Common use of Death Benefit Prior to Commencement of Deferred Compensation Benefit Clause in Contracts

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.

Death Benefit Prior to Commencement of Deferred Compensation Benefit. In the event of the Director’s Executive's death prior to commencement of the Deferred Compensation Benefit, the Bank shall pay the. Director’s the Executive's Beneficiary a monthly amount for the Payout Period, commencing within thirty (30) days of the Director’s Executive's death. The amount of such benefit payments shall be determined as follows: (a) In the event death occurs (i) while the Director Executive is receiving the Disability Benefit provided for in Subsection 4.2, 5.2 or (ii) after the Director Executive has become eligible for such Disability Benefit payments but before such payments have commenced, the Director’s Executive's Beneficiary shall be entitled to receive a continuation of the Disability Benefit annuity (computed in accordance, accordance with Subsection 4.25.2), reduced by the number of months Disability Benefit payments were made to the DirectorExecutive. (b) In the event death occurs (i) while the Director Executive is in the service of the Bank, or (ii) following any voluntary or involuntary termination termination, other than termination other than removal for Cause, the Director’s Executive's Beneficiary shall be paid the monthly benefit which can be provided by annuitizing the Director’s balance of the Executive's Elective Contribution Account and the Vested portion of the Executive's Matching Contribution account, using the Interest Factor, and payable over the Payout Period.