Common use of Executive Split Dollar Life Insurance; Medical Continuation Clause in Contracts

Executive Split Dollar Life Insurance; Medical Continuation. (a) Supplemental Life/Split Dollar Plan. Effective as of the date hereof, the Company Bank’s Supplemental Life/Split Dollar Plan and each Split Dollar Policy Endorsement thereunder (collectively, “SL/SD Plan”) is amended hereby to provide that (a) the aggregate amount of death benefit proceeds which may be paid to your beneficiaries shall not exceed the lesser of: (i) the Three Times Base Salary Amount (defined to mean your current base salary as of the date of this letter, multiplied by three (3), (ii) the sum of amounts shown as the maximum dollar amount of each of the endorsements to which you are a party (the “Maximum Dollar Amount”), or (iii) the amount by which the aggregate death benefits payable under all Policies maintained under the Plan for the purpose of insuring your life exceeds the aggregate cash value of such Policies immediately prior to your death, and (b) the Plan may be amended or terminated following the Effective Time, provided Purchaser maintains, or causes Purchaser Bank to maintain, in full force and effect a life insurance policy or policies (which need not be one or more Policies established under the SL/SD Plan) insuring your life which provide an aggregate death benefit payable to your beneficiary or beneficiaries equal to the lesser of the Three Times Base Salary Amount of the Participant or the Maximum Dollar Amount.