Common use of Secular Trust Clause in Contracts

Secular Trust. A secular trust called the Xxxx Xxxxx Grantor Trust shall be established in the event of a Change in Control, into which the Bank shall make a contribution only in such event. If the Executive dies prior to this contribution being made, then the Executive's Beneficiary is entitled to the Survivor's Benefit beginning within thirty (30) days payable over the Payout Period. The contribution shall be the full present value, using an appropriate discount rate, of the retirement benefit specified in Subsection 1.18; provided, however, in no event shall the contribution be less than an amount which is sufficient to provide the Executive with after-tax benefits (assuming a constant tax rate equal to the rate in effect as of the date of the Change in Control) beginning at his Benefit Age equal in amount to that benefit which would have been payable to the Executive if no secular trust had been implemented and the benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS 106. In the event that such contribution is made to the secular trust, Executive, at his sole discretion, shall have the right to receive the funds at such time and in such manner as can be supported by the contributed amount.

Secular Trust. A secular trust called the Xxxx Xxxxx Xxxxxx Grantor Trust shall be established in the event of a Change in Control, into which the Bank shall make a contribution only in such event. If the Executive dies prior to this contribution being made, then the Executive's Beneficiary is entitled to the Survivor's Benefit beginning within thirty (30) days payable over the Payout Period. The contribution shall be the full present value, using an appropriate discount rate, of the retirement benefit specified in Subsection 1.18; provided, however, in no event shall the contribution be less than an amount which is sufficient to provide the Executive with after-tax benefits (assuming a constant tax rate equal to the rate in effect as of the date of the Change in Control) beginning at his Benefit Age equal in amount to that benefit which would have been payable to the Executive if no secular trust had been implemented and the benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS 106. In the event that such contribution is made to the secular trust, Executive, at his sole discretion, shall have the right to receive the funds at such time and in such manner as can be supported by the contributed amount.

Secular Trust. A secular trust called the Xxxx Xxxxx Xxxxxx Grantor Trust shall be established in the event of a Change in Control, into which the Bank shall make a contribution only in such event. If the Executive dies prior to this contribution being made, then the Executive's Beneficiary is entitled to the Survivor's Benefit beginning within thirty (30) days payable over the Payout Period. The contribution shall be the full present value, using an appropriate discount rate, of the retirement benefit specified in Subsection 1.181.14; provided, however, in no event shall the contribution be less than an amount which is sufficient to provide the Executive with after-tax benefits (assuming a constant tax rate equal to the rate in effect as of the date of the Change in Control) beginning at his Benefit Age equal in amount to that benefit which would have been payable to the Executive if no secular trust had been implemented and the benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS 106. In the event that such contribution is made to the secular trust, Executive, at his sole discretion, shall have the right to receive the funds at such time and in such manner as can be supported by the contributed amount.

Secular Trust. A secular trust called the Xxxx Xxxxxx Xxxxx Grantor Trust shall be established in the event of a Change in Control, into which the Bank shall make a contribution only in such event. If the Executive dies prior to this contribution being made, then the Executive's Beneficiary is entitled to the Survivor's Benefit beginning within thirty (30) days payable over the Payout Period. The contribution shall be the full present value, using an appropriate discount rate, of the retirement benefit specified in Subsection 1.18; provided, however, in no event shall the contribution be less than an amount which is sufficient to provide the Executive with after-tax benefits (assuming a constant tax rate equal to the rate in effect as of the date of the Change in Control) beginning at his Benefit Age equal in amount to that benefit which would have been payable to the Executive if no secular trust had been implemented and the benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS 106. In the event that such contribution is made to the secular trust, Executive, at his sole discretion, shall have the right to receive the funds at such time and in such manner as can be supported by the contributed amount.

Secular Trust. A secular trust called the Xxxx Xxxxx Xxxxxxxx Grantor Trust shall be established in the event of a Change in Control, into which the Bank shall make a contribution only in such event. If the Executive dies prior to this contribution being made, then the Executive's Beneficiary is entitled to the Survivor's Benefit beginning within thirty (30) days payable over the Payout Period. The contribution shall be the full present value, using an appropriate discount rate, of the retirement benefit specified in Subsection 1.18; provided, however, in no event shall the contribution be less than an amount which is sufficient to provide the Executive with after-tax benefits (assuming a constant tax rate equal to the rate in effect as of the date of the Change in Control) beginning at his Benefit Age equal in amount to that benefit which would have been payable to the Executive if no secular trust had been implemented and the benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS 106. In the event that such contribution is made to the secular trust, Executive, at his sole discretion, shall have the right to receive the funds at such time and in such manner as can be supported by the contributed amount.