Bank’s Benefit. Upon the death of Employee, the Bank shall be entitled to receive a portion of the death benefits payable under the Insurance Policy equal to the Bank’s Policy Interest and the receipt of this amount by the Bank shall constitute satisfaction of the Bank’s rights under Section 3 of this Agreement.
Appears in 15 contracts
Samples: Salisbury Bank and Trust Company (Salisbury Bancorp, Inc.), Split Dollar Life Insurance Agreement (Wilson Bank Holding Co), Salisbury Bank and Trust Company (Salisbury Bancorp, Inc.)
Bank’s Benefit. Upon the death of Employee, the Bank shall be entitled to receive a portion of the death benefits payable under the Insurance Policy equal to the Bank’s Policy Interest interest and the receipt of this amount by the Bank shall constitute satisfaction of the Bank’s rights under Section 3 of this Agreement.
Appears in 2 contracts
Samples: Split Dollar Life Insurance Agreement (Square 1 Financial Inc), Split Dollar Life Insurance Agreement (Square 1 Financial Inc)
