Common use of Life Insurance Benefit Clause in Contracts

Life Insurance Benefit. Executive shall be entitled to life insurance coverage or reimbursement for the cost of life insurance coverage for a period of two (2) years after Executive’s employment with Mercantile terminates. The life insurance coverage will have a death benefit equal to the largest death benefit provided for Executive under Firstbank’s group life insurance plan during the twelve (12) month period ending at the Effective Time. If Executive has a conversion right under the Firstbank plan, the coverage may be provided by exercising the conversion right under a split-dollar arrangement that allows Executive to designate a beneficiary for the two (2) year period. If a conversion right is not available, or if Mercantile and Executive cannot agree on a split-dollar arrangement, Mercantile will pay or reimburse Executive for the premium cost of other life insurance coverage. In either case, (i) Mercantile will have no obligation to provide or obtain coverage for Executive, (ii) Mercantile’s total payment or reimbursement obligation will be capped at $51,690 for the two (2) year period; and (iii) reimbursements, if payable, will be payable at the same time as the life insurance premium is due. Any payments under this Section 3D will be reported as part of Executive’s W-2 compensation and will be subject to Federal income tax withholding.

Life Insurance Benefit. Executive shall be entitled to life insurance coverage or reimbursement for the cost of life insurance coverage for a period of two (2) years after Executive’s employment with Mercantile terminates. The life insurance coverage will have a death benefit equal to the largest death benefit provided for Executive under Firstbank’s group life insurance plan during the twelve (12) month period ending at the Effective Time. If Executive has a conversion right under the Firstbank plan, the coverage may be provided by exercising the conversion right under a split-dollar arrangement that allows Executive to designate a beneficiary for the two (2) year period. If a conversion right is not available, or if Mercantile and Executive cannot agree on a split-dollar arrangement, Mercantile will pay or reimburse Executive for the premium cost of other life insurance coverage. In either case, (i) Mercantile will have no obligation to provide or obtain coverage for Executive, (ii) Mercantile’s total payment or reimbursement obligation will be capped at $51,690 45,383 for the two (2) year period; and (iii) reimbursements, if payable, will be payable at the same time as the life insurance premium is due. Any payments under this Section 3D will be reported as part of Executive’s W-2 compensation and will be subject to Federal income tax withholding.

Life Insurance Benefit. Executive shall be entitled to life insurance coverage or reimbursement for the cost of life insurance coverage for a period of two (2) years after Executive’s employment with Mercantile terminates. The life insurance coverage will have a death benefit equal to the largest death benefit provided for Executive under Firstbank’s group life insurance plan during the twelve (12) month period ending at the Effective Time. If Executive has a conversion right under the Firstbank plan, the coverage may be provided by exercising the conversion right under a split-dollar arrangement that allows Executive to designate a beneficiary for the two (2) year period. If a conversion right is not available, or if Mercantile and Executive cannot agree on a split-dollar arrangement, Mercantile will pay or reimburse Executive for the premium cost of other life insurance coverage. In either case, (i) Mercantile will have no obligation to provide or obtain coverage for Executive, (ii) Mercantile’s total payment or reimbursement obligation will be capped at $51,690 32,675.60 for the two (2) year period; and (iii) reimbursements, if payable, will be payable at the same time as the life insurance premium is due. Any payments under this Section 3D will be reported as part of Executive’s 's W-2 compensation and will be subject to Federal income tax withholding.

Life Insurance Benefit. Executive shall be entitled to life insurance coverage or reimbursement for the cost of life insurance coverage for a period of two (2) years after Executive’s employment with Mercantile terminates. The life insurance coverage will have a death benefit equal to the largest death benefit provided for Executive under Firstbank’s group life insurance plan during the twelve (12) month period ending at the Effective Time. If Executive has a conversion right under the Firstbank plan, the coverage may be provided by exercising the conversion right under a split-dollar arrangement that allows Executive to designate a beneficiary for the two (2) year period. If a conversion right is not available, or if Mercantile and Executive cannot agree on a split-dollar arrangement, Mercantile will pay or reimburse Executive for the premium cost of other life insurance coverage. In either case, (i) Mercantile will have no obligation to provide or obtain coverage for Executive, (ii) Mercantile’s total payment or reimbursement obligation will be capped at $51,690 for the two (2) year period; and (iii) reimbursements, if payable, will be payable at the same time as the life insurance premium is due. Any payments under this Section 3D will be reported as part of Executive’s 's W-2 compensation and will be subject to Federal income tax withholding.

Life Insurance Benefit. Executive shall be entitled to life insurance coverage or reimbursement for the cost of life insurance coverage for a period of two (2) years after Executive’s employment with Mercantile terminates. The life insurance coverage will have a death benefit equal to the largest death benefit provided for Executive under Firstbank’s group life insurance plan during the twelve (12) month period ending at the Effective Time. If Executive has a conversion right under the Firstbank plan, the coverage may be provided by exercising the conversion right under a split-dollar arrangement that allows Executive to designate a beneficiary for the two (2) year period. If a conversion right is not available, or if Mercantile and Executive cannot agree on a split-dollar arrangement, Mercantile will pay or reimburse Executive for the premium cost of other life insurance coverage. In either case, (i) Mercantile will have no obligation to provide or obtain coverage for Executive, (ii) Mercantile’s total payment or reimbursement obligation will be capped at $51,690 45,383 for the two (2) year period; and (iii) reimbursements, if payable, will be payable at the same time as the life insurance premium is due. Any payments under this Section 3D will be reported as part of Executive’s 's W-2 compensation and will be subject to Federal income tax withholding.