Common use of Pre-Termination Survivor Income Benefit Clause in Contracts

Pre-Termination Survivor Income Benefit. If the Executive dies before Separation from Service with the Bank, and if the Bank owns a life insurance policy on the Executive's life at the time of such death, the Executive’s designated Beneficiary shall be entitled to receive a death benefit equal to twenty-five thousand dollars ($25,000.00).

Pre-Termination Survivor Income Benefit. If the Executive dies before Separation from Service with the Bank, and if the Bank owns a life insurance policy on the Executive's ’s life at the time of such death, death the Executive’s designated Beneficiary shall be entitled to receive a death benefit equal to twenty-five thousand dollars the lesser of Two Hundred Twenty Five Thousand and 00/100th Dollars ($25,000.00)225,000.00) or one hundred percent (100%) of the net-at-risk insurance portion 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.