Common use of Amendment or Termination of Agreement Clause in Contracts

Amendment or Termination of Agreement. The Company may amend or terminate the Agreement at any time and may amend or terminate an Executive's rights under the Agreement at any time prior to the Executive's death by written notice to the Executive. However, unless otherwise agreed to by the Company and the Executive, this Agreement will automatically terminate upon the Executive's Termination of Employment. Additionally, the Company may sell, surrender, exchange, or transfer the insurance Policy or Policies purchased under the Agreement at any time. If the Company decides to sell, surrender, transfer, or exchange the Policies while this Agreement is in effect, the Company will first give the Executive or the Executive's transferee the option to purchase the Policies for a period of 60 days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policies.