Common use of Automatic Termination of Rights Clause in Contracts

Automatic Termination of Rights. The Executive’s rights under this Agreement shall automatically cease to the extent either of the following events occur: (i) if the Executive’s employment with the Bank is terminated for any reason (other than death) prior to meeting any of the criteria for a Vested Insurance Benefit under Section 4.1, or (ii) this Agreement or any of the Executive’s rights under the Agreement are terminated in accordance with Section 4.2 or 12.1. If the Executive’s rights under the Agreement are wholly terminated and the Bank elects to maintain the Policy, the Bank shall be the direct beneficiary of the entire death proceeds of the Policy. If the Executive’s rights under the Agreement are partially terminated, the Bank, in addition to an amount equal to the cash surrender value of the Policy, shall become the beneficiary of such portion of the Net Death Proceeds as to which the Executive’s rights have been terminated.

Automatic Termination of Rights. The Executive’s rights under this Agreement shall automatically cease to the extent either of the following events occur: (i) if the Executive’s employment with the Bank is terminated for any reason (other than death) prior to meeting any of the criteria for a Vested Insurance Benefit under Section 4.1, or (ii) this Agreement or any of the Executive’s rights under the Agreement are terminated in accordance with Section 4.2 or 12.1. If the Executive’s rights under the Agreement are wholly terminated and the Bank elects to maintain the Policy, the Bank shall be the direct beneficiary of the entire death proceeds of the Policy. If the Executive’s rights under the LEGAL02/40129087v1 Agreement are partially terminated, the Bank, in addition to an amount equal to the cash surrender value of the Policy, shall become the beneficiary of such portion of the Net Death Proceeds as to which the Executive’s rights have been terminated.