Payments in the Event of Death Following Termination. If the Director dies prior to receiving all of the Director Benefits described in this Paragraph 5 to which the Director is entitled, then the Bank will make such payments to the Director's designated beneficiary in lump sum. If a valid Beneficiary Designation is not in effect, then the remaining amounts due to the Director under the terms of this Agreement shall be paid to the Director's Surviving Spouse. If the Director leaves no Surviving Spouse, the remaining amounts due to the Director under the terms of this Agreement shall be paid to the duly qualified personal representative, executor or administrator of the Director's estate.
Appears in 4 contracts
Samples: Director Supplemental Compensation Agreement (SJNB Financial Corp), Director Supplemental Compensation Agreement (SJNB Financial Corp), Director Supplemental Compensation Agreement (Saratoga Bancorp)
