Death after Separation from Service. If, pursuant to Article 3, the Executive has a Vested Insurance Benefit at the date of death, the Executive's Beneficiary shall be entitled to a benefit equal to one hundred fifty thousand dollars ($150,000), provided that such amount shall not exceed the Net Death Proceeds. If the Executive has not achieved a Vested Insurance Benefit on the date of death, the Beneficiary will not be entitled to a benefit under this Agreement.
Appears in 3 contracts
Samples: Supplemental Life Insurance Agreement (West Pointe Bancorp Inc), Supplemental Life Insurance Agreement (West Pointe Bancorp Inc), Supplemental Life Insurance Agreement (West Pointe Bancorp Inc)
Death after Separation from Service. If, pursuant to Article 3, the Executive has a Vested Insurance Benefit at the date of death, the Executive's ’s Beneficiary shall be entitled to a benefit equal to one hundred fifty thousand dollars ten percent ($150,000), provided that such amount shall not exceed 10%) of the Net Death Proceeds. If the Executive has not achieved a Vested Insurance Benefit on the date of death, the Beneficiary will not be entitled to a benefit under this Agreement.
Appears in 2 contracts
Samples: Split Dollar Agreement (Centerstate Banks of Florida Inc), Split Dollar Agreement (Centerstate Banks of Florida Inc)
Death after Separation from Service. If, pursuant to Article 3, the Executive has a Vested Insurance Benefit at the date of death, the Executive's ’s Beneficiary shall be entitled to a benefit equal to one hundred fifty thousand dollars ($150,000), provided that such amount shall not exceed the Net Death ProceedsProceeds minus the benefit amounts paid to the Executive’s beneficiary pursuant to Agreement 1 and Agreement 2. If the Executive has not achieved a Vested Insurance Benefit on the date of death, the Beneficiary will not be entitled to a benefit under this Agreement.
Appears in 2 contracts
Samples: Supplemental Life Insurance Agreement (Northern California Bancorp Inc), Supplemental Life Insurance Agreement (Northern California Bancorp Inc)
Death after Separation from Service. If, pursuant to Article 3, the Executive has a Vested Insurance Benefit at the date of death, the Executive's ’s Beneficiary shall be entitled to a benefit equal to one hundred fifty thousand dollars ($150,000), provided that such the amount shall not exceed shown on Schedule A minus the Net Death Proceedsbenefit amount paid to the Executive’s beneficiary designated in Agreement 2. If the Executive has not achieved a Vested Insurance Benefit on the date of death, the Beneficiary will not be entitled to a benefit under this Agreement.
Appears in 2 contracts
Samples: Northern California Bancorp Inc, Northern California Bancorp Inc
Death after Separation from Service. If, pursuant to Article 3, the Executive has a Vested Insurance Benefit at the date of death, the Executive's ’s Beneficiary shall be entitled to a benefit equal to one hundred fifty thousand dollars One Hundred Twenty-Five Thousand Dollars ($150,000125,000), provided that such amount shall not exceed the Net Death Proceeds. If the Executive has not achieved a Vested Insurance Benefit on the date of death, the Beneficiary will not be entitled to a benefit under this Agreement.
Appears in 1 contract
Samples: Supplemental Life Insurance Agreement (Illini Corp)
