Termination of Service Related to a Change in Control. If a Change in Control occurs at the Bank, and thereafter the Executive's employment is terminated, voluntarily or involuntarily, the Executive shall be entitled to receive benefits provided in this Subsection 3.5.
(a) Executive lives until Benefit Age. If after such termination Executive lives until his Benefit Age the secular trust provided in Subsection 9.14 shall be annuitized using the Interest Factor into monthly installments and shall be payable to the Executive over the Payout Period. Such payments shall commence on the Executive's Benefit Eligibility Date. The Executive may at any time during the Payout Period request in writing to receive the unpaid balance of his secular trust in a lump sum payment. Such lump sum payment shall be payable within thirty (30) days of such notice.
(b) Executive dies prior to Benefit Age. If after such termination the Executive dies prior to attaining his Benefit Age the secular trust provided in Subsection 9.14 shall be annuitized using the Interest Factor into monthly installments and shall be payable to the Executive's Beneficiary over the Payout Period. Such payments shall commence within thirty (30) days of the date the secular trustee receives notice of the Executive's death. The Executive's Beneficiary may at any time request in writing to receive the unpaid balance of the secular trust in a lump sum payment. Such lump sum payment shall be payable within thirty (30) days of such notice.
Termination of Service Related to a Change in Control. If a Change in Control occurs, and thereafter the Executive's employment is terminated (either voluntarily or involuntarily), the Executive shall be entitled to the Supplemental Retirement Benefit as if the Executive had remained employed by the Bank (or its successor) until attainment of his Normal Retirement Age. Such benefit shall commence within thirty (30) days of such termination and shall be payable in monthly installments throughout the Payout Period. In the event that the Executive dies at any time after termination of employment, but prior to commencement or completion of all such payments due and owing hereunder, the Bank, or its successor, shall pay to the Executive's Beneficiary a continuation of the monthly installments for the remainder of the Payout Period.
Termination of Service Related to a Change in Control. If a Change in Control occurs, and thereafter the Executive's employment is terminated (either voluntarily or involuntarily) within thirty-six (36) months, the Executive shall be entitled to receive the Executive's Supplemental Retirement Benefit calculated using the Executive's Years of Service on the date of termination. Such benefit shall be annuitized (using the Interest Factor) and be payable commencing within thirty (30) days of such termination and shall be payable in monthly installments throughout the Payout Period, commencing on the first day of the first month after Executive's termination of employment. In the event the Executive dies prior to commencement of such payments, the Bank shall pay to the Executive's Beneficiary a Survivor's Benefit calculated as if the Bank had not obtained insurance on the Executive. In the event the Executive dies prior to completion of all such payments due and owing hereunder, the Bank shall pay to the Executive's Beneficiary a continuation of the monthly installments payable to the Executive for the remainder of the Payout Period.
Termination of Service Related to a Change in Control. (a) If a Change in Control occurs at the Bank, and thereafter the Director's service is terminated (either voluntarily or involuntarily), the Director shall be entitled to his Level 2 Retirement Benefit (as if he had remained in the service of the Bank until his Benefit Age). Such benefit shall commence on the 1st day of the month following his termination of service and shall be payable in monthly installments throughout the Level 2 Payout Period. In the event that the Director dies at any time after commencement of the payments, but prior to completion of all such payments due and owing hereunder, the Bank, or its successor, shall pay to the Director's Beneficiary a continuation of the monthly installments for the remainder of the Level 2 Payout Period.
(b) If, after such termination, the Director dies prior to commencement of the benefits hereunder, the Director's Beneficiary shall be entitled to the Survivor's Benefit which shall commence within thirty (30) days of the Director's death. The Survivor's Benefit shall be payable in monthly installments over the Level 2 Payout Period.
Termination of Service Related to a Change in Control. If a Change in ----------------------------------------------------- Control occurs at the Bank, and thereafter the Executive's employment is terminated (either voluntarily or involuntarily), the Executive shall be entitled to the benefit set forth in the Executive's Joinder Agreement. Such benefit shall be payable at the Executive's Benefit Age in monthly installments throughout the Payout Period. In the event that the Executive dies at any time after termination of employment but prior to attaining his Benefit Age, the Executive's Beneficiary shall be entitled to the Survivor's Benefit as specified in Section 3.2. In the event that the Executive dies at any time after termination of employment, after commencement but before completion of all such payments due and owing hereunder, the Bank, or its successor, shall pay to the Executive's Beneficiary a continuation of the monthly installments for the remainder of the Payout Period.
Termination of Service Related to a Change in Control. (a) If the Director’s employments is terminated (either voluntarily or involuntarily) following or coincident with a Change in Control, the Director shall be entitled to his full Supplemental Benefit (as if he had remained in service until his Benefit Age). Such benefit shall commence on the 1st day of the month following his termination of service and shall be payable in monthly installments throughout the Payout Period. In the event that the Director dies at any time after commencement of the payments, but prior to completion of all such payments due and owing hereunder, the Association, or its successor, shall pay to the Director’s Beneficiary a continuation of the monthly installments for the remainder of the Payout Period.
(b) If, after such termination, the Director dies prior to commencement of the benefits hereunder, the Director’s Beneficiary shall be entitled to the Survivor’s Benefit which shall commence within thirty (30) days of the Director’s death. The Survivor’s Benefit shall be payable in monthly installments over the Payout Period.
Termination of Service Related to a Change in Control. (a) If the Executive's Termination of Service (as defined in this Subsection) is related to a Change in Control, the Executive shall be entitled to receive his Benefit upon attainment of his Benefit Age, payment of which shall commence on his benefit Eligibility Date. In the event the Executive dies at any time after attaining his Benefit Age, but prior to completion of all such payments due and owing hereunder, the Bank shall pay to the Executive's Beneficiary a continuation of the monthly installments for the remainder of the Payout Period.
(b) For purposes of this Subsection, "Termination of Service" shall include the following: If, at any time following said Change in Control, (i) the employment of the Executive is involuntarily terminated by the Bank, or (ii) voluntarily terminated by the Executive after: (a) a material change in the Executive's function, duties, or responsibilities, which change would cause the Executive's position to become one of lesser responsibility, importance, or scope from the position the Executive held at the time of the Change in Control, (b) a relocation of the Executive's principal place of employment by more than thirty (30) miles from its location prior to the Change in Control, or (c) a material reduction in the benefits and perquisites to the Executive from those being provided at the time of the Change in Control.
(c) Should the Executive die after being terminated following a Change in Control, but prior to commencement of the Excess Benefit, his Beneficiary shall be entitled to receive the Survivor's Benefit, payment of which shall commence within thirty (30) days following the Executive's death.
Termination of Service Related to a Change in Control. If a Change in ----------------------------------------------------- Control occurs at the Bank, and thereafter the Executive's employment is terminated (either voluntarily or involuntarily), the Executive shall be entitled to the benefit set forth in the Executive's Joinder Agreement. Such benefit shall be payable at the Executive's Benefit Age in monthly installments throughout the Payout Period. In the event that the Executive dies at any time after termination of employment but prior to attaining his Benefit Age, the Executive's Beneficiary shall be entitled to the Survivor's Benefit as specified in Section 3.
Termination of Service Related to a Change in Control. If a Change in Control occurs at the Bank, and thereafter the Executive's employment is terminated (either voluntarily or involuntarily), the Executive shall be entitled to the Supplemental Retirement Income Benefit. Such benefit shall commence within thirty (30) days of such termination and shall be payable in monthly installments throughout the Payout Period.
Termination of Service Related to a Change in Control. (a) If a Change in Control occurs at the Bank, and thereafter the Director incurs a Separation from Service (either voluntarily or involuntarily) with or within three (3) years following such Change in Control, other than due to termination for Cause, the Director shall be entitled to his full Retirement Benefit (as if he had remained in the service of the Bank until his Benefit Age). Such benefit shall commence within thirty (30) days following his Separation from Service, provided, however, if the Director is a Specified Employee and the following is required by Code Section 409A, such payments shall commence as of the first day of the seventh month next following Director's Separation from Service, and shall be payable in monthly installments throughout the Payout Period. In the event that the Director dies at any time after commencement of the payments, but prior to completion of all such payments due and owing hereunder, the Bank, or its successor, shall pay to the Director's Beneficiary a continuation of the monthly installments for the remainder of the Payout Period.
(b) If, after such Separation from Service, the Director dies prior to commencement of the Retirement Benefit hereunder, the Director's Beneficiary shall be entitled to the Survivor's Benefit which shall commence within thirty (30) days of the Director's death. The Survivor's Benefit shall be payable in monthly installments over the Payout Period.
