Common use of Prior to Commencement of Normal or Early Retirement Benefits Clause in Contracts

Prior to Commencement of Normal or Early Retirement Benefits. If a Participant dies while in the service of the Company or after a Termination of Employment due to Disability and while Disabled or after a Termination of Employment on or after the Early Retirement Date, but prior to commencement of any benefit payments under this Agreement, the Company shall pay to the Participant's beneficiary a survivor's benefit of 180 equal monthly installments of $______ commencing on the first day of the month after the Participant's death and continuing on the first day of each month thereafter until all such payments are completed. In the event a beneficiary dies before receiving all the survivor's benefit payments, the remaining payments shall be paid to the legal representatives of the beneficiary's estate. Payment of the survivor's benefit shall relieve the Company of the obligation to pay any other benefit which the Participant would have otherwise received, under the terms of this Agreement.

Appears in 3 contracts

Samples: Continuation Agreement (Choiceone Financial Services Inc), Continuation Agreement (Choiceone Financial Services Inc), Continuation Agreement (Choiceone Financial Services Inc)

AutoNDA by SimpleDocs

Prior to Commencement of Normal or Early Retirement Benefits. If a Participant dies while in the service of the Company Bank or after a Termination of Employment due to Disability and while Disabled or after a Termination of Employment on or after the Early Retirement Date, but prior to commencement of any benefit payments under this Agreement, the Company Bank shall pay to the Participant's beneficiary a survivor's benefit of 180 equal monthly installments of $______ 4,091.66 commencing on the first day of the month after the Participant's death and continuing on the first day of each month thereafter until all such payments are completed. In the event a beneficiary dies before receiving all of the survivor's benefit payments, the remaining payments shall be paid to the legal representatives of the beneficiary's estate. Payment of the survivor's benefit benefits shall relieve the Company Bank of the obligation to pay any other benefit which the Participant would have otherwise received, under the terms of this Agreement.

Appears in 2 contracts

Samples: Continuation Agreement (North Bancorp Inc), Continuation Agreement (North Bancorp Inc)

Prior to Commencement of Normal or Early Retirement Benefits. If a Participant dies while in the service of the Company or after a Termination of Employment due to Disability and while Disabled or after a Termination of Employment on or after the Early Retirement Date, but prior to commencement of any benefit payments under this Agreement, the Company shall pay to the Participant's beneficiary a survivor's benefit of 180 equal monthly installments of $______ (iii) commencing on the first day of the month after the Participant's death and continuing on the first day of each month thereafter until all such payments are completed. In the event a beneficiary dies before receiving all the survivor's benefit payments, the remaining payments shall be paid to the legal representatives of the beneficiary's estate. Payment of the survivor's benefit shall relieve the Company of the obligation to pay any other benefit which the Participant would have otherwise received, under the terms of this Agreement.

Appears in 1 contract

Samples: Agreement (Valley Ridge Financial Corp)

Prior to Commencement of Normal or Early Retirement Benefits. If a Participant dies while in the service of the Company or after a Termination of Employment due to Disability and 10(b)-7 while Disabled or after a Termination of Employment on or after the Early Retirement Date, but prior to commencement of any benefit payments under this Agreement, the Company shall pay to the Participant's beneficiary a survivor's benefit of 180 equal monthly installments of $______ 5,058.33 commencing on the first day of the month after the Participant's death and continuing on the first day of each month thereafter until all such payments are completed. In the event a beneficiary dies before receiving all the survivor's benefit payments, the remaining payments shall be paid to the legal representatives of the beneficiary's estate. Payment of the survivor's benefit shall relieve the Company of the obligation to pay any other benefit which the Participant would have otherwise received, under the terms of this Agreement.

Appears in 1 contract

Samples: Agreement (Merchants & Manufacturers Bancorporation Inc)

Prior to Commencement of Normal or Early Retirement Benefits. If a Participant dies while in the service of the Company company or after a Termination of Employment due to Disability disability and while Disabled or after a Termination of Employment on or after the Early Retirement Date, but prior to commencement of any benefit payments under this Agreement, the Company shall pay to the Participant's beneficiary a survivorSurvivor's benefit of 180 equal monthly installments installment of $______ 691.67 commencing on the first day of the month after the Participant's death and continuing on the first day of each month thereafter until all such payments are completed. In the event a beneficiary dies before receiving all the survivor's benefit payments, the remaining payments shall hall be paid to the legal representatives of the beneficiary's estate. Payment of the survivor's benefit shall relieve the Company of the obligation to pay any other benefit which the Participant would have otherwise received, under the terms of this Agreement.

Appears in 1 contract

Samples: Employee Salary Continuation Agreement (Carlinville National Bank Shares Inc/De)

AutoNDA by SimpleDocs

Prior to Commencement of Normal or Early Retirement Benefits. If a Participant dies while in the service of the Company or after a Termination of Employment Separation From Service due to Disability and while Disabled or after a Termination of Employment Separation From Service on or after the Early Retirement Date, but prior to commencement of any benefit payments under this Agreement, the Company shall pay to the Participant's ’s beneficiary a survivor's ’s benefit of 180 equal monthly installments of $______ 5,058.33 commencing on the first day of the month after the Participant's ’s death and continuing on the first day of each month thereafter until all such payments are completed. In the event a beneficiary dies before receiving all the survivor's ’s benefit payments, the remaining payments shall be paid to the legal representatives of the beneficiary's ’s estate. Payment of the survivor's ’s benefit shall relieve the Company of the obligation to pay any other benefit which the Participant would have otherwise received, under the terms of this Agreement.

Appears in 1 contract

Samples: Continuation Agreement (Merchants & Manufacturers Bancorporation Inc)

Prior to Commencement of Normal or Early Retirement Benefits. If a Participant dies while in the service of the Company or after a Termination of Employment due to Disability and while Disabled or after a Termination of Employment on or after the Early Retirement Date, but prior to commencement of any benefit payments under this Agreement, the Company shall pay to the Participant's beneficiary a survivor's benefit of in the amount determined under Section 3.1, in 180 equal monthly installments of $______ commencing on the first day of the month after the Participant's death and continuing on the first day of each month thereafter until all such payments are completedthereafter. In the event a beneficiary dies before receiving all of the survivor's benefit payments, the remaining payments shall be paid to the legal representatives of the beneficiary's estate. Payment of the survivor's benefit shall relieve the Company of the obligation to pay any other benefit which the Participant would have otherwise received, received under the terms of this Agreement." 10. Section 4 of the Agreement is deleted in its entirety.

Appears in 1 contract

Samples: Employee Salary Continuation Agreement (Carlinville National Bank Shares Inc/De)

Time is Money Join Law Insider Premium to draft better contracts faster.