Common use of Normal form of payment Clause in Contracts

Normal form of payment. In the event (i) the Director dies prior to commencement of the Deferred Compensation Benefit, and (ii) the Director has not made a Timely Election to receive a lump sum benefit by filing with the Administrator a Notice of Election to Change Form of Payment (Exhibit C of the Joinder Agreement), the Bank shall pay the Director’s Beneficiary a monthly amount for the Payout Period, commencing within thirty (30) days of the date the Administrator receives notice of the Director’s death, the amount of which shall be the annuitized value (using the Interest Factor) of the Director’s Elective Contribution Account, measured initially as of the Director’s date of death, and re-annuitized at the beginning of each calendar year thereafter, using the Interest Factor in effect at such time as adjusted pursuant to Subsection 1.16. The Elective Contribution Account shall be payable in monthly installments throughout the Payout Period.

Normal form of payment. In the event (i) the Director Executive dies prior to commencement of the Deferred Compensation Benefit, and (ii) the Director Executive has not made a Timely Election to receive a lump sum benefit by filing with the Administrator a Notice of Election to Change Form of Payment (Exhibit C D of the Joinder Agreement), the Bank shall pay the DirectorExecutive’s Beneficiary a monthly amount for the Payout Period, commencing within thirty (30) days of the date the Administrator receives notice of the DirectorExecutive’s death, the amount of which shall be the annuitized value (using the Interest Factor) of the DirectorExecutive’s Elective Contribution Account, measured initially as of the DirectorExecutive’s date of death, and re-annuitized at the beginning of each calendar year thereafter, using the Interest Factor in effect at such time as adjusted pursuant to Subsection 1.161.17. The Elective Contribution Account shall be payable in monthly installments throughout the Payout Period.