Death During Active Service. If the Executive dies in active service to the Bank before the Normal Retirement Age, the Executive’s Beneficiary shall be entitled solely to the benefit described in the January 1, 2002 Split Dollar Agreement between the Bank and the Executive.
Appears in 3 contracts
Samples: Salary Continuation Agreement (Newmil Bancorp Inc), Salary Continuation Agreement (Newmil Bancorp Inc), Salary Continuation Agreement (Newmil Bancorp Inc)
Death During Active Service. If the Executive dies in active service to the Bank before the Normal Retirement AgeBank, the Executive’s Beneficiary shall be entitled solely to (a) an amount in cash equal to the benefit described in Accrual Balance at the January 1time of the Executive’s death, 2002 and (b) the benefit, if any, provided by the Endorsement Split Dollar Agreement between attached to this Agreement as Addendum A, as the Bank and the Executivesame may be amended.
Appears in 3 contracts
Samples: Salary Continuation Agreement (Bank of Wilmington CORP), Salary Continuation Agreement (Bank of Wilmington CORP), Salary Continuation Agreement (Bank of Wilmington CORP)
Death During Active Service. If Except as provided in Section 5.2, if the Executive dies in active service to the Bank before the Normal Retirement Age, the Bank shall pay to the Executive’s Beneficiary shall be entitled solely (a) an amount in cash equal to the Accrual Balance at the time of the Executive’s death, and (b) the benefit described in the January 1, 2002 Split Dollar Agreement between the Bank and the Executive.attached to this Agreement as Addendum A.
Appears in 3 contracts
Samples: Salary Continuation Agreement (Midcarolina Financial Corp), Salary Continuation Agreement (Midcarolina Financial Corp), Salary Continuation Agreement (Midcarolina Financial Corp)
Death During Active Service. If the Executive dies in active service to the Bank before the Normal Retirement Age, the Executive’s Beneficiary shall be entitled solely to (a) an amount in cash equal to the Accrual Balance at the time of the Executive’s death (unless the Change-in-Control benefit under Section 2.4 shall have previously been paid), and (b) the benefit described in the January 1, 2002 Split Dollar Agreement between the Bank and the Executive.attached to this Agreement as Addendum A.
Appears in 3 contracts
Samples: Salary Continuation Agreement (Oak Ridge Financial Services, Inc.), Salary Continuation Agreement (Oak Ridge Financial Services, Inc.), Salary Continuation Agreement (Oak Ridge Financial Services, Inc.)
Death During Active Service. If Except as provided in Section 5.2, if the Executive dies in active service to the Bank before the Normal Retirement AgeBank, the Bank shall pay to the Executive’s Beneficiary shall be entitled solely =s beneficiary(ies) (a) an amount in cash equal to the Accrual Balance at the end of the Plan Year preceding the year of the Executive=s death, and (b) the benefit described in the January 1, 2002 Split Dollar Agreement between the Bank and the Executive.attached to this Agreement as Addendum A.
Appears in 2 contracts
Samples: Salary Continuation Agreement (Crescent Financial Corp), Salary Continuation Agreement (Crescent Financial Corp)
Death During Active Service. If Except as provided in Section 5.2, if the Executive dies in active service to the Bank before the Normal Retirement Age, the Bank shall pay to the Executive’s 's Beneficiary shall be entitled solely (a) an amount in cash equal to the Accrual Balance at the time of the Executive's death, and (b) the benefit described in the January 1, 2002 Split Dollar Agreement between the Bank and the Executive.attached to this Agreement as Addendum A.
Appears in 2 contracts
Samples: Continuation Agreement (Citizens South Banking Corp), Continuation Agreement (Citizens South Banking Corp)
Death During Active Service. If Except as provided in Section 5.2, if the Executive dies in active service to the Bank before the Normal Retirement AgeDate, the Bank shall pay to the Executive’s Beneficiary (a) an amount in cash equal to the Accrual Balance at the end of the Plan Year preceding the year of the Executive’s death, unless the Change-in-Control benefit shall be entitled solely have previously been paid to the Executive under Section 2.4, and (b) the benefit described in the January 1, 2002 Split Dollar Agreement between the Bank and the Executive.attached to this Agreement as Addendum A.
Appears in 2 contracts
Samples: Continuation Agreement, Salary Continuation Agreement (BNC Bancorp)
Death During Active Service. If the Executive dies in active service to the Bank before the Normal Retirement AgeDate, including active service as a consultant, the Executive’s Beneficiary shall be entitled solely to (a) an amount in cash equal to the benefit described in Accrual Balance at the January 1time of the Executive’s death, 2002 and (b) the benefit, if any, provided by the Endorsement Split Dollar Agreement between attached to this Agreement as Addendum A, as the Bank and the Executivesame may be amended.
Appears in 1 contract
Samples: Salary Continuation Agreement (Bank of Wilmington CORP)
Death During Active Service. If Except as provided in Section 5.2, if the Executive dies in active service to the Bank before the Normal Retirement AgeDate, the Bank shall pay to the Executive’s Beneficiary shall be entitled solely =s beneficiary(ies) (a) an amount in cash equal to the Accrual Balance at the end of the Plan Year preceding the year of the Executive=s death, and (b) the benefit described in the January 1, 2002 Split Dollar Agreement between the Bank and the Executive.attached to this Agreement as Addendum A.
Appears in 1 contract
Samples: Salary Continuation Agreement (Crescent Financial Corp)
