Common use of Normal Benefit Clause in Contracts

Normal Benefit. Upon the Payment Eligibility Date, the Institution shall pay the Director an annual benefit equal to Six Thousand and 00/100th Dollars ($6,000.00). Said benefit shall be paid in equal monthly installments (1/12th of the annual benefit) until the death of the Director. In the event the Director should die and there is a balance in the accrued liability account, the Institution shall pay such balance, in a lump sum or in equal monthly installments (1/12th of the annual benefit), at the discretion of the Institution, to such individual or individuals the Director may have designated in writing and filed with the Institution. In the absence of any effective beneficiary designation, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director's estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director.