Common use of Payments in the Event of Death After Retirement Clause in Contracts

Payments in the Event of Death After Retirement. The Bank agrees that if the Director Retires, but shall die before receiving all of the Director Benefits Payments specified in Schedule "B", the Bank agrees to pay the Applicable Percentage of the Director Benefits to the Director's designated beneficiary in lump sum. If a valid Beneficiary Designation is not in effect, then the remaining amounts due to the Director under the terms of this Agreement shall be paid to the Director's Surviving Spouse. If the Director leaves no Surviving Spouse, the remaining amounts due to the Director under the terms of this Agreement shall be paid to the duly qualified personal representative, executor or administrator of the Director's estate.

Payments in the Event of Death After Retirement. The Bank agrees that if the Director Retires, but shall die before receiving all of the Director Benefits Payments specified in Schedule "“B"”, the Bank agrees to pay the Applicable Percentage of the Director Benefits to the Director's ’s designated beneficiary in lump sum. If a valid Beneficiary Designation is not in effect, then the remaining amounts due to the Director under the terms of this Agreement shall be paid to the Director's ’s Surviving Spouse. If the Director leaves no Surviving Spouse, the remaining amounts due to the Director under the terms of this Agreement shall be paid to the duly qualified personal representative, executor or administrator of the Director's ’s estate.

Payments in the Event of Death After Retirement. The Bank agrees that if the Director Retires, but shall die before receiving all of the Director Benefits Payments specified in Schedule "“B"”, the Bank agrees will make such payments to pay the Applicable Percentage of which the Director Benefits may be entitled, to the Director's ’s designated beneficiary in lump sumbeneficiary. If a valid Beneficiary Designation is not in effect, then the remaining amounts due to the Director under the terms of this Agreement shall be paid to the Director's ’s Surviving Spouse. If the Director leaves no Surviving Spouse, the remaining amounts due to the Director under the terms of this Agreement shall be paid to the duly qualified personal representative, executor or administrator of the Director's ’s estate.