DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of death proceeds of the policy is as follows:
A. Upon the death of the Insured, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to twenty five percent (25%) 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.
B. The Bank shall be entitled to the remainder of such proceeds.
C. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.
DIVISION OF DEATH PROCEEDS. Subject to Paragraph VII herein, the division of the death proceeds of the Policy is as follows:
1. The Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty percent (80%) 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.
2. The Bank shall be entitled to the remainder of such proceeds.
3. The Bank and the Insured (or beneficiary[ies] or assignee[s]) shall share in any interest due on the death proceeds on a pro rata basis in the ratio that the proceeds due the Bank and the Insured, respectively, bears to the total proceeds, excluding any such interest.
DIVISION OF DEATH PROCEEDS. Subject to Paragraph VII herein, the division of the death proceeds of the Policy is as follows:
a. Subject to paragraph VI.1.b below, upon the death of the Insured, the Participant's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty percent (80%) of the net at risk insurance portion of the proceeds of the Policy. The net at risk insurance portion of a Policy is the total proceeds less the cash value of the Policy. Notwithstanding the foregoing, in the event the Participant [or his or her beneficiary(ies)] becomes entitled to receive the foregoing death benefit prior to the Participant becoming entitled to receive 100% of the benefits, if any, specified in that certain Director Indexed Compensation Benefits Agreement between the Bank and the Participant, effective __________, 19__ (the "Benefits Agreement"), then the Participant [or his or her beneficiary(ies)] shall be entitled to receive the same percentage of the foregoing death benefit as the percentage applicable to the Participant's benefits, if any, under such Agreement immediately prior to the Participant's death or, if earlier, the date on which the Participant [or his or her beneficiary(ies)] commences receiving such death benefit.
b. Notwithstanding paragraph VI.1.a above, if the Insured predeceases the Participant after the Participant Retires, becomes Disabled, or otherwise terminates employment (as defined or described in the Benefits Agreement), then the Participant shall be entitled to the amount determined in accordance with paragraph VI.1.a, reduced by (i) the portion of the projected death benefit payable to the Participant's beneficiary(ies) upon the Participant's death, and (ii) the amount of any Index Benefit payments (or payments made in lieu of such Index Benefit payments) made to the Participant or the Participant's beneficiary(ies) pursuant to the terms of the Benefits Agreement and which are determined with reference to the Policy (or any replacement surrogate Policy). Such benefit shall be payable in lump sum or in such periodic installments as may be mutually agreed upon by the Bank and the Participant. Upon the death of the Participant, the remaining unpaid balance of the death benefit to which the Participant is entitled shall be paid to the Participant's beneficiary(ies) in lump sum. In no event shall the Participant and/or the Participant's beneficiary(ies) receive an aggregate benefit under this Agreement exceedin...
DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows:
A. Should the Insured be employed by the Bank and die on or before the 20th day of October, 2001, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to one hundred percent (100%) 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.
B. Should the Insured be employed by the Bank and die subsequent to the 20th day of October, 2001, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty percent (80%) 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.
C. Should the Insured not be employed by the Bank at the time of his or her death and die on or before the 20th day of October, 2001, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above that corresponds to the number of full years the Insured has been employed by the Bank since the date of first employment. Should the Insured not be employed by the Bank at the time of his or her death and die subsequent to the 20th day of October, 2001, the Insured's beneficiary(ies) shall be entitled to the following percentage of the proceeds described in Subparagraph VI (B) hereinabove: Total Years of Employment with the Bank Vested (to a maximum of 100%) ------------- ----------------------------- 1 20% 2 40% 3 60% 4 80% 5 or more 100%
D. The Bank shall be entitled to the remainder of such proceeds.
E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.
DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows:
A. At the time of the Insured's death, should the Insured be employed by the Bank, retired from the Bank, or have had his or her employment terminated from the Bank due to disability*, the Insured's beneficiary(ies), designated in accordance with Paragraph III or the Insured's estate if no beneficiary has been so designated, shall be entitled to an amount equal to eighty percent (80%) 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.
B. Should the Insured not be employed by the Bank at the time of his or her death for reasons other than disability* or retirement, the Insured's beneficiary(ies), designated in accordance with Paragraph III or the Insured's estate if no beneficiary has been so designated, shall be entitled to the percentage as set forth hereinbelow of the proceeds described in Subparagraph VI (A) above. Date of Hire 10% for each full year of service from the date of first service to a maximum of 80% PLUS If Insured is at least 62 years of age on his or her date of death 20% For a maximum total of 100% *Subject to the Bank's obligations and Insured's rights under Title I of the Americans with Disabilities Act and the Family and Medical Leave Act, if applicable, and any other applicable federal or state laws, for purposes of this Agreement, disability shall be defined as the Insured not being able to perform the duties of the Insured's own job and shall be as further defined in the Bank's long term disability policy in effect at the time of said disability. If no such policy exists at the time of the disability, then disability shall be defined as a physical or mental impairment of Insured which renders Insured incapable of performing Insured's normal and regular essential employment duties and which shall be medically determined to be of permanent duration as the same is construed for purposes of disability benefits under the federal Social Security laws and regulations.
C. The Bank shall be entitled to the remainder of such proceeds of the policy, including but not limited to the cash surrender value as provided in Paragraph VII herein.
D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.
DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows:
A. Should the Insured be employed by the Bank, retired from the Bank, or terminated from the Bank due to disability, at the time of his or her death, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty percent (80%) 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.
B. Should the Insured not be employed by the Bank at the time of his or her death, the Insured's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the following percentage of the proceeds described in Subparagraph VI (A) hereinabove that corresponds to the number of full years the Insured has been employed with the Bank since the date of first employment: Total Years of Employment with the Bank Vested ------------- ------ 1 or more 10% per year (to a maximum of 100%)
C. The Bank shall be entitled to the remainder of such proceeds.
D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.
DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the death proceeds of the policy is as follows:
A. Should the Insured be employed by the Bank, or have qualified for Retirement, or be terminated from the Bank due to continued Disability, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to the Scheduled Insurance Benefit, or one hundred percent (100%) of the net-at-risk insurance portion of the proceeds, whichever amount is less. The net-at-risk insurance portion is the total proceeds less the cash value of the policy.
B. The Bank shall be entitled to the remainder of such proceeds.
C. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.
DIVISION OF DEATH PROCEEDS. Subject to Paragraphs 7 and 9 herein, the division of the death proceeds of the Policy(ies) is as follows:
A. In the event the Insured has not yet Separated from Service at the time of death, then, upon the death of the Insured, the Insured’s Beneficiary(ies) shall be entitled to receive an amount equal to the lesser of: One Million, Five Hundred Thousand Dollars ($1,500,000) or Fifty Percent (50%) of the NAR on all policies issued on the life of the Insured.
B. Should the Insured Separate from Service for any reason other than death (the circumstances of which are governed by Paragraph 6A), then neither the Insured nor the Insured’s Beneficiary(ies) shall be entitled to receive any amount of the Policy(ies) proceeds pursuant to this Agreement.
C. The Bank may select which Policy(ies) shall be used to pay benefits due under this Agreement.
D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest.
E. Any refund of unearned premium as provided in any Policy(ies) shall be paid to the Bank.
DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the Policy death proceeds shall be as follows:
A. Should the Insured be employed by the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of the retirement benefit provided in Section III(A) of that certain Second Amended Executive Salary Continuation Agreement between the Bank and Insured, dated concurrently herewith (the "Salary Continuation Agreement"), assuming that the payments would begin on the date of death and continue for one hundred and eighty (180) months following retirement, or one hundred percent (100%) of the total Policy proceeds, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(L) of the Salary Continuation Agreement.
B. Should the Insured be retired from the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of the sum of all remaining payments that would have been made under the Salary Continuation Agreement (if any), but for the Insured's death, or one hundred percent (100%) of the total Policy proceeds, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(L) of the Salary Continuation Agreement.
C. The Bank shall be entitled to the remainder of the insurance Policy proceeds payable on the death of the Insured.
D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds in the proportion that the proceeds due to each respectively bears to the total proceeds, excluding any such interest.
