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, retired from the Bank, or terminated from the Bank due to disability, at the time of his or her death, 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. B. Should the Insured not be employed by the Bank at the time of his or her death, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the following percentage of the proceeds described in Subparagraph VI (A) hereinabove that corresponds to the number of full years the Insured has been employed with the Bank since the date of first employment: Total Years of Employment with the Bank Vested ------------- ------ 1 or more 10% per year (to a maximum of 100%) C. The Bank shall be entitled to the remainder of such proceeds. D. 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 Upon the Insured be employed by death of the Bank, retired from the Bank, or terminated from the Bank due to disability, at the time of his or her deathInsured, the Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty percent Sixty-Five Percent (8065%) 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. [reserved] C. Should the Insured not be employed by the Bank at the time of his or her deathdeath and die on or before the 7th day of February, 2003, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the following percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (AVI(A) hereinabove above that corresponds to the number of full years the Insured has been employed with 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 7th day of February, 2003, 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 Yearsof Employmentwith the Bank Vested ------------- ------ 1 or more 10% per year (to a maximum of 100%) C. D. The Bank shall be entitled to the remainder of such proceeds. D. 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 on the Bank, retired from the Bank, or terminated from Board of the Bank due to disability, at the time of his or her death, 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. B. Should the Insured not be employed by serving on the Board of the Bank at the time of his or her death, the Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the following percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) hereinabove above that corresponds to the number of full years the Insured has been employed with served on the Board of the Bank since the date of first employment: Total Years service on the Board of Employment with the Bank Vested ------------- ------ 1 or more 10% per year (to a maximum of 100Bank. 1-5 20 %) C. The Bank shall be entitled to the remainder of such proceeds. D. 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, retired from the Bank, or terminated from the Bank due to disability, at the time of his or her death, 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. B. Should the Insured not be employed by the Bank at the time of his or her death, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the following percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) hereinabove above that corresponds to the number of full years the Insured has been employed with by the Bank since the date of first employment: . Total Years of Employment with the Bank Vested ------------- ------ 1 or more 10% per year (to a maximum of 100%)) ------------- ----------------------------- 1 10% 2 20% 3 30% 4 40% 5 50% 6 60% 7 70% 8 80% 9 90% 10+ 100% C. The Bank shall be entitled to the remainder of such proceeds. D. 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 on the Board of the Bank, retired from the Bank, or terminated from the Bank due to disability, disability at the time of his or her death, 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. B. Should the Insured not be employed by serving on the Board of the Bank at the time of his or her death, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the following percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) hereinabove above that corresponds to the number of full years the Insured has been employed with by the Bank since from the date of first employmentservice on the Board of the Bank: Total Years of Employment with the Bank Vested ------------- ------ 1 or more 100 - 5 0 % per year (to a maximum of 1006 - 10 25 % 11 - 15 50 % 16 - 20 75 % 21 100 %) C. The Bank shall be entitled to the remainder of such proceeds. D. 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, retired from the Bank, or terminated from the Bank due to disability, at the time of his or her death, the Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty ninety-five percent (8095%) 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 not be employed by the Bank at the time of his or her death, the Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the following percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) hereinabove above that corresponds to the number of full years the Insured has been employed with by the Bank since the date of first employment: Total Years of Employment with employment and the Bank Vested ------------- ------ 1 Insured’s age while employed by the Bank. 1-16 or more 10and less than 60 while employed by Bank only 5% per year (to a maximum of 80% Age 60 or older while employed by Bank 100%) C. The Bank shall be entitled to the remainder of such proceeds. D. 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 Paragraph 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, retired from the Bank, or terminated from the Bank due to disability, disability at the time of his or her death, death 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. B. Should the Insured not be employed by the Bank at the time of his or her death, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the following percentage of the proceeds described in Subparagraph VI (A) hereinabove that corresponds to the number of full years the Insured has been employed with the Bank since from the date of first employmentthis Agreement: Total Years of Employment with the Bank Vested ------------- --------------- ------ 1 0 -4 0% 5 or more 105% per year (to a maximum of 100%) C. The Bank shall be entitled to the remainder of such proceeds. D. 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 on the Bank, retired from the Bank, or terminated from Board of the Bank due to disability, at the time of his or her death, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty ninety percent (8090%) 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 not be employed by serving on the Board of the Bank at the time of his or her death, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the following percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) hereinabove above that corresponds to the number of full years the Insured has been employed with serving the Bank since the date of first employment: service on the Board of the Bank. Total Years of Employment Service with the The Bank Vested ------------- ------ 1 or more 10% per year (to To a maximum Maximum of 100%)) ------------------ ----------------------------- 1-4 25% per year C. The Bank shall be entitled to the remainder of such proceeds. D. 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 BankBank at the time of his or her death, be discharged without cause by the Bank prior to his or her death. or be retired from the Bank, Bank at or terminated after age sixty-five (65) and after completing twenty (20) full years of service with the Bank from the Bank due to disability, date of first service at the time of his or her death, the Insured's ’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty percent five (80%5) times the average of the Executive’s highest two (2) years of salary received in the final five (5) years of employment, or the net at risk insurance portion of the proceeds, whichever is less. The net at risk insurance portion is the total proceeds less the cash value of the policy. B. Should the Insured not be employed by the Bank at the time of his or her deathdeath by reason of voluntary resignation or early retirement, the Insured's ’s beneficiary(ies), designated in accordance with Paragraph IIIIE, shall be entitled to the following percentage of the proceeds described in Subparagraph VI (A) hereinabove that corresponds to the number age of full years the Insured has been employed with at the Bank since time of termination or retirement from the date of first employmentBank: Total Years of Employment with the Bank Vested ------------- ------ 1 or more 10Prior to age 55 0% 55 50% 56 to 65 5% per year (to a maximum of 100%) C. The Bank shall be entitled to the remainder of such proceeds. D. 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.