Normal form of payment. If (i) the Director is employed with the Bank until reaching his Benefit Age and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the Director's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the Director's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the unpaid balance of the Director's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director's death. Such lump sum payment shall be payable within thirty (30) days of such notice. The Director's Accrued Benefit Account (if applicable), measured as of the Director's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's Benefit Eligibility Date. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the Director's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 8 contracts

Samples: Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.), Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.), Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.)

Normal form of payment. (1) DIRECTOR LIVES UNTIL BENEFIT AGE If (i) after such termination, the Director ~~is employed with the Bank~~ lives until ~~reaching~~ attaining his Benefit ~~Age~~ Age, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection ~~3.1(a~~5.1(a)(1) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the Director's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such ~~benefit~~ payments shall commence on the Director's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the Director's Beneficiary the monthly installments (or a continuation of ~~such~~ the monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the unpaid balance of the Director's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director's death. Such lump sum payment shall be ~~payable~~ made within thirty (30) days of such notice. The Director's Accrued Benefit Account (if applicable), measured as of the Director's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's Benefit Eligibility Date. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the Director's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 8 contracts

Normal form of payment. If (i) the Director is dies while employed ~~with~~ by the ~~Bank until reaching his Benefit Age~~ Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection ~~3.1(a~~4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director's Retirement Income Trust Fund, measured as of the later of (i) the Director's ~~Benefit Age~~death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such ~~benefit payments~~ benefits shall commence on within thirty (30) days of the date the Administrator receives notice of the Director's ~~Benefit Eligibility Date~~death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director (or his Beneficiary)~~ Director's Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the Director's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the unpaid balance of the Director's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director's death. Such lump sum payment shall be ~~payable~~ made within thirty (30) days of such notice. The Director's Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit ~~Age~~Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence on within thirty (30) days of the date the Administrator receives notice of the Director's ~~Benefit Eligibility Date. In the event the Director dies at~~ death, or if later, within thirty (30) days after any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the Director's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining final lump sum Phantom Contribution is recorded in the ~~Payout Period, or (ii) the~~ Accrued Benefit Account in accordance with Subsection 2.1(c). The Director's Beneficiary may request to receive the remainder of any unpaid monthly benefit payments due from the Accrued Benefit Account in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the ~~unpaid~~ balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be ~~made~~ payable within thirty (30) days of such Board of Director approval.

Appears in 8 contracts

Normal form of payment. (1) Executive Lives Until Benefit Age If (i) after such termination, the ~~Director is employed with the Bank~~ Executive lives until ~~reaching~~ attaining his Benefit ~~Age~~ Age, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection ~~3.1(a~~5.1(a)(1) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such ~~benefit~~ payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Executive (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The ~~Director~~ Executive may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the ~~Director~~Executive, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~ Executive gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director~~Executive's Beneficiary the monthly installments (or a continuation of ~~such~~ the monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the unpaid balance of the ~~Director~~Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum payment shall be ~~payable~~ made within thirty (30) days of such notice. The ~~Director~~Executive's Accrued Benefit Account (if applicable), measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the ~~Director~~Executive's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the ~~Director~~Executive's Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 6 contracts

Samples: Executive Supplemental Retirement Income Agreement (Synergy Financial Group Inc), Executive Supplemental Retirement Income Agreement (Greater Community Bancorp), Executive Supplemental Retirement Income Agreement (United National Bancorp)

Normal form of payment. If (i) the ~~Director is~~ Executive dies while employed ~~with~~ by the Bank ~~until reaching his Benefit Age~~ and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection ~~3.1(a~~4.1(a) shall be controlling with respect to pre-retirement death benefits. Supplemental Retirement Income Benefit Contributions shall be made in accordance with Subsection 2.1(b)(2) (or 2.1(b)(3), as applicable) and Supplemental Retirement Income Benefit Phantom Contributions shall be recorded in accordance with 2.1(c)(2) (or 2.1(c)(3), as applicable). Supplemental ESOP Benefit Contributions and Supplemental ESOP Benefit Phantom Contributions, as applicable, shall be made or recorded in accordance with Subsection 2.1(a)(3). The Executive’s Beneficiary shall be entitled to receive benefits in accordance with this Subsection 4.1(a). The Executive’s Retirement Income Trust Fund, measured as of the ~~Director's~~ latest of (i) the date of the Executive’s death, (ii) the date any final lump sum Supplemental Retirement Income Benefit ~~Age~~Contribution is made pursuant to Subsection 2.1(b)(2) (or 2.1(b)(3)), or (iii) the date any final Supplemental ESOP Benefit Contribution is made pursuant to Subsection 2.1(a)(3), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on within thirty (30) days of the ~~Director's Benefit Eligibility Date~~date the Administrator receives notice of the Executive’s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director (or his Beneficiary)~~ Executive’s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the Director's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Executive’s Beneficiary may request to receive the unpaid balance of the ~~Director's~~ Executive’s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director's~~ Executive’s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the ~~Director's~~ Executive’s death. Such lump sum payment shall be ~~payable~~ made within thirty (30) days of such notice. The ~~Director's~~ Executive’s Accrued Benefit Account (if applicable), measured as of the ~~Director's~~ latest of (i) the date of the Executive’s death, (ii) the date the final Supplemental Retirement Income Benefit ~~Age~~Phantom Contribution is recorded pursuant to Subsection 2.1(c)(2) (or 2.1(c)(3)), or (iii) the date any final Supplemental ESOP Benefit Phantom Contribution is recorded pursuant to Subsection 2.1(a)(3), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Beneficiary for the Payout Period. Such benefit payments shall commence on the Director's Benefit Eligibility Date. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the Director's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of ~~such Board~~ the date the Administrator receives notice of ~~Director approval~~the Executive’s death.

Appears in 4 contracts

Samples: Executive Supplemental Retirement Income Agreement (Oceanfirst Financial Corp), Executive Supplemental Retirement Income Agreement (Oceanfirst Financial Corp), Executive Supplemental Retirement Income Agreement (Oceanfirst Financial Corp)

Normal form of payment. If If (i) the ~~Director~~ Executive is employed with the Bank until reaching his Benefit Age, excluding employment with the Bank until Benefit Age following a Change in Control which is covered in Subsection 5.1, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. Supplemental Retirement Income Benefit Contributions shall be made in accordance with Subsection 2.1(b)(1) and Supplemental Retirement Income Benefit Phantom Contributions shall be recorded in accordance with 2.1(c)(1), as applicable. Supplemental ESOP Benefit Contributions and Supplemental ESOP Benefit Phantom Contributions, as applicable, shall be made or recorded in accordance with Subsection 2.1(a)(3). The Retirement Income Trust Fund, measured as of the ~~Director's~~ Executive’s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director's~~ Executive’s Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Executive (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The ~~Director~~ Executive may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the ~~Director~~Executive, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~ Executive gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director's~~ Executive’s Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director's~~ Executive’s Beneficiary may request to receive the unpaid balance of the ~~Director's~~ Executive’s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director's~~ Executive’s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the ~~Director's~~ Executive’s death. Such lump sum payment shall be payable within thirty (30) days of such notice. The ~~Director's~~ Executive’s Accrued Benefit Account (if applicable), measured as of the ~~Director's~~ Executive’s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director's~~ Executive’s Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, ~~(i)~~ the Bank shall pay to the ~~Director's~~ Executive’s Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 4 contracts

Normal form of payment. If (i) the Director is employed with the Bank until reaching his Benefit Age and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the Director's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the Director's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the unpaid balance of the Director's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director's death. Such lump sum payment shall be payable within thirty (30) days of such notice. The Director's =s Accrued Benefit Account (if applicable), measured as of the Director's =s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's =s Benefit Eligibility Date. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the Director's =s Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 4 contracts

Normal form of payment. If (i) the ~~Director~~ Executive is employed with the Bank until reaching his ~~Benefit~~ Early Retirement Age or Normal Retirement Age, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Executive (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The ~~Director~~ Executive may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the ~~Director~~Executive, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~ Executive gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director~~Executive's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the unpaid balance of the ~~Director~~Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum payment shall be payable within thirty (30) days of such notice. The ~~Director~~Executive's Accrued Benefit Account (if applicable), measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the ~~Director~~Executive's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the ~~Director~~Executive's Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 3 contracts

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

Normal form of payment. If If (i) the ~~Director~~ Executive is employed with the Bank until reaching ~~his~~ Benefit Age and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director's Benefit Age~~date of Termination of Employment, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such ~~benefit~~ payments shall commence on the ~~Director's~~ first day of the month following Benefit Eligibility Date. ~~Should~~ If the Retirement Income Trust Fund assets actually earn a rate of ~~return, following~~ return during the ~~date such balance is annuitized,~~ payout period which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by from the Bank ~~in order~~ to ~~fund the final benefit payment(s) and~~ make up ~~for~~ any ~~shortage attributable to~~ shortfall. If the ~~less-than-expected rate of return. Should~~ Retirement Income Trust Fund assets actually earn a rate of ~~return, following~~ return during the ~~date such balance is annuitized,~~ payout period which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final ~~benefit~~ payment to the ~~Director~~ Executive (or ~~his~~ the Beneficiary) shall distribute the excess ~~amounts~~ attributable to the ~~greater-than-~~higher than expected ~~rate of return~~earnings. The ~~Director~~ Executive may ~~at anytime during the Payout Period~~ request to receive the unpaid balance of ~~his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of~~ the Retirement Income Trust Fund ~~in such~~ at any time during the Payout Period by giving written notice of the request to the Administrator and the trustee. The lump sum ~~form~~ payment of the unpaid balance shall be made ~~only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable~~ within thirty (30) days of following such notice. In If the ~~event~~ Executive dies after payments have commenced but before the ~~Director dies at any time after attaining his Benefit Age, but prior to commencement or~~ completion of all monthly payments due ~~and owing~~ hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director's~~ Beneficiary the monthly installments ~~(or a continuation of such monthly installments if they have already commenced)~~ for the balance of months remaining in the Payout Period, or (ii) the ~~Director's~~ Beneficiary may request to receive the unpaid balance of the ~~Director's~~ Retirement Income Trust Fund in a lump sum payment. ~~If a lump sum payment is requested by~~ The Beneficiary may request to receive the ~~Beneficiary, payment of the~~ unpaid balance of the Retirement Income Trust Fund ~~in such lump sum form shall be made only if~~ by giving written notice of the ~~Director's Beneficiary notifies both~~ request to the Administrator and ~~trustee in writing of such election within ninety (90) days of~~ the ~~Director's death~~trustee. ~~Such~~ The lump sum payment ~~shall be payable within thirty (30) days~~ of such notice. The Director's Accrued Benefit Account (if applicable), measured as of the Director's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's Benefit Eligibility Date. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the Director's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of following such ~~Board of Director approval~~notice.

Appears in 3 contracts

Samples: Executive Supplemental Retirement Income Agreement (United Community Bancorp), Executive Supplemental Retirement Income Agreement (United Community Bancorp), Executive Supplemental Retirement Income Agreement (United Community Bancorp)

Normal form of payment. If (i) the Director is employed with the Bank until reaching his Benefit Age and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the Director's ’s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's ’s Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the Director's ’s Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's ’s Beneficiary may request to receive the unpaid balance of the Director's ’s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director's ’s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director's ’s death. Such lump sum payment shall be payable within thirty (30) days of such notice. The Director's =s Accrued Benefit Account (if applicable), measured as of the Director's =s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's =s Benefit Eligibility Date. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the Director's =s Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 2 contracts

Normal form of payment. If If (i) the ~~Director~~ Executive is employed with the Bank until reaching his Benefit ~~Age~~ Age, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director's~~ Executive’s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director's~~ Executive’s Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Executive (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The ~~Director~~ Executive may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the ~~Director~~Executive, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~ Executive gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director's~~ Executive’s Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director's~~ Executive’s Beneficiary may request to receive the unpaid balance of the ~~Director's~~ Executive’s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director's~~ Executive’s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the ~~Director's~~ Executive’s death. Such lump sum payment shall be payable within thirty (30) days of such notice. The ~~Director's~~ Executive’s Accrued Benefit Account (if applicable), measured as of the ~~Director's~~ Executive’s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director's~~ Executive’s Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the ~~Director's~~ Executive’s Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director's~~ Executive’s Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the ~~Director's~~ Executive’s Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director's~~ Executive’s Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the ~~Director's~~ Executive’s death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 2 contracts

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

Normal form of payment. If (i) the Director is employed with the Bank until reaching ~~his Benefit Age~~ Retirement Age, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the Director's ’s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's ’s Benefit Eligibility Date, subject to Section 6.2 of this Agreement. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director (or ~~his~~ Beneficiary) shall ~~distribute~~ include the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Director dies at any time after attaining ~~his~~ Benefit Age, but prior to commencement or completion of all ~~monthly~~ the payments due and owing hereunder, ~~(i)~~ the trustee of the Retirement Income Trust Fund shall pay to the ~~Director's~~ Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the unpaid balance of the Director's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director's death. Such lump sum payment shall be payable within thirty (30) days of such notice. The Director's Accrued Benefit Account (if applicable), measured as of the Director's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's Benefit Eligibility Date. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the Director's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

Samples: Director Shareholder Benefit Program Agreement (Mutualfirst Financial Inc)

Normal form of payment. (1) EXECUTIVE LIVES UNTIL BENEFIT AGE If (i) after such termination, the ~~Director is employed with the Bank~~ Executive lives until ~~reaching~~ attaining his Benefit ~~Age~~ Age, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection ~~3.1(a~~5.1(a)(1) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such ~~benefit~~ payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Executive (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all ~~monthly~~ the payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director~~Executive's Beneficiary the monthly installments (or a continuation of ~~such~~ the monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the unpaid balance of the ~~Director~~Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains approval from the trustee of the Xxxxxxxxx X. Xxxxx Grantor Trust and (ii) notifies ~~both~~ the Administrator ~~and trustee~~ in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum ~~payment~~ payment, if approved by the trustee, shall be ~~payable~~ made within thirty (30) days of such ~~notice~~trustee approval. The ~~Director~~Executive's Accrued Benefit Account (if applicable), measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the ~~Director~~Executive's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the ~~Director~~Executive's Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

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

Normal form of payment. If If (i) the ~~Director~~ Executive is employed with the Bank until reaching his ~~Benefit Age~~ Retirement Age, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. ~~The~~ Upon the Benefit Date, the Retirement Income Trust Fund shall become available to the Executive for any lump sum or period distributions which the Executive may desire, provided reasonable notice of such distribution(s) is communicated by the Executive to the trustee of the Retirement Income Trust Fund. The Executive’s Accrued Benefit Account (if applicable), measured as of the ~~Director's~~ Benefit ~~Age~~Date, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director's~~ Executive’s Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the Director's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the unpaid balance of the Director's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director's death. Such lump sum payment shall be payable within thirty (30) days of such notice. The Director's Accrued Benefit Account (if applicable), measured as of the Director's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's Benefit Eligibility Commencement Date. In the event the ~~Director~~ Executive dies at any time after ~~attaining his~~ the Benefit ~~Age~~Date, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the ~~Director's~~ Executive’s Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director's~~ Executive’s Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the ~~Director's~~ Executive’s Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director's~~ Executive’s Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the ~~Director's~~ Executive’s death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

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

Normal form of payment. If (i) the ~~Director~~ Executive is employed with the Bank until reaching his Benefit Age, including employment with the Bank until Benefit Age following a Change in Control, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Executive (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all ~~monthly~~ the payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director~~Executive's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the unpaid balance of the ~~Director~~Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains approval from the trustee of the Xxx Xxxxxx Grantor Trust and (ii) notifies ~~both~~ the Administrator ~~and trustee~~ in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum ~~payment~~ payment, if approved by the trustee, shall be payable within thirty (30) days of such ~~notice~~trustee approval. The ~~Director's~~ Executive=s Accrued Benefit Account (if applicable), measured as of the ~~Director's~~ Executive=s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director's~~ Executive=s Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, ~~(i)~~ the Bank shall pay to the ~~Director's~~ Executive=s Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

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

Normal form of payment. If (i) the ~~Director is~~ Executive dies while employed ~~with~~ by the Bank, including the Executive's death while employed by the Bank ~~until reaching his Benefit Age~~ following a Change in Control, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection ~~3.1(a~~4.1(a) shall be controlling with respect to pre-retirement death benefits. The Executive's Retirement Income Trust Fund, measured as of the ~~Director~~Executive's ~~Benefit Age~~death, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Executive's Beneficiary for the Payout Period. Such benefit payments shall commence on within thirty (30) days of the ~~Director~~date the Administrator receives notice of the Executive's ~~Benefit Eligibility Date~~death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director (or his Beneficiary)~~ Executive's Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the Director's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the DirectorExecutive's Beneficiary may request to receive the unpaid balance of the ~~Director~~Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains approval from the trustee of the Xxxxxxxxx X. Xxxxx Grantor Trust and (ii) notifies ~~both~~ the Administrator ~~and trustee~~ in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum ~~payment~~ payment, if approved by the trustee, shall be ~~payable~~ made within thirty (30) days of such ~~notice~~trustee approval. The ~~Director~~Executive's Accrued Benefit Account (if applicable), measured as of the ~~Director~~Executive's ~~Benefit Age~~death, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Executive's Beneficiary for the Payout Period. Such benefit payments shall commence on within thirty (30) days of the ~~Director~~date the Administrator receives notice of the Executive's ~~Benefit Eligibility Date~~death. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the Director's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the DirectorThe Executive's Beneficiary may request to receive the remainder of any unpaid monthly benefit payments due from the Accrued Benefit Account in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the ~~unpaid~~ balance of the ~~Director~~Executive's Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum payment, if approved by the Board of Directors, shall be ~~made~~ payable within thirty (30) days of such Board of Director approval.

Appears in 1 contract

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

Normal form of payment. If (i) the ~~Director~~ Executive is employed with the Bank until reaching his ~~Benefit Age~~ Retirement Age, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Executive (or his Beneficiary) shall ~~distribute~~ include the excess amounts attributable to the greater-~~than-~~than expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all ~~monthly~~ the payments due and owing hereunder, (i) the trustee of the ~~Retirement Income~~ Grantor Trust ~~Fund~~ shall pay to the ~~Director~~Executive's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the unpaid balance of the ~~Director~~Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains approval from the trustee of the Grantor Trust and (ii) notifies ~~both~~ the Administrator ~~and trustee~~ in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum ~~payment~~ payment, if approved by the trustee, shall be payable within thirty (30) days of such ~~notice~~trustee approval. The ~~Director~~Executive's Accrued Benefit Account (if applicable), measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the ~~Director~~Executive's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the remainder of any unpaid benefit payments in In a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the ~~Director~~Executive's Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum ~~payment, if approved by the Board of Directors,~~ payment shall be made within thirty (30) days of ~~such~~ approval by the Board of ~~Director approval~~Directors.

Appears in 1 contract

Samples: Executive Supplemental Retirement Income Agreement (MFS Financial Inc)

Normal form of payment. If If (i) the ~~Director~~ Executive is employed with the Bank until reaching his Benefit ~~Age~~ Age, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director's~~ Executive’s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director's~~ Executive’s Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the ~~less-~~less than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Executive (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The ~~Director~~ Executive may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the ~~Director~~Executive, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~ Executive gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director's~~ Executive’s Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director's~~ Executive’s Beneficiary may request to receive the unpaid balance of the ~~Director's~~ Executive’s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director's~~ Executive’s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the ~~Director's~~ Executive’s death. Such lump sum payment shall be payable within thirty (30) days of such notice. The ~~Director's~~ Executive’s Accrued Benefit Account (if applicable), measured as of the ~~Director's~~ Executive’s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director's~~ Executive’s Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the ~~Director's~~ Executive’s Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director's~~ Executive’s Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the ~~Director's~~ Executive’s Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director's~~ Executive’s Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the ~~Director's~~ Executive’s death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

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

Normal form of payment. If (i) the ~~Director~~ Participant is employed with the Bank at least until reaching his ~~Benefit Age~~ Retirement Age, including employment with the Bank following a Change in Control, and (ii) the ~~Director~~ Participant has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director~~Participant's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the ~~Payout~~ Benefit Period. Such benefit payments shall commence on the ~~Director~~Participant's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Participant (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Participant dies at any time after attaining his Benefit Age, but prior to commencement or completion of all ~~monthly~~ the payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director~~Participant's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the ~~Payout~~ Benefit Period, or (ii) the ~~Director~~Participant's Beneficiary may request to receive the unpaid balance of the ~~Director~~Participant's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~Participant's Beneficiary (i) obtains approval from the trustee of the Xxxx Xxxxxx Grantor Trust and (ii) notifies ~~both~~ the Administrator ~~and trustee~~ in writing of such ~~election within ninety (90) days of the Director's death~~election. Such lump sum ~~payment~~ payment, if approved by the trustee, shall be payable within thirty (30) days of such ~~notice~~trustee approval. The ~~Director~~Participant's Accrued Benefit Account (if applicable), measured as of the ~~Director~~Participant's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the ~~Payout~~ Benefit Period. Such benefit payments shall commence on the ~~Director~~Participant's Benefit Eligibility Date. In the event the ~~Director~~ Participant dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the ~~Director~~Participant's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the ~~Payout~~ Benefit Period, or (ii) the ~~Director~~Participant's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the ~~Director~~Participant's Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director~~Participant's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such ~~election within ninety (90) days of the Director's death~~election. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

Samples: Supplemental Retirement Income Agreement (Pocahontas Bancorp Inc)

Normal form of payment. If If (i) the ~~Director~~ Executive is employed with the Bank until reaching his Benefit Age, including employment with the Bank until Benefit Age following a Change in Control, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Executive (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all ~~monthly~~ the payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director~~Executive's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the unpaid balance of the ~~Director~~Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains approval from the trustee of the Xxxxxxxxx Xxxxx Grantor Trust and (ii) notifies ~~both~~ the Administrator ~~and trustee~~ in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum ~~payment~~ payment, if approved by the trustee, shall be payable within thirty (30) days of such ~~notice~~trustee approval. The ~~Director's~~ Executive=s Accrued Benefit Account (if applicable), measured as of the ~~Director's~~ Executive=s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director's~~ Executive=s Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, ~~(i)~~ the Bank shall pay to the ~~Director's~~ Executive=s Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

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

Normal form of payment. If (i) the ~~Director~~ Executive is employed with the Bank until reaching his ~~Benefit Age~~ Retirement Age, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. ~~The~~ Upon attaining his Benefit Age, the Retirement Income Trust Fund shall become available to the Executive for any lump sum or period distributions which the Executive may desire, provided reasonable notice of such distribution(s) is communicated by the Executive to the trustee of the Retirement Income Trust Fund. In the event the Executive dies at any time after attaining his Benefit Age, but prior to complete liquidation of the Retirement Income Trust Fund, the balance of the Retirement Income Trust Fund shall be paid to the Executive's Beneficiary in a lump sum. The Executive's Accrued Benefit Account (if applicable), is measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the Director's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the unpaid balance of the Director's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director's death. Such lump sum payment shall be payable within thirty (30) days of such notice. The Director's Accrued Benefit Account (if applicable), measured as of the Director's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the DirectorExecutive's Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the ~~Director~~Executive's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the ~~Director~~Executive's Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

Samples: Executive Supplemental Retirement Income Agreement (Granite State Bankshares Inc)

Normal form of payment. If If (i) the Director is employed with the Bank until reaching his Benefit Age and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection ~~3.1(a~~3.1 (a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the Director's ’s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's ’s Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the Director's ’s Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's ’s Beneficiary may request to receive the unpaid balance of the Director's ’s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director's ’s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director's ’s death. Such lump sum payment shall be payable within thirty (30) days of such notice. The Director's ’s Accrued Benefit Account (if applicable), measured as of the Director's ’s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's ’s Benefit Eligibility Date. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the Director's ’s Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's ’s Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's ’s Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's ’s Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's ’s death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

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

Normal form of payment. If (i) the ~~Director is~~ Executive dies while employed ~~with~~ by the ~~Bank until reaching his Benefit Age~~ Bank, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection ~~3.1(a~~4.1(a) shall be controlling with respect to pre-retirement death benefits. The Executive's Retirement Income Trust Fund, measured as of the ~~Director~~Executive's ~~Benefit Age~~death, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Executive's Beneficiary for the Payout Period. Such benefit payments shall commence on within thirty (30) days of the ~~Director~~date the Administrator receives notice of the Executive's ~~Benefit Eligibility Date~~death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director (or his Beneficiary)~~ Executive's Beneficiary shall ~~distribute~~ include the excess amounts attributable to the greater-~~than-expected~~ thanexpected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the Director's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the DirectorExecutive's Beneficiary may request to receive the unpaid balance of the ~~Director~~Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains approval from the trustee of the Grantor Trust and (ii) notifies ~~both~~ the Administrator ~~and trustee~~ in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum ~~payment~~ payment, if approved by the trustee, shall be ~~payable~~ made within thirty (30) days of such ~~notice~~trustee approval. The ~~Director~~Executive's Accrued Benefit Account (if applicable), measured as of the ~~Director~~later of (i) the Executive's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit ~~Age~~Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Executive's Beneficiary for the Payout Period. Such benefit payments shall commence on within thirty (30) days of the ~~Director~~date the Administrator receives notice of the Executive's ~~Benefit Eligibility Date. In the event the Director dies at~~ death, or if later, within thirty (30) days after any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the Director's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining final lump sum Phantom Contribution is recorded in the ~~Payout Period, or (ii) the Director~~Accrued Benefit Account in accordance with Subsection 2.1(c). The Executive's Beneficiary may request to receive the remainder of any unpaid monthly benefit payments due from the Accrued Benefit Account in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the ~~Director~~Executive's Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum payment, if approved by the Board of Directors, shall be ~~made~~ payable within thirty (30) days of such Board ~~of Director~~ approval.

Appears in 1 contract

Samples: Executive Supplemental Retirement Income Agreement (MFS Financial Inc)

Normal form of payment. ~~If (i)~~ If, at the ~~Director is employed with~~ time of Termination of Employment the ~~Bank until reaching his Benefit Age and (ii) the Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection ~~3.1(a~~5.1(a) shall be controlling with respect to ~~retirement~~ benefits. The ~~Retirement~~ Retirement. Income Trust Fund, measured as of the ~~Director's Benefit Age~~date of Termination of Employment, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such ~~benefit~~ payments shall commence on the ~~Director's Benefit Eligibility Date~~first day of the month following Termination of Employment. ~~Should~~ If the Retirement Income Trust Fund assets actually earn a rate of ~~return, following~~ return during the ~~date such balance is annuitized,~~ payout period which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by from the Bank ~~in order~~ to ~~fund the final benefit payment(s) and~~ make up ~~for~~ any ~~shortage attributable to~~ shortfall. If the ~~less-than-expected rate of return. Should~~ Retirement Income Trust Fund assets actually earn a rate of ~~return, following~~ return during the ~~date such balance is annuitized,~~ payout period which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final ~~benefit~~ payment to the ~~Director~~ Executive (or ~~his~~ the Beneficiary) shall distribute the excess ~~amounts~~ attributable to the ~~greater-than-~~higher than expected ~~rate of return~~earnings. The ~~Director~~ Executive may ~~at anytime during the Payout Period~~ request to receive the unpaid balance of ~~his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of~~ the Retirement Income Trust Fund ~~in such~~ at any time during the Payout Period by giving written notice of the request to the Administrator and the trustee. The lump sum ~~form~~ payment of the unpaid balance shall be made ~~only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable~~ within thirty (30) days of following such notice. In If the ~~event~~ Executive dies after payments have commenced but before the ~~Director dies at any time after attaining his Benefit Age, but prior to commencement or~~ completion of all monthly payments due ~~and owing~~ hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director's~~ Beneficiary the monthly installments ~~(or a continuation of such monthly installments if they have already commenced)~~ for the balance of months remaining in the Payout Period, or (ii) the ~~Director's~~ Beneficiary may request to receive the unpaid balance of the ~~Director's~~ Retirement Income Trust Fund in a lump sum payment. ~~If a lump sum payment is requested by~~ The Beneficiary may request to receive the ~~Beneficiary, payment of the~~ unpaid balance of the Retirement Income Trust Fund ~~in such~~ by giving written notice of the request to the Administrator and the trustee. The lump sum ~~form~~ payment of the unpaid balance shall be made ~~only if the Director's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director's death. Such lump sum payment shall be payable~~ within thirty (30) days of following such notice. ~~The Director~~At the earlier of the Benefit Eligibility Date and the Executive's death, the Executive's Accrued Benefit Account (if applicable~~), measured as of the Director's Benefit Age,~~ ) shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. ~~Such benefit~~ Benefit payments shall commence on the ~~Director's~~ earlier of the Benefit Eligibility ~~Date~~Date or the month following the Executive's death. In the event the ~~Director~~ Executive dies at any time after attaining ~~his~~ Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, ~~(i)~~ the Bank shall pay to the ~~Director's~~ Beneficiary the same monthly installments ~~(or a continuation of such monthly installments if they~~ as the Bank would have ~~already commenced) for~~ paid the ~~balance of months remaining in~~ Executive had the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approvalExecutive survived.

Appears in 1 contract

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

Normal form of payment. If If (i) the ~~Director~~ Executive is employed with the Bank until reaching his Benefit Age, including employment with the Bank until Benefit Age following a Change in Control, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Executive (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all ~~monthly~~ the payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director~~Executive's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the unpaid balance of the ~~Director~~Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains approval from the trustee of the Xxxx Xxxxxxxxxx Grantor Trust and (ii) notifies ~~both~~ the Administrator ~~and trustee~~ in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum ~~payment~~ payment, if approved by the trustee, shall be payable within thirty (30) days of such ~~notice~~trustee approval. The ~~Director's~~ Executive=s Accrued Benefit Account (if applicable), measured as of the ~~Director's~~ Executive=s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director's~~ Executive=s Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, ~~(i)~~ the Bank shall pay to the ~~Director's~~ Executive=s Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

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

Appears in 1 contract

Samples: Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.)

Normal form of payment. If (i) the ~~Director~~ Participant is employed with the Bank at least until reaching his ~~Benefit Age~~ Retirement Age, including employment with the Bank following a Change in Control, and (ii) the ~~Director~~ Participant has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director~~Participant's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the ~~Payout~~ Benefit Period. Such benefit payments shall commence on the ~~Director~~Participant's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Participant (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Participant dies at any time after attaining his Benefit Age, but prior to commencement or completion of all ~~monthly~~ the payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director~~Participant's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the ~~Payout~~ Benefit Period, or (ii) the ~~Director~~Participant's Beneficiary may request to receive the unpaid balance of the ~~Director~~Participant's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~Participant's Beneficiary (i) obtains approval from the trustee of the Xxxxxx Xxxxxx Grantor Trust and (ii) notifies ~~both~~ the Administrator ~~and trustee~~ in writing of such ~~election within ninety (90) days of the Director's death~~election. Such lump sum ~~payment~~ payment, if approved by the trustee, shall be payable within thirty (30) days of such notice. The Director's Accrued Benefit Account (if applicable), measured as of the Director's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's Benefit Eligibility Date. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the Director's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director trustee approval.

Appears in 1 contract

Samples: Supplemental Retirement Income Agreement (Pocahontas Bancorp Inc)

Normal form of payment. If If (i) the ~~Director~~ Executive is employed with the Bank until reaching his ~~Benefit Age~~ Retirement Age, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Executive (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The ~~Director~~ Executive may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the ~~Director~~Executive, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~ Executive gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director~~Executive's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the unpaid balance of the ~~Director~~Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum payment shall be payable within thirty (30) days of such notice. The ~~Director~~Executive's Accrued Benefit Account (if applicable), measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the ~~Director~~Executive's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the ~~Director~~Executive's Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

Samples: Executive Supplemental Retirement Income Agreement (Raritan Bancorp Inc)

Normal form of payment. If If (i) the ~~Director~~ Executive is employed with the Bank until reaching his Benefit ~~Age~~ Age, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Executive (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The ~~Director~~ Executive may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the ~~Director~~Executive, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~ Executive gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director~~Executive's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the unpaid balance of the ~~Director~~Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum payment shall be payable within thirty (30) days of such notice. The ~~Director's~~ Executive’s Accrued Benefit Account (if applicable), measured as of the ~~Director's~~ Executive’s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director's~~ Executive’s Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the ~~Director's~~ Executive’s Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director's~~ Executive’s Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the ~~Director's~~ Executive’s Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director's~~ Executive’s Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the ~~Director's~~ Executive’s death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

Samples: Executive Supplemental Retirement Income Agreement (Coastal Banking Co Inc)

Normal form of payment. (1) Executive Lives Until Benefit Age If (i) after such termination, the ~~Director is employed with the Bank~~ Executive lives until ~~reaching~~ attaining his Benefit ~~Age~~ Age, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection ~~3.1(a~~5.1(a)(1) shall be controlling with respect to retirement benefits. ~~The~~ Upon attaining his Benefit Age, the Retirement Income Trust Fund shall become available to the Executive for any lump sum or period distributions which the Executive may desire, provided reasonable notice of such distribution(s) is communicated by the Executive to the trustee of the Retirement Income Trust Fund. In the event the Participant dies at any time after attaining his Benefit Age, but prior to complete liquidation of the Retirement Income Trust Fund, the balance of the Retirement Income Trust Fund shall be paid to the Executive 's Beneficiary in a lump sum. The Executive's Accrued Benefit Account (if applicable), measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the Director's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the unpaid balance of the Director's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director's death. Such lump sum payment shall be payable within thirty (30) days of such notice. The Director's Accrued Benefit Account (if applicable), measured as of the Director's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the DirectorExecutive's Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the ~~Director~~Executive's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the ~~Director~~Executive's Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

Samples: Executive Supplemental Retirement Income Agreement (Granite State Bankshares Inc)

Normal form of payment. ~~If (i)~~ If, at the ~~Director is employed with~~ time of Termination of Employment the ~~Bank until reaching his Benefit Age and (ii) the Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection ~~3.1(a~~5.1(a) shall be controlling with respect to ~~retirement~~ benefits. The Retirement Income Trust Fund, measured as of the ~~Director's Benefit Age~~date of Termination of Employment, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such ~~benefit~~ payments shall commence on the ~~Director's Benefit Eligibility Date~~first day of the month following Termination of Employment. ~~Should~~ If the Retirement Income Trust Fund assets actually earn a rate of ~~return, following~~ return during the ~~date such balance is annuitized,~~ payout period which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by from the Bank ~~in order~~ to ~~fund the final benefit payment(s) and~~ make up ~~for~~ any ~~shortage attributable to~~ shortfall. If the ~~less-than-expected rate of return. Should~~ Retirement Income Trust Fund assets actually earn a rate of ~~return, following~~ return during the ~~date such balance is annuitized,~~ payout period which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final ~~benefit~~ payment to the ~~Director~~ Executive (or ~~his~~ the Beneficiary) shall distribute the excess ~~amounts~~ attributable to the ~~greater-than-~~higher than expected ~~rate of return~~earnings. The ~~Director~~ Executive may ~~at anytime during the Payout Period~~ request to receive the unpaid balance of ~~his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of~~ the Retirement Income Trust Fund ~~in such~~ at any time during the Payout Period by giving written notice of the request to the Administrator and the trustee. The lump sum ~~form~~ payment of the unpaid balance shall be made ~~only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable~~ within thirty (30) days of following such notice. In If the ~~event~~ Executive dies after payments have commenced but before the ~~Director dies at any time after attaining his Benefit Age, but prior to commencement or~~ completion of all monthly payments due ~~and owing~~ hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director's~~ Beneficiary the monthly installments ~~(or a continuation of such monthly installments if they have already commenced)~~ for the balance of months remaining in the Payout Period, or (ii) the ~~Director's~~ Beneficiary may request to receive the unpaid balance of the ~~Director's~~ Retirement Income Trust Fund in a lump sum payment. ~~If a lump sum payment is requested by~~ The Beneficiary may request to receive the ~~Beneficiary, payment of the~~ unpaid balance of the Retirement Income Trust Fund ~~in such~~ by giving written notice of the request to the Administrator and the trustee. The lump sum ~~form~~ payment of the unpaid balance shall be made ~~only if the Director's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director's death. Such lump sum payment shall be payable~~ within thirty (30) days of following such notice. ~~The Director's~~ At the earlier of the Benefit Eligibility Date and the Executive’s death, the Executive’s Accrued Benefit Account (if applicable~~), measured as of the Director's Benefit Age,~~ ) shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. ~~Such benefit~~ Benefit payments shall commence on the ~~Director's~~ earlier of the Benefit Eligibility ~~Date~~Date or the month following the Executive’s death. In the event the ~~Director~~ Executive dies at any time after attaining ~~his~~ Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, ~~(i)~~ the Bank shall pay to the ~~Director's~~ Beneficiary the same monthly installments ~~(or a continuation of such monthly installments if they~~ as the Bank would have ~~already commenced) for~~ paid the ~~balance of months remaining in~~ Executive had the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approvalExecutive survived.

Appears in 1 contract

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

Normal form of payment. If (i) the ~~Director~~ Executive is employed with the Bank until reaching his Benefit Age, including employment with the Bank until Benefit Age following a Change in Control, and (ii) the ~~Director~~ Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the ~~Director~~ Executive (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all ~~monthly~~ the payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the ~~Director~~Executive's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the unpaid balance of the ~~Director~~Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains approval from the trustee of the Xxxxxxxxx X. Xxxxx Grantor Trust and (ii) notifies ~~both~~ the Administrator ~~and trustee~~ in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum ~~payment~~ payment, if approved by the trustee, shall be payable within thirty (30) days of such ~~notice~~trustee approval. The ~~Director~~Executive's Accrued Benefit Account (if applicable), measured as of the ~~Director~~Executive's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the ~~Director~~Executive's Benefit Eligibility Date. In the event the ~~Director~~ Executive dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the ~~Director~~Executive's Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the ~~Director~~Executive's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the ~~Director~~Executive's Accrued Benefit Account. Payment in such lump sum form shall be made only if the ~~Director~~Executive's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the ~~Director~~Executive's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

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

Normal form of payment. If If (i) the Director is employed with the Bank until reaching his Benefit Age and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling with respect to retirement benefits. The Retirement Income Trust Fund, measured as of the Director's Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's Benefit Eligibility Date. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director (or his Beneficiary) shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director may at anytime during the Payout Period request to receive the unpaid balance of his Retirement Income Trust Fund in a lump sum payment. If such a lump sum payment is requested by the Director, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director gives notice to both the Administrator and trustee in writing. Such lump sum payment shall be payable within thirty (30) days of such notice. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all monthly payments due and owing hereunder, (i) the trustee of the Retirement Income Trust Fund shall pay to the Director's Beneficiary the monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the unpaid balance of the Director's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director's death. Such lump sum payment shall be payable within thirty (30) days of such notice. The Director's =s Accrued Benefit Account (if applicable), measured as of the Director's =s Benefit Age, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefit payments shall commence on the Director's =s Benefit Eligibility Date. In the event the Director dies at any time after attaining his Benefit Age, but prior to commencement or completion of all the payments due and owing hereunder, (i) the Bank shall pay to the Director's =s Beneficiary the same monthly installments (or a continuation of such monthly installments if they have already commenced) for the balance of months remaining in the Payout Period, or (ii) the Director's Beneficiary may request to receive the remainder of any unpaid benefit payments in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the unpaid balance of the Director's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director's death. Such lump sum payment, if approved by the Board of Directors, shall be made within thirty (30) days of such Board of Director approval.

Appears in 1 contract

Samples: Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.)

Common use of Normal form of payment Clause in Contracts