Common use of Death Proceeds Clause in Contracts

Death Proceeds. a) Upon the death of the Executive, the Executive’s designated beneficiary shall receive the Split Dollar Insurance Benefit per Schedule A. b) If the Executive is terminated for cause, then the Executive and his/her beneficiary will not be entitled to any payments hereunder. Termination for cause shall mean the Employee’s deliberate dishonesty with respect to the Bank or any subsidiary or affiliate thereof; failure to adhere to all Bank policies and procedures; conviction of a crime involving moral turpitude; or gross and willful failure to perform [other than on account of a medically determinable disability which renders the Employee incapable of performing such services] a substantial portion of the Employee’s duties and responsibilities as an officer of the Bank.