Deferred Bonus Benefit" definition
Examples of Deferred Bonus Benefit" in a sentence
Subject to Subsection 6.1 of this Plan, the Bank agrees to pay the Executive the Deferred Bonus Benefit commencing on the Executive's Benefit Eligibility Date.
In the event of the Executive's death prior to commencement of the Deferred Bonus Benefit, the Bank shall pay the Executive's Beneficiary a monthly benefit for the Payout Period, commencing within thirty (30) days of the Executive's death.
In the event of the Executive's death after commencement of the Deferred Bonus Benefit, 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 number of months remaining in the Payout Period.
Such deferrals shall commence with respect to bonuses declared and paid after the execution of the Joinder Agreement for Plan Year 1997, shall renew annually unless otherwise changed and shall continue for a period of five years known as the "Deferral Period", and will result in a "Projected Deferral" in the amount of $__________ and a "Projected Deferred Bonus Benefit" of $__________.
If the location of the Executive is not made known to the Bank within three (3) years after the date on which any payment of the Deferred Bonus Benefit may first be made, payment may be made as though the Executive had died at the end of the three (3) year period.
If the Executive's employment is terminated pursuant to this Subsection and Board of Director approval is obtained, the Executive may elect to begin receiving the Disability Benefit in lieu of the Deferred Bonus Benefit, which is not available prior to the Executive's Benefit Eligibility Date.