Amendment or Termination of Agreement. The Company may amend or terminate this Agreement at any time prior to the Executive's death. Such amendment or termination shall be by written notice to the Executive. In the event that the Company decides to maintain the Policy after the termination of the Agreement, the Company shall be the direct beneficiary of the entire death proceeds of the Policy.
Appears in 4 contracts
Samples: Split Dollar Endorsement Agreement (Heartland Bancshares Inc /In/), Split Dollar Endorsement Agreement (Heartland Bancshares Inc /In/), Split Dollar Endorsement Agreement (Heartland Bancshares Inc /In/)
Amendment or Termination of Agreement. The Except as otherwise provided in Sections 2.2 and 2.3, the Company may amend or terminate this Agreement at any time prior to the Executive's ’s death. Such amendment or termination shall be by written notice to the Executive. In the event that the Company decides to maintain the Policy after the termination of the Agreement, the Company shall be the direct beneficiary of the entire death proceeds of the Policy.
Appears in 3 contracts
Samples: Supplemental Life Insurance Agreement (Community Financial Corp /Md/), Supplemental Life Insurance Agreement (Community Financial Corp /Md/), Supplemental Life Insurance Agreement (Cooperative Bankshares Inc)
Amendment or Termination of Agreement. The Except as otherwise provided in Section 2.2, the Company may amend or terminate this Agreement at any time prior to the Executive's death. Such amendment or termination shall be by written notice to the Executive. In the event that the Company decides to maintain the Policy after the termination of the Agreement, the Company shall be the direct beneficiary of the entire death proceeds of the Policy.
Appears in 2 contracts
Samples: Split Dollar Plan (Heartland Bancshares Inc/Fl), Split Dollar Plan (Heartland Bancshares Inc/Fl)
Amendment or Termination of Agreement. The Except as otherwise provided in Sections 2.2 and 2.3, the Company may amend or terminate this Agreement at any time prior to the Executive's death. Such amendment or termination shall be by written notice to the Executive. In the event that the Company decides to maintain the Policy after the termination of the Agreement, the Company shall be the direct beneficiary of the entire death proceeds of the Policy.
Appears in 1 contract
Samples: Supplemental Life Insurance Agreement (Community Financial Corp /Md/)
Amendment or Termination of Agreement. The Company may amend or terminate this Agreement at any time prior to the Executive's ’s death. Such amendment or termination shall be by written notice to the Executive. In the event that the Company decides to maintain the Policy after the termination of the Agreement, the Company shall be the direct beneficiary of the entire death proceeds of the Policy. In the event of termination the Executive and the Executive’s Beneficiary shall have no right or interest of any kind in the Policy.
Appears in 1 contract
Samples: Supplemental Life Insurance Agreement (Greer Bancshares Inc)
Amendment or Termination of Agreement. The Except as otherwise provided in Section 2.2, the Company may amend or terminate this Agreement at any time prior to the Executive's ’s death. Such amendment or termination shall be by written notice to the Executive. In the event that the Company decides to maintain the Policy after the termination of the Agreement, the Company shall be the direct beneficiary of the entire death proceeds of the Policy. In the event of termination the Executive and the Executive’s Beneficiary shall have no right or interest of any kind in the Policy.
Appears in 1 contract
Samples: Supplemental Life Insurance Agreement (Greer Bancshares Inc)
