Bridgewater Bank BOLI Supplementary Life Insurance Benefit Summary (June 2021)
Bridgewater Bank has secured Bank Owned Life Insurance (BOLI) for certain officers, including named executive officers of Bridgewater Bancshares, Inc. Under this arrangement, each eligible participant receives a supplementary life insurance benefit of $100,000, which will be paid to their designated beneficiary if the participant dies while employed by the Bank. The Bank pays all premiums for this benefit. This summary outlines the key terms of the supplementary life insurance coverage provided to qualifying employees.
Bridgewater Bank
BOLI SUPPLEMENTARY LIFE INSURANCE BENEFIT SUMMARY
June 2021
Bridgewater Bank (the “Bank”) has obtained Bank Owned Life Insurance ("BOLI”) for certain of the Bank’s officers, including the named executive officers of Bridgewater Bancshares, Inc. Each BOLI participant receives a supplementary life insurance benefit of $100,000 during such participant’s employment with the Bank, which benefit is to be paid to the participant’s designated beneficiary in the event of the participant’s premature death. The premium for the supplementary life insurance is paid solely by the Bank.
