Death Prior to Separation from Service. If the Employee dies prior to Separation from Service, the Beneficiary shall be entitled to the lesser of (i) One Hundred Thousand Dollars ($100,000) or (ii) the Net Death Proceeds.
Appears in 2 contracts
Sources: Split Dollar Life Insurance Agreement (Middlefield Banc Corp), Split Dollar Life Insurance Agreement (Middlefield Banc Corp)
Death Prior to Separation from Service. If the Employee dies prior to Separation from Service, the Beneficiary shall be entitled to the lesser of (i) a benefit equal to One Million Four Hundred Thousand Dollars ($100,0001,400,000) or (ii) provided however, such benefit shall not exceed the Net Death Proceeds.
Appears in 1 contract
Sources: Endorsement Split Dollar Life Insurance Agreement (HarborOne Bancorp, Inc.)