Scheduled Insurance Benefit. The Scheduled Insurance Benefit shall initially be equal to $ . The Scheduled Insurance Benefit shall increase by 4.0% on each January 1st until the Insured’s 65th birthday, as long as the Insured is employed by the Bank, or has and continues to qualify for Disability. Upon the earlier of Retirement or the Insured’s 65th birthday, the Scheduled Insurance Benefit shall be reduced to fifty percent (50%) of the Scheduled Insurance Benefit in effect immediately preceding the above date.
Appears in 2 contracts
Samples: Endorsement Method Split Dollar Plan (Old Point Financial Corp), Endorsement Method Split Dollar Plan (Old Point Financial Corp)
Scheduled Insurance Benefit. The Scheduled Insurance Benefit shall initially be equal to $ $__________. The Scheduled Insurance Benefit shall increase by 4.0% on each January 1st until the Insured’s 's 65th birthday, as long as the Insured is employed by the Bank, or has and continues to qualify for Disability. Upon the earlier of Retirement or the Insured’s 's 65th birthday, the Scheduled Insurance Benefit shall be reduced to fifty percent (50%) of the Scheduled Insurance Benefit in effect immediately preceding the above date.
Appears in 1 contract
Samples: Method Split Dollar Plan (Old Point Financial Corp)
Scheduled Insurance Benefit. The Scheduled Insurance Benefit shall initially be equal to $ $XXX,XXX. The Scheduled Insurance Benefit shall increase by 4.0% on each January 1st until the Insured’s 65th birthday, as long as the Insured is employed by the Bank, or has and continues to qualify for Disability. Upon the earlier of Retirement or the Insured’s 65th birthday, the Scheduled Insurance Benefit shall be reduced to fifty percent (50%) of the Scheduled Insurance Benefit in effect immediately preceding the above date.
Appears in 1 contract
Samples: Endorsement Method Split Dollar Plan (Old Point Financial Corp)
Scheduled Insurance Benefit. The Scheduled Insurance Benefit shall initially be equal to $ $_________. The Scheduled Insurance Benefit shall increase by 4.0% on each January 1st until the Insured’s 65th birthday, as long as the Insured is employed by the Bank, or has and continues to qualify for Disability. Upon the earlier of Retirement or the Insured’s 65th birthday, the Scheduled Insurance Benefit shall be reduced to fifty percent (50%) of the Scheduled Insurance Benefit in effect immediately preceding the above date.
Appears in 1 contract
Samples: Agreement (Old Point Financial Corp)
