Common use of Death after Separation from Service Clause in Contracts

Death after Separation from Service. If the Executive dies after Separation from Service and if Separation from Service was not a Termination for Cause, at the Executive’s death the Executive’s Beneficiary shall be entitled to an amount in cash equal to the Accrual Balance remaining at the Executive’s death, unless the Change-in-Control benefit shall have previously been paid to the Executive under sections 2.4 or 2.5. If a benefit is payable to the Executive’s Beneficiary under this section 3.2, the benefit shall be paid in a single lump sum 90 days after the Executive’s death. However, no benefits under this Agreement shall be paid or payable to the Executive or the Executive’s Beneficiary if this Agreement is terminated under Article 5.

Appears in 3 contracts

Sources: Salary Continuation Agreement (First Reliance Bancshares Inc), Salary Continuation Agreement (First Reliance Bancshares Inc), Salary Continuation Agreement (First Reliance Bancshares Inc)

Death after Separation from Service. If the Executive dies after Separation from Service and if Separation from Service was not a Termination for with Cause, at the Executive’s death the Executive’s Beneficiary shall be is entitled to an amount in cash equal to the Accrual Balance remaining at when the Executive’s death, unless the Change-in-Control benefit shall have previously been paid to the Executive under sections 2.4 or 2.5death occurs. If a benefit is payable to the Executive’s Beneficiary under this section 3.2, the benefit shall will be paid in a single lump sum 90 days after the Executive’s death. However, no benefits under this Agreement shall benefit will be paid or payable under this Agreement to the Executive Executive, the Executive’s Beneficiary, or the Executive’s Beneficiary estate if this Agreement is terminated terminates under Article 5.

Appears in 3 contracts

Sources: Salary Continuation Agreement (BNC Bancorp), Salary Continuation Agreement (BNC Bancorp), Salary Continuation Agreement (BNC Bancorp)

Death after Separation from Service. If the Executive dies after Separation from Service and if Separation from Service was not a Termination for Cause, at the Executive’s 's death the Executive’s 's Beneficiary shall be entitled to an amount in cash equal to the Accrual Balance remaining existing at the Executive’s 's death, unless the Change-in-Control benefit shall have previously been paid to the Executive under sections 2.4 or 2.5. If a benefit is payable to the Executive’s Beneficiary under this section 3.2's Beneficiary, the benefit shall be paid in a single lump sum 90 days after the Executive’s 's death. However, no benefits under this Agreement shall be paid or payable to the Executive or the Executive’s 's Beneficiary if this Agreement is terminated under Article 5.

Appears in 2 contracts

Sources: Salary Continuation Agreement (Southcoast Financial Corp), Salary Continuation Agreement (Southcoast Financial Corp)

Death after Separation from Service. If the Executive dies after Separation from Service and if Separation from Service was not a Termination for with Cause, at the Executive’s death the Executive’s Beneficiary shall be entitled to an amount in cash equal to the Accrual Balance remaining at the Executive’s death, unless the Change-in-Control benefit shall have previously been paid to the Executive under sections section 2.4 or unless a Change-in-Control payout shall have occurred under section 2.5. If a benefit is payable to the Executive’s Beneficiary under this section 3.2, the benefit shall be paid in a single lump sum 90 days after the Executive’s death. However, no benefits under this Agreement shall be paid or payable to the Executive or the Executive’s Beneficiary if this Agreement is terminated under Article 5.

Appears in 1 contract

Sources: Salary Continuation Agreement (First Reliance Bancshares Inc)