Common use of DIVISION OF DEATH PROCEEDS Clause in Contracts

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: A. Should the Insured be employed by the Bank and die on or before the 20th day of October, 2001, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to one hundred percent (100%) 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. B. Should the Insured be employed by the Bank and die subsequent to the 20th day of October, 2001, 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. C. Should the Insured not be employed by the Bank at the time of his or her death and die on or before the 20th day of October, 2001, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the number of full years the Insured has been employed by the Bank since the date of first employment. Should the Insured not be employed by the Bank at the time of his or her death and die subsequent to the 20th day of October, 2001, the Insured's beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove: Total Years of Employment with the Bank Vested (to a maximum of 100%) ------------- ----------------------------- 1 20% 2 40% 3 60% 4 80% 5 or more 100% D. The Bank shall be entitled to the remainder of such proceeds. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: A. Should the Insured be employed by the Bank and die on or before the 20th 3rd day of OctoberJanuary, 20012002, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to one hundred percent (100%) 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. B. Should the Insured be employed by the Bank and die subsequent to the 20th 3rd day of OctoberJanuary, 20012002, 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. C. Should the Insured not be employed by the Bank at the time of his or her death and die on or before the 20th 3rd day of OctoberJanuary, 20012002, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the number age of full years the Insured has been employed by at the Bank since time that he terminated service with the date of first employmentBank. Should the Insured not be employed by the Bank at the time of his or her death and die subsequent to the 20th 3rd day of OctoberJanuary, 20012002, the Insured's beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove: Total Years Vested Percentage Age of Employment with the Bank Vested Executive (to a maximum of 100%) ------------- ----------------------------- 1 20---------------- ---------------------- Age 56 or younger 0% 2 4057 14% 3 6058 28% 4 8059 42% 5 60 56% 61 70% 62 84% 63 90% 64 95% 65 or more older 100% D. The Bank shall be entitled to the remainder of such proceeds. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: A. Should the Insured be employed by the Bank and die on or before the 20th 3rd day of OctoberJanuary, 20012002, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to one hundred percent (100%) 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. B. Should the Insured be employed by the Bank and die subsequent to the 20th 3rd day of OctoberJanuary, 20012002, 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. C. Should the Insured not be employed by the Bank at the time of his or her death and die on or before the 20th 3rd day of OctoberJanuary, 20012002, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the number age of full years the Insured has been employed by at the Bank since time that he terminated service with the date of first employmentBank. Should the Insured not be employed by the Bank at the time of his or her death and die subsequent to the 20th 3rd day of OctoberJanuary, 20012002, the Insured's beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove: Total Years Vested Percentage Age of Employment with the Bank Vested Executive (to a maximum of 100%) ------------- ----------------------------- 1 ---------------- ---------------------- Age 55 or younger 0% 56 10% 57 20% 2 58 30% 59 40% 3 60 50% 61 60% 4 62 70% 63 80% 5 64 90% 65 or more older 100% D. The Bank shall be entitled to the remainder of such proceeds. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: A. Should the Insured be employed by the Bank and die on or before the 20th day of October, 2001Executive attains age sixty-five (65), the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to Four Hundred Sixty Six Thousand Dollars and No/00ths ($ 466,000.00), or one hundred percent (100%) of the net at risk insurance portion of the proceeds, whichever amount is less. The net at risk insurance portion is the total proceeds less the cash value of the policy. B. Should the Insured be employed by the Bank Bank, or retired from the Bank, and die on or subsequent to attaining the 20th day age of October, 2001sixty-five (65), the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty the amount as set forth in Exhibit A, attached hereto and fully incorporated herein by reference, that corresponds to the age of the Insured at the time of death, or one hundred percent (80100%) of the net at risk insurance portion of the proceeds, whichever amount is less. The net at risk insurance portion is the total proceeds less the cash value of the policy. C. Should the Insured not be employed by the Bank at the time of his or her death death, and have been involuntarily terminated from employment with the Bank, and die on or before the 20th day of October, 2001prior to attaining age sixty-five (65), the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the number of full years the Insured has been employed by the Bank since the date Effective Date of first employmentthis Agreement. Should the Insured not be employed by the Bank at the time of his or her death death, and have been involuntarily terminated from employment with the Bank, and die subsequent to the 20th day of October, 2001attaining age sixty-five (65)*, the Insured's beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove: Total Years of Employment with the Bank Vested TOTAL YEARS OF EMPLOYMENT WITH THE BANK VESTED (to a maximum of TO A MAXIMUM OF 100%) ------------- ----------------------------- Upon effective date of agreement: 0% 1 10% 2 20% 2 3 30% 4 40% 3 5 50% 6 60% 4 7 70% 8 80% 5 or more 9 90% 10 100% D. The Bank shall be entitled to the remainder of such proceeds. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: A. Should the Insured be employed by the Bank and die on or before the 20th 7th day of OctoberFebruary, 20012003, the Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to one hundred percent (100%) of the net at net-at-risk insurance portion of the proceeds. The net at net-at-risk insurance portion is the total proceeds less the cash value of the policy. B. Should the Insured be employed by the Bank and die subsequent to the 20th 7th day of OctoberFebruary, 20012003, 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 net-at-risk insurance portion of the proceeds. The net at net-at-risk insurance portion is the total proceeds less the cash value of the policy. C. Should the Insured not be employed by the Bank at the time of his or her death and die on or before the 20th 7th day of OctoberFebruary, 20012003, the Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the number of full years the Insured has been employed by the Bank since the date Effective Date of first employmentthis Agreement. Should the Insured not be employed by the Bank at the time of his or her death and die subsequent to the 20th 7th day of OctoberFebruary, 20012003, the Insured's ’s beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove: Total Years of Employment with the Bank Vested (to a maximum of 100%) ------------- ----------------------------- 1 20% 2 40% 3 60% 4 80% 5 or more 100%: D. The Bank shall be entitled to the remainder of such proceeds. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: A. Should the Insured be employed by the Bank and die on or before the 20th 23rd day of OctoberJuly, 20012004, the Insured's beneficiary(ies), designated in accordance with Paragraph IIIill, shall be entitled to an amount equal to one hundred percent (100%) of the net at net-at-risk insurance portion of the proceeds. The net at net-at-risk insurance portion is the total proceeds less the cash value of the policy. B. Should the Insured be employed by the Bank and die subsequent to the 20th 23rd day of OctoberJuly, 20012004, 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 net-at-risk insurance portion of the proceeds. The net at net-at-risk insurance portion is the total proceeds less the cash value of the policy. C. Should the Insured not be employed by the Bank at the time of his or her death and die on or before the 20th 23rd day of OctoberJuly, 20012004, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (AVI(A) above that corresponds to the number of full years the Insured has been employed by the Bank since the date Effective Date of first employmentthis Agreement. Should the Insured not be employed by the Bank at the time of his or her death and die subsequent to the 20th 23rd day of OctoberJuly, 20012004, the Insured's beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (BVI(B) hereinabove: Total Years of Employment with the Bank Vested (to a maximum of 100%) ------------- ----------------------------- 1 20% 2 40% 3 60% 4 80% 5 or more 100%) D. The Bank shall be entitled to the remainder of such proceeds. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: A. Should the Insured be employed by the Bank and die on or before the 20th day of October, 2001, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to one hundred percent (100%) 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. B. Should the Insured be employed by the Bank and die subsequent to the 20th day of October, 2001, 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. C. Should the Insured not be employed by the Bank at the time of his or her death and die on or before the 20th day of October, 2001, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the number of full years the Insured has been employed by the Bank since the date of first employment. Should the Insured not be employed by the Bank at the time of his or her death and die subsequent to the 20th day of October, 2001, the Insured's beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove: Total Years of Employment with the Bank Vested (to a with the Bank maximum of 100%) ------------- ----------------------------- ---------------- 1 20% 2 40% 3 60% 4 80% 5 or more 100% D. The Bank shall be entitled to the remainder of such proceeds. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: A. Should should the Insured be by employed by the Bank and die on or before the 20th 14th day of OctoberJuly, 2001, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to one hundred percent (100%) 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. B. Should the Insured be by employed by the Bank and die subsequent to the 20th 14th day of OctoberJuly, 200120001, the Insured's beneficiary(ies), designated in accordance with Paragraph 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. C. Should the Insured not be employed by the Bank at the time of his or her death and die on or before the 20th 14th day of OctoberJuly, 2001, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the number of full years the Insured has been employed by the Bank since the date of first employment. Should the Insured not be employed by the Bank at the time of his or her death and die subsequent to the 20th 14th day of OctoberJuly, 2001, the Insured's beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove: Total Years of Employment Vested with the Bank Vested (to a maximum Maximum of 100%) ------------- ----------------------------- 1 20% 2 40% 3 60% ---------------------- 0-4 800% 5 or more 100% D. The Bank shall be entitled to the remainder of such proceeds. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: A. Should the Insured be employed by the Bank and die on or before the 20th day of October, 2001Executive attains age sixty-two (62), the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to Eight Hundred Seventy Four Thousand Dollars and No/00ths ($ 874,000.00), or one hundred percent (100%) of the net at risk insurance portion of the proceeds, whichever amount is less. The net at risk insurance portion is the total proceeds less the cash value of the policy. B. Should the Insured be employed by the Bank Bank, or retired from the Bank, and die on or subsequent to attaining the 20th day age of October, 2001sixty-two (62), the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty the amount as set forth in Exhibit A, attached hereto and fully incorporated herein by reference, that corresponds to the age of the Insured at the time of death, or one hundred percent (80100%) of the net at risk insurance portion of the proceeds, whichever amount is less. The net at risk insurance portion is the total proceeds less the cash value of the policy. C. Should the Insured not be employed by the Bank at the time of his or her death death, and have been involuntarily terminated from employment with the Bank, and die on or before the 20th day of October, 2001prior to attaining age sixty-two (62), the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the number of full years the Insured has been employed by the Bank since the date Effective Date of first employmentthis Agreement. Should the Insured not be employed by the Bank at the time of his or her death death, and have been involuntarily terminated from employment with the Bank, and die subsequent to the 20th day of October, 2001attaining age sixty-two (62), the Insured's beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove: Total Years of Employment with the Bank Vested TOTAL YEARS OF EMPLOYMENT VESTED PERCENTAGE WITH THE BANK (to a maximum of TO A MAXIMUM OF 100%) ------------- ----------------------------- ---------------------- Upon effective date of agreement: 20% 1 2030% 2 40% 3 50% 4 60% 4 5 70% 6 80% 5 or more 7 90% 8 100% D. The Bank shall be entitled to the remainder of such proceeds. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: A. Should the Insured be employed by the Bank and die on or before the 20th day of October, 2001, the Executive attains age sixty-five (65),the Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to Four Hundred Sixty Six Thousand Dollars and No/00ths ($466,000.00), or one hundred percent (100%) of the net at risk insurance portion of the proceeds, whichever amount is less. The net at risk insurance portion is the total proceeds less the cash value of the policy. B. Should the Insured be employed by the Bank Bank, or retired from the Bank, and die on or subsequent to attaining the 20th day age of October, 2001sixty-five (65), the Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty the amount as set forth in Exhibit A, attached hereto and fully incorporated herein by reference, that corresponds to the age of the Insured at the time of death, or one hundred percent (80100%) of the net at risk insurance portion of the proceeds, whichever amount is less. The net at risk insurance portion is the total proceeds less the cash value of the policy. C. Should the Insured not be employed by the Bank at the time of his or her death death, and have been involuntarily terminated from employment with the Bank, and die on or before the 20th day of October, 2001prior to attaining age sixty-five (65), the Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the age of the Insured at the time of termination and the number of full years the Insured has had been employed by the Bank since the date Effective Date of first employmentthis Agreement. Should the Insured not be employed by the Bank at the time of his or her death death, and have been involuntarily terminated from employment with the Bank, and die subsequent to the 20th day of October, 2001attaining age sixty-five (65), the Insured's ’s beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove: Total Years of Employment with the Bank Vested (to a maximum of 100%) ------------- ----------------------------- 1 20% 2 40% 3 60% 4 80% 5 or more 100%: D. The Bank shall be entitled to the remainder of such proceeds. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: A. Should the Insured be employed by serving the Bank and die on or before the 20th st day of October, 2001200 , the Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to one hundred percent (100%) 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. B. Should the Insured be employed by serving the Bank and die subsequent to the 20th st day of October, 2001200 , 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. C. Should the Insured not be employed by serving the Bank at the time of his or her death and die on or before the 20th st day of October, 2001200 , the Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the number of full years the Insured has been employed by serving the Bank since the date of first employmentservice. Should the Insured not be employed by serving the Bank at the time of his or her death and die subsequent to the 20th st day of October, 2001200 , the Insured's ’s beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove: Total Years of Employment with the Bank Vested (to a maximum of 100%) ------------- ----------------------------- 1 201-10 10% 2 40% 3 60% 4 80% 5 or more 100%per year D. The Bank shall be entitled to the remainder of such proceeds. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: A. Should the Insured be employed by the Bank and die on or before the 20th day of October, 2001Executive attains age sixty-five (65), the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to Four Hundred Sixty Six Thousand Dollars and No/00ths ($ 466,000.00), or one hundred percent (100%) of the net at risk insurance portion of the proceeds, whichever amount is less. The net at risk insurance portion is the total proceeds less the cash value of the policy. B. Should the Insured be employed by the Bank Bank, or retired from the Bank, and die on or subsequent to attaining the 20th day age of October, 2001sixty-five (65), the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty the amount as set forth in Exhibit A, attached hereto and fully incorporated herein by reference, that corresponds to the age of the Insured at the time of death, or one hundred percent (80100%) of the net at risk insurance portion of the proceeds, whichever amount is less. The net at risk insurance portion is the total proceeds less the cash value of the policy. C. Should the Insured not be employed by the Bank at the time of his or her death death, and have been involuntarily terminated from employment with the Bank, and die on or before the 20th day of October, 2001prior to attaining age sixty-five (65), the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the number of full years the Insured has been employed by the Bank since the date Effective Date of first employmentthis Agreement. Should the Insured not be employed by the Bank at the time of his or her death death, and have been involuntarily terminated from employment with the Bank, and die subsequent to the 20th day of October, 2001attaining age sixty-five (65)*, the Insured's beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove: Total Years of Employment with the Bank Vested TOTAL YEARS OF EMPLOYMENT WITH THE BANK VESTED (to a maximum of TO A MAXIMUM OF 100%) ------------- ----------------------------- 1 -------------------------- 0-2 0% 3 10% 4 20% 2 5 30% 6 40% 3 7 50% 8 60% 4 9 70% 10 80% 5 or more 11 90% 12 100% D. The Bank shall be entitled to the remainder of such proceeds. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: A. Should the Insured be employed by the Bank and die on or before the 20th 12th day of OctoberJuly, 2001, the Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to one hundred percent (100%) 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. B. Should the Insured be employed by the Bank and die subsequent to the 20th 12th day of OctoberJuly, 2001, the Insured's ’s beneficiary(ies), designated in accordance with Paragraph IIIIll, 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. C. Should the Insured not be employed by the Bank at the time of his or her death and die on or before the 20th 12th day of OctoberJuly, 2001, the Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the number of full years the Insured has been employed by the Bank since the date Effective Date of first employmentthis Agreement. Should the Insured not be employed by the Bank at the time of his or her death and die subsequent to the 20th 12th day of OctoberJuly, 2001, the Insured's ’s beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove: Total Years of Employment with the Bank Vested (to a maximum of 100%) ------------- ----------------------------- 1 20% 2 40% 3 60% 0-4 800 % 5 or more 100100 % D. The Bank shall be entitled to the remainder of such proceeds. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows: A. Should the Insured be employed by the Bank and die on or before the 20th day of October, 2001Executive attains age sixty-five (65), the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to Four Hundred Sixty Six Thousand Dollars and No/00ths ($ 466,000.00), or one hundred percent (100%) of the net at risk insurance portion of the proceeds, whichever amount is less. The net at risk insurance portion is the total proceeds less the cash value of the policy. B. Should the Insured be employed by the Bank Bank, or retired from the Bank, and die on or subsequent to attaining the 20th day age of October, 2001sixty-five (65), the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty the amount as set forth in Exhibit A, attached hereto and fully incorporated herein by reference, that corresponds to the age of the Insured at the time of death, or one hundred percent (80100%) of the net at risk insurance portion of the proceeds, whichever amount is less. The net at risk insurance portion is the total proceeds less the cash value of the policy. C. Should the Insured not be employed by the Bank at the time of his or her death death, and have been involuntarily terminated from employment with the Bank, and die on or before the 20th day of October, 2001prior to attaining age sixty-five (65), the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the number of full years the Insured has been employed by the Bank since the date Effective Date of first employmentthis Agreement. Should the Insured not be employed by the Bank at the time of his or her death death, and have been involuntarily terminated from employment with the Bank, and die subsequent to the 20th day of October, 2001attaining age sixty-five (65)*, the Insured's beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove: Total Years of Employment with the Bank Vested TOTAL YEARS OF EMPLOYMENT WITH THE BANK VESTED (to a maximum of TO A MAXIMUM OF 100%) ------------- ----------------------------- 1 0-2 0% 3 10% 4 20% 2 5 30% 6 40% 3 7 50% 8 60% 4 9 70% 10 80% 5 or more 11 90% 12 100% D. The Bank shall be entitled to the remainder of such proceeds. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.