Director’s Interest. The Director shall have the right to designate the beneficiary(ies) of death proceeds. Upon the death of the Insured, the Insured’s beneficiaries shall be entitled to an amount equal to the balance of the Deferral Account maintained by the Bank for the Insured under the Deferred Fee Agreement as of the calendar year end of the year preceding the year of the Insured’s death. However, the amount paid to the Insured, the Insured’s transferee and the Insured’s beneficiary(ies) or estate shall be reduced by any amounts paid under the Deferred Fee Agreement and the Insured, the Insured’s transferee and the Insured’s beneficiary(ies) or estate shall have no rights or interests in the Policy beyond the amount due and payable. The Director shall also have the right to elect and change settlement options specified in the Policy that maybe permitted. However, the Director, the Director’s transferee and the Director’ s beneficiary(ies) or estate shall have no rights or interests in the Policy for that portion of the death proceeds designated in this Section 2.2 if Termination of Service of the Director shall have previously occurred as a result of Termination for Cause under the Deferred Fee Agreement.
Director’s Interest. The Director, or the Director’s assignee, shall have the right to designate the Beneficiary of an amount of death proceeds as specified in Section 2.2.1 and 2.
Director’s Interest. The Director shall have the right to designate the beneficiary of one of the amounts in (a) or (b) below, depending upon time of death.
a) Pre-retirement Death Benefit. Upon the death of the Director prior to Normal Retirement Date while actively serving as a member of the Company’s Board of Directors, the split dollar death benefit under this Agreement is $250,000.
Director’s Interest. The Director shall have the right to designate the beneficiary of any remaining death proceeds of the Policy. The Director shall also have the right to elect and change settlement options that may be permitted. Provided, however, the Director, the Director's transferee or the Director's beneficiary shall have no rights or interests in the Policy with respect to that portion of the death proceeds designated in this section 2.2 upon the Director's Termination of Service prior to Normal Retirement Age.
Director’s Interest. The Director’s interest in the Net Death Proceeds of the Policy shall be as follows: (i) from the Effective Date until the beginning of the next Plan Year, the Director’s interest in the Net Death Proceeds of the Policy shall be limited to the sum of $50,000; (ii) commencing at the beginning of the next Plan Year and at the beginning of each subsequent Plan Year thereafter until the Director reaches Normal Retirement Age, the Director’s interest in the Net Death Proceeds of the Policy shall be increased by $10,000 per Plan Year. The foregoing notwithstanding, (a) the Director’s interest in the Net Death Proceeds of the Policy shall not, under any circumstances, increase after the Director’s Termination of Service, it being agreed that the Director’s interest shall be permanently fixed at the amount payable as of the date of the Director’s Termination of Service, and (b) the Director’s interest in the Net Death Proceeds of the Policy shall not exceed $250,000 under any circumstances. The Director shall have the right to name the beneficiary of the Director’s interest in the Net Death Proceeds of the Policy, and shall also have the right to elect and change settlement options that may be permitted.
Director’s Interest. In the case of the Director’s death before Termination of Service, the Director shall have the right to designate the beneficiary(ies) of death proceeds in the amount of the lesser of:
(a) one hundred percent (100%) of the portion of the insurance proceeds on the life of the Director and designated as the NAR (detailed on Schedule A) by the insurance carrier or;
(b) the Participant’s benefit calculated under section 7.1 of the Cullman Savings Bank Directors’ Deferred Cash Compensation Plan. This amount is detailed on Schedule A. Subject to the terms of this Split Dollar Agreement, including but not limited to the Bank’s right to terminate this Split Dollar Agreement under Section 8.8, the Bank hereby endorses the Director’s Interest to the Director and agrees to execute any other or further documents that may be required to effectuate this Split Dollar Agreement. The Director shall have the right to elect and change settlement options specified in the Policy that may be permitted. However, the Director, the Director’s transferee, and the Director’s beneficiary(ies) or estate shall have no rights or interests in the Policy for that portion of the death proceeds designated in this Section 2.2 if Termination of Service of the Director occurs before Director’s death.
Director’s Interest. The Director shall have the right to designate the beneficiary of death proceeds in the amount of Two Hundred and Fifty Thousand Dollars ($250,000), to be distributed according to the Director’s beneficiary designation on file with the Company at the time of Director’s death. Director’s Interest shall be fully vested upon the execution of this Agreement, and may only be revoked pursuant to Article 7 herein. Upon the termination of this Agreement according to Article 7 herein, the Director, the Director’s transferee or the Director’s beneficiary shall have no rights or interests in the Policy and the Company shall be entitled to the full proceeds of the Policy.
Director’s Interest. The Director shall have the right to designate the beneficiary(ies) of death proceeds in accordance with the Director Retirement Agreement. In the event of the Insured's death, then the Insured's Beneficiary(ies) shall be entitled to the amount of Split Dollar Death Benefits at the age of death as set forth in Schedule C attached hereto.
Director’s Interest. The Director shall have the right to designate the beneficiary of the death proceeds. The Director shall also have the right to elect and change settlement options that may be permitted. Upon the termination of this Agreement according to Article 7 herein, the Director, the Director’s transferee or the Director’s beneficiary shall have no rights or interests in the Policy and no death benefit shall be paid under this Section 2.2.
Director’s Interest. Subject to the forfeiture provisions of Section 3.2, the Director shall have the right to designate the beneficiary of $25,000 of death proceeds while serving on the Bank's (or Corporation's) Board, or if not serving on the Board, if the Director has a Vested Insurance Benefit pursuant to Section 3.1. The Director shall also have the right to elect and change settlement options that may be permitted.
