Benefits Upon Death Prior to Retirement. In the event the Participant dies prior to retirement while still employed by the Bank, the Bank shall pay to the beneficiary designated by the Participant, the Participant’s surviving spouse, if any, or to the Personal Representative of the Participant’s estate, as the case may be (as more fully described in Section 6 hereof), a lump sum benefit as specified in the Participant’s Split Dollar Agreement, a copy of which is attached hereto as Exhibit “A,” or as otherwise specified in the applicable life insurance policy or policies.
Benefits Upon Death Prior to Retirement. In the event Executive dies prior to the First Retirement Date while still employed by the Bank, the Bank shall pay to the Beneficiary designated by Executive, to Executive’s surviving spouse, if any, or to the personal representatives of Executive’s estate, as the case may be, an annual death benefit of Sixty-Five Thousand Dollars ($65,000) per year for fifteen (15) consecutive years. However, the Bank shall have no obligation to pay such benefits if the cause of death is one for which coverage is excluded under any life insurance policies held by the Bank, whether or not such policies insure the life of the Executive. In the event Executive dies between the First Retirement Date and the Last Retirement Date while still employed by the Bank, then the amount of such annual death benefit shall be the same as the amount which Executive would have received had he retired on the date of such death. Such death benefit shall be payable for fifteen (15) consecutive years in one hundred eighty (180) equal monthly installments commencing on the first business day of the month following Executive’s death and continuing on the first business day of each month thereafter until all of the specified number of installments have been paid in full.
