Common use of Distributable Events Clause in Contracts

Distributable Events. The Benefit shall be paid to the Executive or the Executive's estate (unless forfeited by the occurrence of any of the events of forfeiture specified in Article VII) upon the following events: o Upon termination of the Executive's employment on or after the Executive's Target Distribution Date, First Charter shall begin payments of the Executive's Benefit to the Executive in equivalent monthly installments over a period of ten (10) years, unless another form of distribution is selected by the Board of Directors in its sole discretion. Payment will be begin as soon as practicable following the Executive's termination of employment. o In the event that the Executive's employment with First Charter is terminated by reason of his death [with a vested benefit] or if the Executive's death occurs after a Distributable Event but before full payment of the Benefit has been made to the Executive, First Charter shall pay (or continue to pay) the Executive's Benefit to the Executive's Beneficiary in equivalent monthly installments such that the Executive's Benefit is paid to the Executive and/or his Beneficiary over a period of ten (10) years unless another form of distribution is selected by the Board of Directors in its sole discretion. Payment to the Beneficiary will be begin as soon as practicable following the Executive's death. o In the event that the Executive becomes Disabled before reaching his Target Distribution Date and while in the employ of First Charter, First Charter shall pay the Executive's Benefit to the Executive in equivalent monthly installments over a period of ten (10) years unless another form of distribution is selected by the Board of Directors in its sole discretion. Payment will be begin as soon as practicable following the date the Executive attains his Target Distribution Date. o In the event that the Executive's employment with First Charter is terminated before the Executive attains his Target Distribution date for any reason other than the Executive's termination of employment following a Change of Control, his death or if the Executive becomes Disabled, First Charter shall begin payments to the Executive of the Executive's vested Benefit as soon as practicable following the date the Executive attains his Target Distribution Date. FORM OF PAYMENT. Payment of the Benefit will be made in the form of equivalent monthly installments over a period of ten (10) years, or in such other form as the Board of Directors, in its sole discretion, may determine.

Distributable Events. The Benefit shall be paid to the Executive or the Executive's estate (unless forfeited by the occurrence of any of the events of forfeiture specified in Article VII) upon the following events: o Upon termination of the Executive's employment on or after the Executive's Target Distribution Date, First Charter shall begin payments of the Executive's Benefit to the Executive in equivalent monthly installments over a period of ten (10) years, unless another form of distribution is selected by the Board of Directors in its sole discretion. Payment will be begin as soon as practicable following the Executive's termination of employment. o In the event that the Executive's employment with First Charter is terminated by reason of his death [with a vested benefit] or if the Executive's death occurs after a Distributable Event but before full payment of the Benefit has been made to the Executive, First Charter shall pay (or continue to pay) the Executive's Benefit to the Executive's Beneficiary in equivalent monthly installments such that the Executive's Benefit is paid to the Executive and/or his Executive's Beneficiary over a period of ten (10) years unless another form of distribution is selected by the Board of Directors in its sole discretion. Payment to the Beneficiary will be begin as soon as practicable following the Executive's death. o In the event that the Executive becomes Disabled before reaching his Target Distribution Date and while in the employ of First Charter, First Charter shall pay the Executive's vested Benefit to the Executive in equivalent monthly installments over a period of ten (10) years unless another form of distribution is selected by the Board of Directors in its sole discretion. Payment will be begin as soon as practicable following the date the Executive attains his Target Distribution Date. o In the event that the Executive's employment with First Charter is terminated before the Executive attains his Target Distribution date for any reason other than the Executive's termination of employment following a Change of Control, his death or if the Executive becomes Disabled, First Charter shall begin payments to the Executive of the Executive's vested Benefit as soon as practicable following the date the Executive attains his Target Distribution Date. FORM OF PAYMENT. Payment of the Benefit will be made in the form of equivalent monthly installments over a period of ten (10) years, or in such other form as the Board of Directors, in its sole discretion, may determine.

Distributable Events. The Benefit shall be paid to the Executive or the Executive's estate (unless forfeited by the occurrence of any of the events of forfeiture specified in Article VII) upon the following events: o Upon termination of the Executive's employment on or after the Executive's Target Distribution Date, First Charter shall begin payments of the Executive's Benefit to the Executive in equivalent monthly installments over a period of ten (10) years, unless another form of distribution is selected by the Board of Directors in its sole discretion. Payment will be begin as soon as practicable following the Executive's termination of employment. o In the event that the Executive's employment with First Charter is terminated by reason of his death [with a vested benefit] or if the Executive's death occurs after a Distributable Event but before full payment of the Benefit has been made to the Executive, First Charter shall pay (or continue to pay) the Executive's Benefit to the Executive's Beneficiary in equivalent monthly installments such that the Executive's Benefit is paid to the Executive and/or his Executive's Beneficiary over a period of ten (10) years unless another form of distribution is selected by the Board of Directors in its sole discretion. Payment to the Beneficiary will be begin as soon as practicable following the Executive's death. o In the event that the Executive becomes Disabled before reaching his Target Distribution Date and while in the employ of First Charter, First Charter shall pay the Executive's Benefit to the Executive in equivalent monthly installments over a period of ten (10) years unless another form of distribution is selected by the Board of Directors in its sole discretion. Payment will be begin as soon as practicable following the date the Executive attains his Target Distribution Date. o In the event that the Executive's employment with First Charter is terminated before the Executive attains his Target Distribution date for any reason other than the Executive's termination of employment following a Change of Control, his death or if the Executive becomes Disabled, First Charter shall begin payments to the Executive of the Executive's vested Benefit as soon as practicable following the date the Executive attains his Target Distribution Date. FORM OF PAYMENT. Payment of the Benefit will be made in the form of equivalent monthly installments over a period of ten (10) years, or in such other form as the Board of Directors, in its sole discretion, may determine.