Death Benefit Amounts a. In the event of Owner's death prior to the termination of this Agreement, the death benefit payable to the Employer (or the Employer's designated beneficiaries) under this Agreement shall be equal to the Employer's Interest in the Policy at the time of Owner's death.
b. In the event of the Owner's death prior to the termination of this Agreement, the death benefit payable to the Owner (or the Owner's designated beneficiaries) shall be the excess of the total death proceeds under the Policy less the amount payable to the Employer (or the Employer's designated beneficiaries). Following the termination of this Agreement and upon the satisfaction of the Employer's Interest in the Policy, the Owner's death benefit will be equal to the total death benefit provided by the Policy.
c. Owner understands that sufficiency of cash value in the Policy to provide expected amounts of death benefit under this Agreement may vary as a result of Policy performance and duration of premium payments and this is in no event guaranteed by the Employer or the Insurer.
Death Benefit Amounts a. In the event of the Insured's death prior to the termination of this Agreement, the death benefit payable to the Employer (or the Employer's designated beneficiaries) under this Agreement shall be equal to the Employer's Interest in the Policy at the time of the Insured's death minus the amount payable to the Employer under the Term Insurance, as defined in Section 5.3(b) of the Exercise Agreement.
b. In the event of the Insured's death prior to the termination of this Agreement, the death benefit payable to the Owner (or the Owner's designated beneficiaries) shall be the excess of the total death proceeds under the Policy less the amount payable to the Employer (or the Employer's designated beneficiaries), reduced by the amount payable to the Employer under the Term Policy. Following the termination of this Agreement and upon the satisfaction of the Employer's Interest in the Policy, the Owner's death benefit will be equal to the total death benefit provided by the Policy.
c. Owner and Insured understand that sufficiency of cash value in the Policy to provide expected amounts of death benefit under this Agreement may vary as a result of Policy performance and duration of premium payments and this is in no event guaranteed by the Employer or the Insurer.
Death Benefit Amounts. Upon the death of the Employee, and subject to the minimum death benefits provided to the Owner as described below, the death benefit payable to the Employer (or the Employer's designated beneficiaries) under this Agreement shall be equal to the Employer's Interest in the Policy as defined in Section 1 above, accumulated at interest at a rate of 3.4% per annum, except that, in the event of Employee's death after a Change in Control as herein defined, the death benefit payable to the Employer under this paragraph shall be limited to the Employer's Interest in the Policy as defined in Section 1 above. Upon the death of the Employee, the death benefit payable to the Owner (or the Owner's designated beneficiaries) shall be equal to the excess of the total death proceeds under the Policy less the amount payable to the Employer (or the Employer's designated beneficiaries) as defined above, except that the minimum death benefit payable to the Owner shall be twenty-five thousand dollars ($ 25,000). Owner understands that sufficiency of cash value in the Policy to provide expected amounts of death benefit under this Agreement may vary as a result of Policy performance and duration of premium payments and this is in no event guaranteed by the Employer or the Insurer. The Employer makes no representation or warranty as to the merits or risks of the investment performance of the Policy.
Death Benefit Amounts. Upon the death of the Employee, and subject to the minimum death benefits available to the Employee as described below, the death benefit payable to the Bank under this Agreement shall be equal to the Bank's Interest in the Policy as defined in Section 1 above. Upon the death of the Employee, the death benefit payable to the Employee's designated beneficiaries shall be equal to the total death proceeds under the Policy less the amount payable to the Bank as defined above, except that the minimum death benefit payable to the Employee's designated beneficiaries shall be twenty-five thousand dollars ($25,000). Employee understands that sufficiency of cash value in the Policy to provide expected amounts of death benefit under this Agreement may vary as a result of Policy performance and duration of premium payments and this is in no event guaranteed by the Bank or the Insurer. The Bank makes no representations or warranty as to the merits or risks of the investment performance of the Policy.
Death Benefit Amounts. Upon the death of the Employee, and subject to the minimum death benefits provided to the Owner as described below, the death benefit payable to the respective parties to this Agreement shall be paid in the following manner and in the following order: First, Employer (or the Employer’s designated beneficiaries) shall receive an amount equal to the total amount of the premium payments made on the Policy as of the time of Employee’s death (including any contributions made to the Insurer in the event of a Change in Control as provided below), accumulated at interest at a rate of 3.4% per annum; Second, the Owner (or the Owner’s designated beneficiaries) shall receive an amount equal to the Owner’s Interest as set forth in the attached Schedule A as of the time of Employee’s death, which may be modified from time to time by mutual agreement of the Owner and Employer, except that in no event, shall the amount of the death benefit to be received by the Owner (or the Owner’s designated beneficiaries) be less than twenty-five thousand dollars ($25,000); And third, Employer (or the Employer’s designated beneficiaries) shall receive the excess, if any, of the Policy proceeds over the amounts set forth in the prior two paragraphs.
