Supplemental Death Benefit. In the event of Executive’s death during the Employment Term, or if applicable, during the Extended Employment Term, Titan shall pay Executive’s estate a lump sum equal to all earned yet unpaid Base Salary or Adjusted Base Salary, if any, in effect as at such date of death plus the full amount of such Base Salary or Adjusted Base Salary for a period ending six (6) months following the month during which the date of such death occurred (even if such six month period extends beyond the Termination Date), and thereafter during the remainder of the Employment Term, or, if applicable, the Extended Employment Term, fifty percent (50%) of Executive’s Base Salary. In addition, Titan shall continue to provide Executive’s family with the Standard Executive Benefits from the date of Executive’s death until the later of (1) the expiration of the Employment Term or, if applicable, the Extended Employment Term or (2) six months.
Supplemental Death Benefit. In the event of Executive's death during the Employment Term, or if applicable, during the Extended Employment Term, Titan shall pay Executive's beneficiary or his estate a lump sum equal to all earned yet unpaid Base Salary or Adjusted Base Salary, if any, in effect as of such date of death plus the full amount (one hundred percent (100%)) of such Base Salary or Adjusted Base Salary for a period ending six (6) months following the month during which such death occurred (even if such six (6) month period extends beyond the Termination Date), and, thereafter, during the remainder, if any, of the Employment Term, or, if applicable, the Extended Employment Term, fifty percent (50%) of Executive's Base Salary or Adjusted Base Salary, if any. In addition, Titan shall continue to provide Executive's family with the Standard Executive Benefits as provided in Section 5 from the date of Executive's death until the later of (1) the expiration of his Employment Term or, if applicable, the Extended Employment Term or (2) six (6) months.
Supplemental Death Benefit. If specified in the Adoption Agreement, in the event that a Participant dies while actively employed by the Company or an Affiliate, in addition to the Participant’s vested Account Balance, the Company may pay an extra amount (a “Supplemental Death Benefit”) to such Participant’s Beneficiary, provided, however, that (a) the Company subsequently may elect to amend, revoke or eliminate any such Supplemental Death Benefit at any time in its discretion prior to the Participant’s death, by giving notice of such subsequent election to such Participant, (b) the Company shall have no obligation to specify any Supplemental Death Benefit with respect to any Participant, regardless of whether the Company has elected to specify any Supplemental Death Benefit with respect to any other Participant or group of participants, and (c) no Supplemental Death Benefit shall be paid with respect to a Participant if such Participant’s death occurs as a result of suicide during the twenty-four (24) calendar months beginning with the calendar month following commencement of a Participant’s enrollment in this Plan or if such Participant has made a material misrepresentation in any form or document provided by the Participant to or for the benefit of the Company or in connection with the administration of this Plan. The Committee may impose such conditions on its approval of any Supplemental Death Benefit as the Committee from time to time may elect, including without limitation requirements that the Participant consent to the Company’s purchase and ownership of insurance on his or her life (and to the naming of the Company and/or its designees as a beneficiary on any such policy), that the Participant complete an application for life insurance and submit to medical examinations relating to the underwriting of any such insurance policy , and that any such policy be underwritten and issued on terms satisfactory to the Committee. In the event that the service of the Participant is terminated by the applicable Employer for any reason other than his or her death, any right to a Supplemental Death Benefit shall thereupon terminate, and neither the Company nor the Participating Employer shall have any further obligation under this section.
Supplemental Death Benefit. (a) If Participant dies before his Normal Retirement Date and while an employee of the Bank but has not elected the Early Retirement Benefit and provided that Participant has designated a Beneficiary in anticipation of death, a Supplemental Death Benefit shall be paid for a period of 15 years to the Beneficiary in lieu of any other benefits which would have been payable under this Plan in an annual amount equal to the excess of:
(i) 65% of the Participant’s final five year average Compensation as if Participant’s date of death were his Normal Retirement Date and Participant retired on his Normal Retirement Date, over
(ii) One-half of the Primary Social Security Benefit. The Supplemental Death Benefit shall be paid each year in fifteen (15) annual installments commencing on the first day of the month following Participant’s death and on each anniversary thereof until fully paid. The Supplemental Death Benefit shall be paid in lieu of any Supplemental Retirement Benefit.
Supplemental Death Benefit. If the Director dies before the age of 65 while actively in the service of the Company, the Company shall pay to the beneficiary a benefit equal to the Projected Benefit as defined in Section 1.16. If on the date of the Director's death, the Company is the owner and beneficiary of a life insurance policy on the Director, then the Projected Benefit shall not exceed the Net Death Proceeds. If the Director dies after age of 65 while actively in the service of the Company, the benefit shall be the Deferral Account balance. If on the date of the Director's death, the Company is the owner and beneficiary of a life insurance policy on the Director, then the benefit shall not exceed the Net Death Proceeds as defined in Section 1.15. The Company shall pay the benefit to the beneficiary in One Hundred Eighty (180) consecutive equal monthly installments commencing within sixty (60) days of the Director's death and payable on the first of each month thereafter. The Company shall credit interest on the remaining account balance as defined in Section 3.1.2 of the Agreement.
Supplemental Death Benefit. Upon the Executive's death while in employment, the Company will provide a $2,000,000 death benefit to the Executive's designated beneficiary under the Fluor Executive's Supplemental Benefit Plan (the "SBP") as in effect on the Effective Date. Upon termination of employment at or after age 65, the Executive may request his choice of one of the following forms of payment, subject to the approval of the Organization and Compensation Committee of the Board: (a) a continuation of this death benefit, (b) a lump sum cash payment within 30 days of retirement equal to $920,328, or (c) monthly installment payments of $14,155.82 beginning with the month in which the Executive retires and continuing for a period of 10 years. In the event of an approved early retirement, the Executive shall be entitled to a continuation of the death benefit or to a lump sum or salary continuation benefit calculated under the terms of the SBP. For purposes of the SBP, any termination of the Executive's employment by the Company without Cause or by the Executive for Good Reason shall constitute an approved early retirement.
Supplemental Death Benefit. The Company shall pay to the beneficiary a Supplemental Death Benefit. This Supplemental Death Benefit will be the Projected Benefit as defined in Section 1.15. However, the Projected Benefit shall not exceed the amount of Net Death Proceeds of any insurance policy(ies) in which the Company is the owner and the Executive is the insured. The Company shall pay the benefit to the beneficiary in One Hundred Eighty (180) consecutive equal monthly installments commencing within sixty (60) days of the Executive's death and payable on the first of each month thereafter.
Supplemental Death Benefit. The Company shall pay to the beneficiary a Supplemental Death Benefit. This Supplemental Death Benefit will be the Estimated Deferral Account balance at the Director's 65th birthday divided by 180, payable monthly for 180 months. The Estimated Deferral Account balance will be calculated by taking the Deferral Account balance on the date of death plus the average monthly contribution made over the previous 12 months, projected at the current plan interest rate (not to exceed 7%), to the Director's 65th birthday. If the Director's death occurs after the Director's 65th birthday, but before the Director's Normal Retirement Age, the Supplemental Death Benefit will be the Deferral Account balance on the date of death, divided by 180, payable monthly for 180 months. This amount will not exceed the net death benefit paid to the bank under the Director's bank owned life insurance policy(s). This benefit will commence within 90 days of the receipt of the death benefit by the bank.
Supplemental Death Benefit. If the Executive becomes entitled to a benefit under Subparagraph (4)(g) and subsequently dies, or if the Executive dies prior to terminating employment with the Company, the Executive's spouse at the time of the Executive's death shall be entitled to a monthly payment for the remainder of her life in an amount equal to the difference between:
(i) the cumulative monthly amount determined in accordance with Subparagraph (g)(i) above (if the Executive has died prior to such termination of employment, that monthly amount will be calculated as if the Executive had met the requirements for a benefit under Subparagraph 4(g)), and
(ii) the cumulative monthly amount actually payable to such spouse and a former spouse under the Pension Plan and the Executive's pension plan account under the SERP. The parties acknowledge and agree that it is their intention that the Executive's spouse will be entitled to monthly payments for her life under this Agreement and from the Plan and SERP in an amount equal to the monthly payments from the same sources being received by the Executive at the time of his death (or in the case of his death before termination of employment, the payments he would have been entitled to had he met the requirements for a benefit under Subparagraph 4(g)), unless a former spouse is receiving benefits under the Pension Plan or SERP subsequent to the Executive's death in which case those monthly payments will be reduced by payments made to the former spouse from such Pension Plan and SERP. The prior provisions of this Subparagraph (4)(i) are meant to describe the method for determining a benefit to the Executive's spouse. Payment shall actually be made in the form of a lump sum as soon as practicable after the Participant's death. The actuarial equivalence calculation necessary to determine the amount to be paid shall be made using the assumptions used under the SERP for a death benefit under the SERP.
Supplemental Death Benefit. See the Earnings Enhancement Benefit Rider If this package is selected on or after Age 80 the Earnings Enhancement Benefit will have no value.
