Common use of Vested Insurance Benefit Clause in Contracts

Vested Insurance Benefit. The Director shall have a Vested Insurance Benefit equal to the amount specified in Section 2.2 at the earliest of the following events: 3.1.1 Attainment of age seventy (70) prior to Separation from Service; 3.1.2 Attainment of age sixty (60) and twenty (20) Years of Service with the Bank; 3.1.3 Separation from Service due to Disability; 3.1.4 A Change in Control prior to Separation from Service; or 3.1.5 Adoption, by the Board at its discretion, of a resolution entitling the Director to the Vested Insurance Benefit in Section 2.2 under circumstances not otherwise addressed in this Section 3.1.