Greater Community Bancorp)

Disability Benefit - Supplemental. If Furthermore, if Board of Director approval is obtained within thirty (30) days of the Executive=s Director’s death, the Bank shall make a direct, lump sum payment to the Executive's Director’s Beneficiary in an amount equal to the following: the sum of all remaining Contributions (or Phantom Contributions) set forth in Exhibit A, but not required pursuant to Subsection 2.1(b) (or 2.1(c)) due to the Executive's Director’s disability-related termination. Such lump sum payment, if approved by the Board of Directors, shall be payable to the Director’s Beneficiary within thirty (30) days of such Board of Director approval.

Appears in 1 contract

Samples: Director Retirement Plan (West End Indiana Bancshares, Inc.)

Disability Benefit - Supplemental. If Furthermore, if Board of Director approval is obtained within thirty (30) days of the Executive=s ’s death, the Bank shall make a direct, lump sum payment to the Executive's Beneficiary in an amount equal to the following: the sum of all remaining Contributions (or Phantom Contributions) set forth in Exhibit A, but not required pursuant to Subsection 2.1(b) (or 2.1(c)) due to the Executive's disability-related termination. Such lump sum payment, if approved by the Board of Directors, shall be payable to the Executive’s Beneficiary within thirty (30) days of such Board of Director approval.

Appears in 1 contract

Samples: Deferred Compensation Agreement (First Bancorp of Indiana Inc)

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