Retirement Death Benefit. Upon death of the Employee while in service to the Bank, the Employee Death Benefit under this Agreement shall be the lesser of i) three (3) times base annual salary, not to exceed $800,000, less $50,000 or ii) the Net Amount at Risk, defined as the difference between the death benefit payable upon death of the insured pursuant to a life insurance policy and the accrued cash value of the life insurance policy at the time of death of the insured.
Appears in 4 contracts
Samples: Salisbury Bank and Trust Company (Salisbury Bancorp, Inc.), Salisbury Bank and Trust Company (Salisbury Bancorp, Inc.), Salisbury Bank and Trust Company (Salisbury Bancorp, Inc.)