Common use of Termination of Service Related to a Change in Control Clause in Contracts

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.