Pre Retirement Survivor Benefit. Notwithstanding any provision hereof to the contrary, the Executive may elect at any time (and may revoke or modify any such election and/or make a new election, in each case at any time and from time to time prior to commencement of his benefits under Article II) that, in the event the Executive dies before distribution of his benefits under Article II has started, the Company shall pay a monthly benefit to the Executive's designated beneficiary, starting on the first of the month immediately following the month in which the Executive dies, but in no event earlier than the date on which the Executive would have been eligible to commence receipt of his benefits under Article II had he terminated employment on the day immediately preceding his death, and ending with the payment for the month in which the death of such designated beneficiary occurs. Such monthly benefit shall be an amount equal to 50% or 100%, as elected by the Executive, of the monthly benefit the Executive would have received had he terminated employment on the day immediately preceding his death and commenced benefits on the date on which the benefit under this Section 3.2
Pre Retirement Survivor Benefit. Upon the death of the Executive, a trust created for the primary benefit of the spouse and children of the Executive (the “Trust”) shall receive ten million ($10,000,000) dollars in proceeds of life insurance payable from one or more policies of insurance on the life of the Executive pursuant to a Split-Dollar Agreement, dated July 25, 1994, between the Executive, the Corporation and the Trust (the “Split-Dollar Agreement”). The premiums for such policies shall be apportioned between the Corporation and the Trust in accordance with the terms of the Split-Dollar Agreement and the Corporation’s interest therein shall be secured by collateral assignment of such policy or policies executed by the Trust and the Corporation. In each year during the term of the Split-Dollar Agreement, the Corporation shall reimburse the Executive for the portion of such year’s premiums that is a deemed economic benefit to the Executive and payable by the Trust pursuant to the Split Dollar Agreement (the “Reimbursement”). In addition, following the determination of the Executive’s personal city, state and federal income tax liability for such year, the Corporation shall also reimburse the Executive for all city, state and federal income taxes, if any, required to be paid by the Executive and directly attributable to such deemed economic benefit in such year (the “Tax Reimbursement”). The Reimbursement shall be made as soon as administratively practicable, but in no event shall be made after the last day of the calendar year following the calendar year in which such expenses were incurred. The Tax Reimbursement shall be made as soon as administratively practicable, but in no event shall be made after the last day of the calendar year next following the calendar year in which the Executive pays such taxes. Notwithstanding the foregoing, until the three-year anniversary of the assignment of a certain policy of insurance on the life of the Executive to the Trust, if Xxxxx Xxxxx is living at the death of the Executive and is his surviving spouse as such term is defined in the Trust under Agreement, dated June 28, 1994 (the “Spouse”), such death benefit shall be paid to the Spouse and the Trust in accordance with the terms of the Split-Dollar Agreement.
Pre Retirement Survivor Benefit. If a Participant dies while employed by the Bank, the Bank will pay to the deceased Participant’s Beneficiary, as a survivor benefit, an amount equal to one hundred percent (100%) of the Participant’s Recognized Compensation at date of death for one year following death and an amount equal to fifty percent (50%) of the Participant’s Recognized Compensation at date of death for each of the following four years. This survivor benefit shall be payable commencing with the first payroll in the month following the Participant’s death. The Bank shall deduct from any payment of benefits the amount of any federal, state or local income or employment taxes required to be withheld or paid with respect to this distribution. No interest shall be paid on payments delayed for administrative processing of the claim.
Pre Retirement Survivor Benefit. Subject to the provisions set forth below, if the Employee dies while employed by the Employer, the Beneficiary shall be entitled to a benefit equal to [three] [two] times the Employee's Base Salary less $100,000; provided however that the benefit shall not exceed $500,000. Such benefit shall be payable in a single lump sum following the date of the Employee's death.
Pre Retirement Survivor Benefit. In the event the Employee ------------------------------- should die prior to commencement of benefit payments the Company shall pay the Monthly Benefit that would have been paid at 65 had he lived, as set forth in Section 2, to whomever the Employee has designated in writing or, if no such designation has been made, the Employee's spouse, if living, otherwise to the Employee's estate. Said payments shall commence on the first day of the month following Employee' s death. Said beneficiary may appoint by notice in writing to the Company any remaining payments to any person or to said beneficiary's estate; failing such appointment, the remaining payments shall be made to the beneficiary's estate.
Pre Retirement Survivor Benefit. Except as provided in the following sentence, if the Executive dies before distribution of his benefits under Article II has started, the Company shall pay a monthly benefit to the Executive's surviving spouse, if any, starting on the first of the month immediately following the month in which the Executive dies and ending with the payment for the month in which
Pre Retirement Survivor Benefit. If the Participant dies prior to commencement of the normal retirement or Disability benefit payments under the Plan, the Bank shall pay to the Participant’s Beneficiary a survivor’s benefit equal to per month. Such payments shall commence on the first day of the month coincident with or next following the Participant’s date of death and shall continue on the first day of each month thereafter for a period of 180 months.
Pre Retirement Survivor Benefit. If a Participant dies prior to Retirement or Termination of Employment, the Company shall pay to the Participant's Beneficiary a lump sum benefit equal to the balance of the Participant's Deferral Account as of the date of the Participant's last Valuation Date.
Pre Retirement Survivor Benefit. If the Participant dies prior to commencement of the normal retirement or Disability benefit payments under the Plan, the Bank shall pay to the Participant’s Beneficiary a survivor’s benefit which shall be the normal retirement benefit described in paragraph 3(a) above, reduced to the present value amount utilizing the Stated Interest Rate. Such payments shall be made to Participant’s Beneficiary in lump sum as soon as administratively practicable after the death of the Participant. Benefit payments pursuant to this paragraph 3(c) shall be subject to the nonforfeitable percentage as set forth in paragraph 5, below.
Pre Retirement Survivor Benefit. Upon the death of the Executive, a trust created for the primary benefit of the spouse and children of the Executive (the "Trust") shall receive ten million ($10,000,000) dollars in proceeds of life insurance payable from one or more policies of insurance on the life of the Executive pursuant to a Split-Dollar Agreement, dated July 25, 1994, between the Executive, the Corporation and the Trust (the "Split-Dollar Agreement"). The premiums for such policies shall be apportioned between the Corporation and the Trust in accordance with the terms of the Split-Dollar Agreement and the Corporation's interest therein shall be secured by collateral assignment of such policy or policies executed by the Trust and the Corporation. In each year during the term of the Split-Dollar Agreement, the Corporation shall reimburse the Executive for the portion of such year's premiums that is a deemed economic benefit to the Executive and payable by the Trust pursuant to the Split-Dollar Agreement (the "Reimbursement"). In addition, following the determination of the Executive's personal city, state and federal income tax liability for such year, the Reimbursement shall be increased by the amount of city, state and federal income taxes, if any, required to be paid by the Executive and directly attributable to such deemed economic benefit in such year. Notwithstanding the foregoing, until the three-year anniversary of the assignment of a certain policy of insurance on the life of the Executive to the Trust, if Carox Xxxxx xx living at the death of the Executive and is his surviving spouse as such term is defined in the Trust under Agreement, dated June 28, 1994 (the "Spouse"), such death benefit shall be paid to the Spouse and the Trust in accordance with the terms of the Split-Dollar Agreement.
