Death Prior to Separation from Service Clause Samples
The 'Death Prior to Separation from Service' clause outlines what happens to an employee's benefits or compensation if they pass away before officially leaving their position. Typically, this clause specifies how deferred compensation, retirement benefits, or other entitlements are handled, often directing them to a designated beneficiary or the employee's estate. Its core function is to ensure that the employee's accrued rights are protected and distributed appropriately in the event of death, thereby providing clarity and security for both the employer and the employee's heirs.
Death Prior to Separation from Service. If the Director dies prior to Separation from Service, the Beneficiary shall be entitled to a benefit equal to One Hundred Thousand Dollars ($100,000), provided that such benefit shall not exceed the Net Death Proceeds.
Death Prior to Separation from Service. If the Executive dies while employed by the Bank, the Executive’s Beneficiary shall be entitled to a benefit equal to fifty percent (50%) of the Net Death Proceeds.
Death Prior to Separation from Service. In the event Executive dies prior to Separating From Service, then there are no death benefits payable under this Agreement. Any such benefits would be payable pursuant to a Split Dollar Life Insurance Agreement, if any exists.
Death Prior to Separation from Service. I understand that if I die at any time while still employed with the Bank prior to attaining my Benefit Age, my Beneficiary will be entitled to 100% of my Accrued Benefit as a Survivor Benefit, whether or not I am fully vested in my Accrued Benefit at such time. My Survivor Benefit shall commence within 90 days following my date of death and shall be payable in a lump sum to my Beneficiary.
Death Prior to Separation from Service. If the Executive dies while employed by the Bank, the Executive’s Beneficiary/ies shall be entitled to a benefit equal, in the aggregate, to Seven Hundred Ninety-One Thousand Four Hundred Ninety-Six Dollars ($791,496).
Death Prior to Separation from Service. If the Employee dies prior to Separation from Service, the Beneficiary shall be entitled to the lesser of (i) One Hundred Thousand Dollars ($100,000) or (ii) the Net Death Proceeds.
Death Prior to Separation from Service. If the Executive dies prior to Separation from Service, the Beneficiary shall be entitled to the lesser of (i) the sum of One Million Seven Hundred Fifty-Four Thousand One Hundred Seven Dollars ($1,754,107) plus one times Base Salary, less the amount, if any, received under the Group Term Plan or (ii) the Net Death Proceeds.
Death Prior to Separation from Service. If the Executive dies while employed by the Bank, the Executive’s Beneficiary shall be entitled to a benefit equal to the amount shown on Schedule A minus the benefit amount paid to the Executive’s beneficiary designated in Agreement 2.
Death Prior to Separation from Service. In the event the Director dies prior to Separation from Service, the Bank shall pay the Beneficiary the Deferral Account balance in lieu of any other benefit hereunder. This benefit shall be paid to the Beneficiary as elected on the Benefit Payment Election Form commencing the month following the Director’s death.
Death Prior to Separation from Service. If Executive dies prior to Separation from Service, Executive’s Beneficiary shall be entitled to the Survivor’s Benefit. Such benefit shall be paid monthly in one hundred eighty (180) equal installments. The survivor’s benefit shall be equal to the Supplemental Retirement Income Benefit under Section 1.19 determined, in the case of a pre-retirement death, as if Executive retired on his Normal Retirement Date and commenced receiving benefits at such time. Notwithstanding anything to the contrary herein, the Survivor Benefit payable hereunder shall not be greater than the Supplemental Retirement Income Benefit that would have been payable to Executive at his Normal Retirement Date. The Survivor’s Benefit shall be payable in equal monthly installments for one hundred eighty (180) months. The first installment shall begin within thirty (30) days following the date of death of Executive.