Common use of Death Of Director After Retirement Date Clause in Contracts

Death Of Director After Retirement Date. If the Director dies after the Retirement Date, but prior to receiving all of the monthly installments set forth in paragraph "1", the remaining monthly installment will be paid to the Director's designated Beneficiary. The Beneficiary shall receive all remaining installments which the Director would have received until the total sum set forth in paragraph "1" has been paid. If the Director fails to designate a beneficiary in writing to the Bank, the remaining monthly installments after the time of the Director's death shall be paid to the legal representative of the estate of the Director.

Appears in 1 contract

Samples: Compensation Agreement (Century Bancshares Inc)

AutoNDA by SimpleDocs

Death Of Director After Retirement Date. If the Director dies after the Retirement Date, but prior to receiving all of the monthly installments set forth in paragraph "1", the remaining monthly installment will be paid to the Director's designated Beneficiary. The Beneficiary shall receive all remaining installments which the Director would have received until the total sum set forth in paragraph "1" has been paid. If the Director fails to designate a beneficiary in writing to the Bank, the remaining monthly installments after the time of the Director's death shall be paid to the legal representative of the estate of the DirectorDirector . 3.

Appears in 1 contract

Samples: Compensation Agreement (Century Bancshares Inc)

Death Of Director After Retirement Date. If the Director dies after the Retirement Date, Date but prior to receiving all of the monthly installments set forth in paragraph "1", 2" the remaining monthly installment installments will be paid to the Director's designated Beneficiary. The Beneficiary shall receive all remaining installments which the Director would have received until the total sum set forth in paragraph "12" (as reduced by the provisions of paragraph "6" if applicable) has been paid. If the Director fails to designate a beneficiary Beneficiary in writing to the Bank, the remaining monthly installments after the time of the Director's death shall be paid to the legal representative of the estate of the Director.

Appears in 1 contract

Samples: Compensation Agreement (Century Bancshares Inc)

Death Of Director After Retirement Date. If the Director dies after the Retirement Date, Date but prior to receiving all of the monthly installments set forth in paragraph "12", the remaining monthly installment installments will be paid to the Director's designated Beneficiary. The Beneficiary shall receive all remaining installments which the Director would have received until the total sum set forth in paragraph "12" (as reduced by the provisions of paragraph "6" if applicable) has been paid. If the Director fails to designate a beneficiary Beneficiary in writing to the Bank, the remaining monthly installments after the time of the Director's death shall be paid to the legal representative of the estate of the Director.

Appears in 1 contract

Samples: Compensation Agreement (Century Bancshares Inc)

Death Of Director After Retirement Date. If the Director dies after the Retirement Date, Date but prior to receiving all of the monthly installments set forth in paragraph "12" (as reduced by the provisions of paragraph "6" if applicable), the remaining monthly installment installments will be paid to the Director's designated Beneficiary. The Beneficiary shall receive all remaining installments which the Director would have received until the total sum set forth in paragraph "12" (as reduced by the provisions of paragraph "6" if applicable) has been paid. If the Director fails to designate a beneficiary Beneficiary in writing to the Bank, the remaining monthly installments after the time of the Director's death shall be paid to the legal representative of the estate of the Director.

Appears in 1 contract

Samples: Compensation Agreement (Century Bancshares Inc)

AutoNDA by SimpleDocs

Death Of Director After Retirement Date. If the Director dies after the Retirement Date, Date but prior to receiving all of the monthly installments set forth in paragraph "12", the remaining monthly installment installments will be paid to the Director's designated Beneficiary. The Beneficiary shall receive all remaining installments which the Director would have received designated Beneficiary. The Beneficiary shall receive all remaining installments which the Director would have received until the total sum set forth in paragraph "12" (as reduced by the provisions of paragraph "6" if applicable) has been paid. If the Director fails to designate a beneficiary Beneficiary in writing to the Bank, the remaining monthly installments after the time of the Director's death shall be paid to the legal representative of the estate of the Director.

Appears in 1 contract

Samples: Sample Agreement (Century Bancshares Inc)

Death Of Director After Retirement Date. If the Director dies after the Retirement Date, Date but prior to receiving all of the monthly installments set forth in paragraph "1", the remaining monthly installment installments will be paid to the Director's designated Beneficiary. The Beneficiary shall receive all remaining installments which the Director would have received until the total sum set forth in paragraph "1" has been paid. If the Director fails to designate a beneficiary Beneficiary in writing to the Bank, the remaining monthly installments after the time of the Director's death shall be paid to the legal representative of the estate of the Director.

Appears in 1 contract

Samples: Compensation Agreement (Century Bancshares Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.