Common use of Executive’s Interest Clause in Contracts

Executive’s Interest. Upon Executive's death (1) while employed by the Bank; and (2) prior to Normal Retirement Age, the Executive's Beneficiary shall be entitled to an amount of death proceeds equal to four times (4X) current base salary (as defined by the Bank) or 100% of 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. In no event shall the death benefit hereunder exceed the Net Death Proceeds of the Policy. The Executive, or the Executive's assignee, shall have the right to designate the Beneficiary pursuant to the terms of this Agreement. Upon the earlier of (1) Executive's termination of employment for any reason; or (2) Executive's attainment of Normal Retirement Age, this Agreement shall automatically terminate and no death benefit shall be due hereunder.

Executive’s Interest. Upon Executive's death (1) while employed by the Bank; and (2) prior to Normal Retirement Age, the Executive's Beneficiary shall be entitled to an amount of death proceeds equal to four five times (4X5X) current base salary (as defined by the Bank) or 100% of 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. In no event shall the death benefit hereunder exceed the Net Death Proceeds of the Policy. The Executive, or the Executive's assignee, shall have the right to designate the Beneficiary pursuant to the terms of this Agreement. Upon the earlier of (1) Executive's termination of employment for any reason; or (2) Executive's attainment of Normal Retirement Age, this Agreement shall automatically terminate and no death benefit shall be due hereunder.