Common use of Death After Termination of Employment Clause in Contracts

Death After Termination of Employment. If the Executive dies after Termination of Employment and the Executive is entitled to the normal retirement benefit provided by Section 2.1, the Early Termination benefit provided by Section 2.2, or the Disability benefit provided by Section 2.3, the Bank shall pay to the Executive's Beneficiary (a) an amount in cash equal to the Accrual Balance (or vested Accrual Balance in the case of the Early Termination benefit) remaining at the time of the Executive's death, and (b) the benefit described in the Split Dollar Agreement attached to this Agreement as Addendum A; provided, however, that no benefits under this Agreement or under the Split Dollar Agreement shall be paid or payable to the Executive or the Executive's Beneficiary if this Agreement is terminated according to Article 5.

Appears in 3 contracts

Samples: Continuation Agreement (Citizens South Banking Corp), Continuation Agreement (Citizens South Banking Corp), Continuation Agreement (Citizens South Banking Corp)

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Death After Termination of Employment. If the Executive dies after Termination of Employment and the Executive is entitled to the normal retirement benefit provided by Section 2.1, the Early Termination benefit provided by Section 2.2, or the Disability benefit provided by Section 2.3, the Bank shall pay to the Executive's ’s Beneficiary (a) an amount in cash equal to the Accrual Balance (or vested Accrual Balance in the case of the Early Termination benefit) remaining at the time of the Executive's ’s death, and (b) the benefit described in the Split Dollar Agreement attached to this Agreement as Addendum A; provided, however, that no benefits under this Agreement or under the Split Dollar Agreement shall be paid or payable to the Executive or the Executive's ’s Beneficiary if this Agreement is terminated according to Article 5.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Midcarolina Financial Corp), Salary Continuation Agreement (Midcarolina Financial Corp), Salary Continuation Agreement (Midcarolina Financial Corp)

Death After Termination of Employment. If the Executive dies after Termination of Employment and at Termination of Employment the Executive is was entitled to the normal retirement benefit provided by Section 2.1, the Early Termination benefit provided by Section 2.2, or the Disability benefit provided by Section 2.3, the Bank Executive’s Beneficiary shall pay be entitled to the Executive's Beneficiary (a) an amount in cash equal to the Accrual Balance (or vested Accrual Balance in the case of the Early Termination benefit) remaining at the time of the Executive's ’s death, and (b) the benefit described in benefit, if any, provided by the Endorsement Split Dollar Agreement attached to this Agreement as Addendum A; provided, howeveras the same may be amended. However, that no benefits under this Agreement or under the Endorsement Split Dollar Agreement shall be paid or payable to the Executive or the Executive's ’s Beneficiary if this Agreement is terminated according to under Article 5.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Bank of Wilmington CORP), Salary Continuation Agreement (Bank of Wilmington CORP), Salary Continuation Agreement (Bank of Wilmington CORP)

Death After Termination of Employment. If the Executive dies after Termination of Employment and the Executive is entitled to the normal retirement benefit provided by Section 2.1, the Early Termination benefit provided by Section 2.2, or the Disability benefit provided by Section 2.3, the Bank shall pay to the Executive's ’s Beneficiary (a) an amount in cash a lump sum payment equal to the Accrual Balance (or vested Accrual Balance in the case of the Early Termination benefit) remaining at the time of the Executive's ’s death, and (b) the benefit described in the Split Dollar Agreement attached to this Agreement as Addendum A; provided, however, that no benefits under this Agreement or under the Split Dollar Agreement shall be paid or payable to the Executive or the Executive's ’s Beneficiary if this Agreement is terminated according to Article 5.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Midcarolina Financial Corp), Salary Continuation Agreement (Midcarolina Financial Corp), Salary Continuation Agreement (Midcarolina Financial Corp)

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Death After Termination of Employment. If the Executive dies after Termination of Employment and the Executive is entitled to the normal retirement benefit provided by Section 2.1, the Early Termination benefit provided by Section 2.2, or the Disability benefit provided by Section 2.3, the Bank shall pay to the Executive's Beneficiary =s beneficiary(ies) (a) an amount in cash equal to the Accrual Balance (or vested Accrual Balance in the case of the Early Termination benefit) remaining at the time of the Executive's =s death, and (b) the benefit described in the Split Dollar Agreement attached to this Agreement as Addendum A; provided, however, that no benefits under this Agreement or under the Split Dollar Agreement shall be paid or payable to the Executive Executive, the Executive=s beneficiary(ies), or the Executive's Beneficiary =s estate if this Agreement is terminated according to Article 5.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Crescent Financial Corp), Salary Continuation Agreement (Crescent Financial Corp), Salary Continuation Agreement (Crescent Financial Corp)

Death After Termination of Employment. If the Executive dies after Termination of Employment and the Executive is entitled to the normal retirement benefit provided by Section 2.1, the Early Termination benefit provided by Section 2.2, or the Disability benefit provided by Section 2.3, the Bank shall pay to the Executive's Beneficiary (a) an amount in cash equal to the Accrual Balance (or vested Accrual Balance in the case of the Early Termination benefit) remaining at the time of the Executive's death, and (b) the benefit described in the Split Dollar Agreement attached to this Agreement as Addendum A; provided, however, that no benefits under this Agreement or under the Split Dollar Agreement shall be paid or payable to the Executive or the Executive's Beneficiary if this Agreement is terminated according to Article 5.

Appears in 2 contracts

Samples: Continuation Agreement (Citizens South Banking Corp), Continuation Agreement (Citizens South Banking Corp)

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