Death Benefit Prior to Commencement of Deferred Compensation Benefit Sample Clauses

Death Benefit Prior to Commencement of Deferred Compensation Benefit. In the event of the Director's death prior to commencement of the Deferred Compensation Benefit, the Bank shall pay the Director's Beneficiary a monthly benefit for the Payout Period, commencing within thirty (30) days of the Director's death. The amount of such monthly benefit payments shall be determined as follows: (1) In the event death occurs (i) while the Director is receiving the Disability Benefit provided for in Subsection 5.2, or (ii) after the Director has become eligible for such Disability Benefit payments but before such payments have commenced, the Director's Beneficiary shall be entitled to receive the Survivor's Benefit for the number of months in the Payout Period, reduced by the number of months Disability Benefit payments were made to the Director. In the event death occurs after the Director has received the Disability Benefit provided for in Subsection 5.2 for the entire Payout Period, the Director's Beneficiary shall not be entitled to the Survivor's Benefit for any length of time. However, the lump sum payment described in paragraph two (2) of this Subsection 6.1 (a) shall still be applicable to such Beneficiary. (2) If (i) the total dollar amount of Disability Benefit payments received by the Director under Subsection 5.2 is less than the total dollar amount of payments which would have been received had the Survivor's Benefit been paid in lieu of the Disability Benefit which was paid during the Director's life, and (ii) Board of Director approval is obtained, the Bank shall pay the Director's Beneficiary a lump sum payment for the difference. This lump sum payment shall be made within thirty (30) days of the Director's death. (b) In the event death occurs while the Director is (i) in the service of the Bank, (ii) deferring fees pursuant to Section II and (iii) prior to any reduction or discontinuance (via an effective filing of a Notice of Adjustment of Deferral Amount) in the level of deferrals reflected in the Director's Joinder Agreement, the Director's Beneficiary shall be paid the Survivor's Benefit. (c) In the event the Director completes less than One Hundred Percent (100%) of his Projected Deferrals due to any voluntary or involuntary termination other than removal for Cause, death, disability, or a Change in Control, the Director's Beneficiary shall be paid a reduced Survivor's Benefit based on the annuitized value, using the Interest Factor, of the Director's Accrued Benefit Account measured as of the time of the Directo...
View SourceView Similar (6)
Death Benefit Prior to Commencement of Deferred Compensation Benefit. In the event of the Director’s death prior to commencement of the Deferred Compensation Benefit, the Bank shall pay the. Director’s Beneficiary a monthly amount for the Payout Period, commencing within thirty (30) days of the Director’s death. The amount of such benefit payments shall be determined as follows: (a) In the event death occurs (i) while the Director is receiving the Disability Benefit provided for in Subsection 4.2, or (ii) after the Director has become eligible for such Disability Benefit payments but before such payments have commenced, the Director’s Beneficiary shall be entitled to receive a continuation of the Disability Benefit annuity (computed in accordance, with Subsection 4.2), reduced by the number of months Disability Benefit payments were made to the Director. (b) In the event death occurs (i) while the Director is in the service of the Bank, or (ii) following any voluntary or involuntary termination other than termination other than removal for Cause, the Director’s Beneficiary shall be paid the monthly benefit which can be provided by annuitizing the Director’s Elective Contribution Account over the Payout Period.
View SourceView Similar (2)
Death Benefit Prior to Commencement of Deferred Compensation Benefit. In the event of the Director's death prior to commencement of the Deferred Compensation Benefit, the Bank shall pay the Director's Beneficiary a monthly amount for a period of one hundred eighty (180) months, commencing within thirty (30) days of the Director's death. The amount of such benefit payments shall be determined as follows: (a) In the event death occurs following retirement due to disability, the benefits payable to the Director's Beneficiary shall be governed by Subsection 4.4 of this Agreement. (b) In the event death occurs while the Director is in the service of the Bank and deferring fees pursuant to Section II of this Agreement, the Director's Beneficiary shall be paid the Survivor's Benefit. (c) In the event the Director completes less than one hundred (100%) percent of the planned deferrals (i.e., Eighteen Thousand ($18,000.00) Dollars) due to other voluntary or involuntary terminations, the Director's Beneficiary shall be paid a reduced Survivor's Benefit, such amount being determined by multiplying the Survivor's Benefit (Three Hundred Eighty-One ($381.00) Dollars) by a fraction, the numerator of which is equal to the Board fees actually deferred by the Director and the denominator of which is equal to Eighteen Thousand ($18,000.00) Dollars.
View Source
Death Benefit Prior to Commencement of Deferred Compensation Benefit 
View SourceView Similar (2)

Related to Death Benefit Prior to Commencement of Deferred Compensation Benefit

  • Compensation/Benefit Programs During the Term of Employment, the Executive shall be entitled to participate in all medical, dental, hospitalization, accidental death and dismemberment, disability, travel and life insurance plans, and any and all other plans as are presently and hereinafter offered by the Company to its executive personnel, including savings, pension, profit-sharing and deferred compensation plans, subject to the general eligibility and participation provisions set forth in such plans.

  • Death Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.