Vested Insurance Benefit definition

Vested Insurance Benefit means the Bank will provide the Director with continued insurance coverage from the date of vesting until death, subject to the forfeiture provisions detailed in Section 3.2 and Article 6. Article 3 explains how the Director achieves vested status.
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Vested Insurance Benefit means the Company will provide the Executive with continued insurance coverage from the date of vesting until death, subject to the forfeiture provisions detailed in Section 3.2. Article 3 explains how the Executive achieves vested status.
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Examples of Vested Insurance Benefit in a sentence

  • If the Executive has not achieved a Vested Insurance Benefit on the date of death, the Beneficiary will not be entitled to a benefit under this Agreement.

  • If a Participant has a Vested Insurance Benefit, the Bank may amend or terminate the Plan for that Participant only if: (1) continuation of the Plan would cause significant financial harm to the Bank and (2) the Participant agrees to such action.

  • If the Director has not achieved a Vested Insurance Benefit on the date of death, the Beneficiary will not be entitled to a benefit under this Agreement.

  • Notwithstanding the provisions of Section 3.1, the Director will forfeit his or her Vested Insurance Benefit if (i) the Director violates any of the provisions detailed in Article 6; (ii) in the case of a disabled Director who vested pursuant to Section 3.1.3, if the Director becomes gainfully employed by an entity other than the Bank; or (iii) or the Director provides written notice to the Bank declining further participation in the Agreement.

  • If, pursuant to Article 3, the Director has a Vested Insurance Benefit at the date of death, the Director’s Beneficiary shall be entitled to a benefit equal to one Hundred Thousand Dollars ($100,000), provided that such amount shall not exceed the Net Death Proceeds.

  • Unless the Director has a Vested Insurance Benefit pursuant to Section 3 .I, the Bank may amend or terminate the Agreement at any time, or may amend or terminate the Director’s rights under the Agreement at any time prior to the Director’s death, by providing written notice of such to the Director.

  • If after termination of employment the Executive has a Vested Insurance Benefit pursuant to Article 4 at the date of the Executive’s death, the Executive’s Beneficiary shall be entitled to a benefit equal to two times the Executive’s Base Salary for the Executive’s Final Year of Employment, provided the total benefit shall not exceed the Net Death Proceeds.

  • If the Bank discontinues a Policy on a Participant who is employed by the Bank at the date of discontinuance or who has a Vested Insurance Benefit that has not been forfeited, the Bank shall give the Participant at least thirty (30) days to purchase such Policy.

  • If the Bank discontinues the Policy while the Executive is employed by the Bank or when the Executive has a Vested Insurance Benefit that has not been forfeited, the Bank shall give the Executive at least thirty (30) days to purchase such Policy.

  • If the Executive has a Vested Insurance Benefit, the Bank may provide such benefit through the existing Policy owned by the Bank on the Executive’s life, or may provide comparable insurance coverage to the Executive through whatever means the Bank deems appropriate.


More Definitions of Vested Insurance Benefit

Vested Insurance Benefit means the Company will provide the Participant with continued insurance coverage after the Participant's Termination of Employment.
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Vested Insurance Benefit means the Bank will provide the Participant ------------------------ with continued insurance coverage from the date of vesting until death, subject to the forfeiture provisions detailed in Section 4.2 and Article 7. Article 4 explains how a Participant achieves vested status.
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Vested Insurance Benefit means, subject to Section 2.3 herein, the Bank will provide the Director with continued insurance coverage until death, subject to the forfeiture provisions detailed in Article 3.
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Vested Insurance Benefit means the Bank will provide the Participant with continued insurance coverage from the date of vesting until death, subject to the forfeiture provisions detailed in Section 5.2 and Article 8.
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Vested Insurance Benefit means, with respect to a Participant, that the Bank will provide the Participant with continued insurance coverage from the date of vesting until death, subject to the limitations and termination and forfeiture provisions detailed in Section 4.2, Article 7 and Section 12.2. Article 4 explains how a Participant achieves vested status.
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Related to Vested Insurance Benefit

  • Termination Benefit means the benefit set forth in Article 7.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Disability Benefit means the benefit set forth in Article 8.

  • Accrued Benefit have the meanings specified in ERISA.

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Primary Social Security Benefit means, with respect to any member, the primary insurance amount

  • SERP Benefit means the benefit described in Section 5.1.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Social Security Benefit means an amount received by a claimant as a monthly benefit in accordance with the Social Security Act, 42 U.S.C. Sec. 401 et seq.

  • insurance period means a contribution period or an equivalent period;

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Policy Year means the period of time these Terms and Benefits are in force. The first Policy Year shall be the period from the Policy Effective Date to the day immediately preceding the first Renewal Date as specified in the Policy Schedule (both days inclusive) within one (1) year period; and each subsequent Policy Year shall be the one (1) year period from each Renewal Date.

  • Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.

  • Insurance Amount has the meaning set forth in Section 6.12(b).

  • Covered benefits or “benefits” means those health care services to which a covered person is entitled under the terms of a health benefit plan.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.