Optional Form of Payment. In lieu of the Normal Form provided by the foregoing provisions of this Paragraph 2, with the consent of the Bank, the Director may elect in advance an optional form of payment which is the Actuarial Equivalent of the Normal Form to which the Director is entitled, which optional form of payment may be a lump sum or a life annuity with 120 monthly benefits guaranteed. Such election shall be made within 30 days of the date of this Agreement.
Appears in 2 contracts
Sources: Supplemental Executive Retirement Agreement (Meridian Bancorp, Inc.), Supplemental Executive Retirement Agreement (Meridian Interstate Bancorp Inc)