Common use of Benefits Upon Death Prior to Retirement Clause in Contracts

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.