Common use of Vested Insurance Benefit Clause in Contracts

Vested Insurance Benefit. The Executive shall have a Vested Insurance Benefit equal to the amount specified in Section 3.2.2 at the earliest of the following events: 4.1.1 Remaining in the continuous employ of the Bank until age sixty-five (65); 4.1.2 Remaining in the continuous employ of the Bank until the Executive’s age plus Years of Service equals sixty-five (65); 4.1.3 Termination of Employment due to Disability; 4.1.4 Being employed by the Bank at the date a Change in Control occurs, followed by a termination of the Executive’s employment, or 4.1.5 At the discretion of the Board, the Executive may be deemed to have a Vested Insurance Benefit sooner than provided in Sections 4.1.1 through 4.1.4 above if there are other circumstances not addressed in such sections.