Secular Trust Sample Clauses
A Secular Trust clause establishes a trust arrangement that is independent of any religious or ecclesiastical authority, ensuring that the trust is governed solely by secular laws and principles. In practice, this means that the trust's assets are managed and distributed according to civil legal standards, and the trust is not subject to oversight or influence from religious organizations. For example, an employer might use a secular trust to fund nonqualified deferred compensation for employees, with the trust's terms and administration strictly adhering to state trust law. The core function of this clause is to provide legal certainty and neutrality, preventing religious considerations from affecting the trust's operation and ensuring compliance with applicable civil regulations.
Secular Trust. A secular trust called the ▇▇▇▇▇▇ ▇▇▇▇▇ Grantor Trust shall be established in the event of a Change in Control, into which the Bank shall make a contribution only in such event. If the Executive dies prior to this contribution being made, then the Executive's Beneficiary is entitled to the Survivor's Benefit beginning within thirty (30) days payable over the Payout Period. The contribution shall be the full present value, using an appropriate discount rate, of the retirement benefit specified in Subsection 1.18; provided, however, in no event shall the contribution be less than an amount which is sufficient to provide the Executive with after-tax benefits (assuming a constant tax rate equal to the rate in effect as of the date of the Change in Control) beginning at his Benefit Age equal in amount to that benefit which would have been payable to the Executive if no secular trust had been implemented and the benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS 106. In the event that such contribution is made to the secular trust, Executive, at his sole discretion, shall have the right to receive the funds at such time and in such manner as can be supported by the contributed amount.
Secular Trust. The Executive intends to incorporate this Agreement into the Stephen E. Zahn Grantor Trus▇ ▇▇▇▇▇▇▇▇▇ ▇▇ted October 1, 1996 (the "Zahn Trust"), into which the ▇▇▇k shall make contributions only in the event of a Change in Control. In the event of a Change in Control, the Bank shall make an immediate lump sum contribution to the Zahn Trust (in the ▇▇▇▇ preceding the Change in Control, if possible). Such contribution shall be the full present value, using an appropriate discount rate, of the projected Supplemental Retirement Income Benefit, calculated as if the Executive had continued to be employed by the Bank until his Normal Retirement Date; provided, however, in no event shall the contribution be less than an amount which is sufficient to provide the Executive with after-tax benefits (assuming a constant tax rate equal to the rate in effect as of the date of the Change in Control) beginning at his Normal Retirement Age equal in amount to that benefit which would have been payable to the Executive if no secular trust had been implemented and the benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS 106.
Secular Trust. A secular trust called the ▇▇▇▇▇ ▇▇▇▇▇ Grantor Trust shall be established in the event of a Change in Control, into which the Bank shall make a contribution only in such event. The contribution shall be the full present value, using an appropriate discount rate, of the retirement benefit specified in Subsection 3.3; provided, however, in no event shall the contribution be less than an amount which is sufficient to provide the Executive with after-tax benefits (assuming a constant tax rate equal to the rate in effect as of the date of the Change in Control) beginning at his Normal Retirement Age equal in amount to that benefit which would have been payable to the Executive if no secular trust had been implemented and the benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS 106. In the event that such contribution is made to the secular trust, Executive, at his sole discretion, shall have the right to receive the funds at such time and in such manner as can be supported by the contributed amount.
Secular Trust. A secular trust in the name of the Director shall be established in the event of a Change in Control, into which the Bank shall make a contribution only in such event. The contribution shall be the full present value, using an appropriate discount rate, of the retirement benefit specified in Subsection 3.4.