DIVISION OF DEATH PROCEEDS. Subject to Paragraph VII herein, the division of the death proceeds of the Policy is as follows: 1. The Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty percent (80%) of the net at risk insurance portion of the proceeds. The net at risk insurance portion is the total proceeds less the cash value of the Policy. 2. The Bank shall be entitled to the remainder of such proceeds. 3. The Bank and the Insured (or beneficiary[ies] or assignee[s]) shall share in any interest due on the death proceeds on a pro rata basis in the ratio that the proceeds due the Bank and the Insured, respectively, bears to the total proceeds, excluding any such interest.
Appears in 10 contracts
Samples: Director Indexed Compensation Benefits Agreement (Heritage Commerce Corp), Executive Indexed Compensation Benefits Agreement (Heritage Commerce Corp), Executive Indexed Compensation Benefits Agreement (Heritage Commerce Corp)
DIVISION OF DEATH PROCEEDS. Subject to Paragraph VII herein, the division of the death proceeds of the Policy policy is as follows:
1. A. The Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty percent (80%) of the net at risk insurance portion of the proceeds. The net at risk insurance portion is the total proceeds less the cash value of the Policypolicy.
2. B. The Bank shall be entitled to the remainder of such proceeds.
3. C. The Bank and the Insured (or beneficiary[ies] or assignee[s]assignees) shall share in any interest due on the death proceeds on a pro rata basis in the ratio that as the proceeds due the Bank and the Insured, respectively, each respectively bears to the total proceeds, excluding any such interest.
Appears in 5 contracts
Samples: Endorsement Method Split Dollar Plan (Shore Bancshares Inc), Executive Indexed Salary Continuation Plan Agreement (Quitman Bancorp Inc), Director Indexed Salary Continuation Plan (Quitman Bancorp Inc)
DIVISION OF DEATH PROCEEDS. Subject to Paragraph Paragraphs VII and X herein, the division of the death proceeds of the Policy policy is as follows:
1. The A. Upon the death of the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty percent (80%) of the net at risk insurance portion of the proceeds. The net at risk insurance portion is the total proceeds less the cash value of the Policypolicy.
2. B. The Bank shall be entitled to the remainder of such proceeds.
3. C. The Bank and the Insured (or beneficiary[ies] or assignee[s]assignees) shall share in any interest due on the death proceeds on a pro rata basis in the ratio that as the proceeds due the Bank and the Insured, respectively, each respectively bears to the total proceeds, excluding any such interest.
Appears in 2 contracts
Samples: Endorsement Method Split Dollar Plan Agreement (First Colebrook Bancorp, Inc.), Endorsement Method Split Dollar Plan (First Colebrook Bancorp, Inc.)
DIVISION OF DEATH PROCEEDS. Subject to Paragraph VII herein, the division of the death proceeds of the Policy policy is as follows:
1. A. The Insured's beneficiary(ies), designated in accordance with Paragraph III, III shall be entitled to an amount equal to eighty percent (80%) of the net at risk insurance portion of the proceeds. The net at risk insurance portion is the total proceeds less the cash value of the Policypolicy.
2. B. The Bank shall be entitled to the remainder of such proceeds.
3. C. The Bank and the Insured (or beneficiary[ies] or assignee[s]assignees) shall share in any interest due on the death proceeds on a pro rata basis in the ratio that as the proceeds due the Bank and the Insured, respectively, each respectively bears to the total proceeds, excluding any such interest.
Appears in 1 contract
Samples: Endorsement Method Split Dollar Plan Agreement (Republic Security Financial Corp)
DIVISION OF DEATH PROCEEDS. Subject to Paragraph VII herein, the division of the death proceeds of the Policy is as follows:
1. The Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty percent (80%) of the net at risk insurance portion of the proceeds. The net at risk insurance portion is the total proceeds less the cash value of the Policy.
2. The Bank shall be entitled to the remainder of such proceeds.
3. The Bank and the Insured (or beneficiary[ies] or assignee[s]Insured’s beneficiary(ies) shall share in any interest due on the death proceeds on a pro rata basis in the ratio that the proceeds due the Bank and the Insured, respectively, bears to the total proceeds, excluding any such interest.
Appears in 1 contract
Samples: Director Supplemental Compensation Agreement (Greater Bay Bancorp)
DIVISION OF DEATH PROCEEDS. Subject to Paragraph paragraph VII herein, the division of the death proceeds of the Policy policy is as follows:
1. A. The Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty percent (80%) of the net at risk insurance portion of the proceeds. The net at risk insurance portion is the total proceeds less the cash value of the Policypolicy.
2. B. The Bank shall be entitled to the remainder of such proceeds.
3. C. The Bank and the Insured (or beneficiary[ies] or assignee[s]assignees) shall share in any interest due on the death proceeds on a pro rata basis in the ratio that as the proceeds due the Bank and the Insured, respectively, each respectively bears to the total proceeds, excluding any such interest.
Appears in 1 contract
Samples: Flexible Premium Life Insurance Endorsement Method Split Dollar Plan Agreement (Flag Financial Corp)
