Common use of Insured’s Death Benefit Clause in Contracts

Insured’s Death Benefit. (a) Upon the death of the Insured while employed by the Bank, the Insured’s beneficiary shall be entitled to receive the Death Benefit. The receipt of this amount by the beneficiary shall constitute satisfaction of the Insured’s rights under this Agreement. (b) Upon the death of the Insured following Termination of Employment, the Insured’s beneficiary shall receive the vested percentage of the Death Benefit, with vesting being determined in accordance with subsections (i) and (ii) below. The receipt of this amount by the beneficiary shall constitute satisfaction of the Insured’s rights under this Agreement. (i) For purposes of determining the vested percentage of the Death Benefit described above, the Insured shall become vested as follows: ten percent (10%) for each full Year of Participation and one hundred percent (100%) upon completing ten (10) Years of Participation. For vesting purposes, service will be determined for the period commencing on January 1, 2020 and continuing until the Insured ceases to be employed by, or providing service to, the Bank as an employee or member on the Board. (ii) Notwithstanding the above vesting schedule, the Insured shall become one hundred percent (100%) vested in the Death Benefit upon incurring a Disability, upon the Bank’s Change in Control or in the event of death prior to Termination of Employment.