Death Prior to Termination of Employment. If the Executive dies while employed by the Bank, the Executive’s Beneficiary shall be entitled to a benefit equal to $700,000, which amount shall be increased annually on the anniversary date of this Agreement by an inflation adjustment factor of five percent, provided the total benefit shall be prorated from the first day of the year in which death occurs through the date of the Executive’s death and shall not exceed the Net Death Proceeds.
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Samples: Split Dollar Agreement (Southside Bancshares Inc), Southside Bank Split Dollar Agreement (Southside Bancshares Inc)
Death Prior to Termination of Employment. If the Executive dies while employed by the Bank, the Executive’s Beneficiary shall be entitled to a benefit equal to $700,0001,110,000, which amount shall be increased annually on the anniversary date of this Agreement by an inflation adjustment factor of five percent, provided the total benefit shall be prorated from the first day of the year in which death occurs through the date of the Executive’s death and shall not exceed the Net Death Proceeds.
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Death Prior to Termination of Employment. If the Executive dies while employed by the Bank, the Executive’s Beneficiary shall be entitled to a benefit equal to $700,0001,200,000, which amount shall be increased annually on the anniversary date of this Agreement by an inflation adjustment factor of five percent, provided the total benefit shall be prorated from the first day of the year in which death occurs through the date of the Executive’s death and shall not exceed the Net Death Proceeds.
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Death Prior to Termination of Employment. If the Executive dies while employed by the Bank, the Executive’s Beneficiary shall be entitled to a benefit equal to $700,000750,000, which amount shall be increased annually on the anniversary date of this Agreement by an inflation adjustment factor of five percent, provided the total benefit shall be prorated from the first day of the year in which death occurs through the date of the Executive’s death and shall not exceed the Net Death Proceeds.
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