Common use of Termination by Death or Disability of the Executive Clause in Contracts

Termination by Death or Disability of the Executive. During the term of this Agreement, the Company will maintain and pay an annual premium in the estimated amount of $ for the $500,000 level term life insurance policy on the life of the Executive providing the Executive the right to designate the beneficiary (the “Life Insurance”). If this Agreement is terminated pursuant to Section 3A(i) of this Agreement, then the proceeds from the Life Insurance shall constitute and satisfy all of the Company’s obligations to the Executive or his estate under this Agreement, and thereafter the Company shall have no further obligations under this Agreement. During the term of this Agreement, the Company will also obtain and maintain from the Georgia Bankers Association Insurance Trust, Inc. or other suitable carrier, for the benefit of the Executive, a long-term disability insurance plan that provides for, after a waiting period of 90 days, the benefits equal to 60% of the Executive’s current Base Salary (the “Disability Insurance”). If this Agreement is terminated pursuant to Section 3A(ii), of this Agreement, then the proceeds from the Disability Insurance shall constitute and satisfy all of the Company’s obligations to the Executive under this Agreement, and the Company shall have no further obligations under this Agreement. Nevertheless, the Executive shall, in the case of a termination, pursuant to Section 3A(ii), continue to be bound by Section 7 and all other post-termination obligations to which the Executive is subject, including, but not limited to, the obligations contained in this Agreement.

Termination by Death or Disability of the Executive. During the term of this Agreement, the Company will maintain and pay an annual the premium in the estimated amount of $ for the $500,000 350,000 level term life insurance policy on the life of the Executive providing the Executive the right to designate the beneficiary (the “Life Insurance”). If this Agreement is terminated pursuant to Section 3A(i) of this Agreement, then the proceeds from the Life Insurance shall constitute and satisfy all of the Company’s obligations to the Executive or his estate under this Agreement, and thereafter the Company shall have no further obligations under this Agreement. During the term of this Agreement, the Company will also obtain and maintain from the Georgia Bankers Association Insurance Trust, Inc. or other suitable carrier, for the benefit of the Executive, a long-term disability insurance plan that provides for, after a waiting period of 90 days, the benefits equal to 60% of the Executive’s current Base Salary (the “Disability Insurance”). If this Agreement is terminated pursuant to Section 3A(ii), of this Agreement, then the proceeds from the Disability Insurance shall constitute and satisfy all of the Company’s obligations to the Executive under this Agreement, and the Company shall have no further obligations under this Agreement; provided that nothing herein shall divest the Executive of any rights he may have under other agreements with the Company, including option agreements. Nevertheless, the Executive shall, in the case of a termination, pursuant to Section 3A(ii), continue to be bound by Section 7 and all other post-termination obligations to which the Executive is subject, including, but not limited to, the obligations contained in this Agreement.

Termination by Death or Disability of the Executive. During the term of this Agreement, the Company will maintain and pay an annual premium in the estimated amount of $ for the $500,000 350.000 level term life insurance policy on the life of the Executive providing the Executive the right to designate the beneficiary (the “Life Insurance”). If this Agreement is terminated pursuant to Section 3A(i) of this Agreement, then the proceeds from the Life Insurance shall constitute and satisfy all of the Company’s obligations to the Executive or his estate under this Agreement, and thereafter the Company shall have no further obligations under this Agreement. During the term of this Agreement, the Company will also obtain and maintain from the Georgia Bankers Association Insurance Trust, Inc. or other suitable carrier, for the benefit of the Executive, a long-term disability insurance plan that provides for, after a waiting period of 90 days, the benefits equal to 60% of the Executive’s current Base Salary (the “Disability Insurance”). If this Agreement is terminated pursuant to Section 3A(ii), of this Agreement, then the proceeds from the Disability Insurance shall constitute and satisfy all of the Company’s obligations to the Executive under this Agreement, and the Company shall have no further obligations under this Agreement. Nevertheless, the Executive shall, in the case of a termination, pursuant to Section 3A(ii), continue to be bound by Section 7 and all other post-termination obligations to which the Executive is subject, including, but not limited to, the obligations contained in this Agreement.