Bank’s Interest. The Bank shall own the Policies and shall have the right to exercise all incidents of ownership and, subject to Article 4, the Bank may terminate a Policy without the consent of the Director. The Bank shall be the beneficiary of the remaining death proceeds of the Policies after the Director’s Interest is determined according to Section 2.2 below.
Appears in 6 contracts
Samples: Split Dollar Life Insurance Agreement (Investors Bancorp Inc), Split Dollar Life Insurance Agreement (Investors Bancorp Inc), Split Dollar Life Insurance Agreement (Investors Bancorp Inc)
Bank’s Interest. The Bank shall own the Policies Policy and shall have the right to exercise all incidents of ownership and, subject to Article 46, the Bank may terminate a the Policy without the consent of the DirectorInsured. The Bank shall be the beneficiary of an amount equal to the remaining death proceeds cash surrender value of the Policies Policy and any portion of the Net Death Proceeds of the Policy remaining after the DirectorExecutive’s Interest is determined according to Section 2.2 below3.2.
Appears in 5 contracts
Samples: Split Dollar Agreement (Southside Bancshares Inc), Split Dollar Agreement (Southside Bancshares Inc), Split Dollar Agreement (Southside Bancshares Inc)
Bank’s Interest. The Bank shall own the Policies and shall have the right to exercise all incidents of ownership and, subject to Article 43, the Bank may terminate a Policy without the consent of the DirectorExecutive. The Bank shall be the beneficiary of the remaining death proceeds of the Policies after the DirectorExecutive’s Interest is determined according to Section 2.2 below.
Appears in 3 contracts
Samples: Old Line Bank Supplemental Life Insurance Agreement (Old Line Bancshares Inc), Old Line Bank Supplemental Life Insurance Agreement (Old Line Bancshares Inc), Old Line Bank Supplemental Life Insurance Agreement (Old Line Bancshares Inc)
Bank’s Interest. The Bank shall own the Policies and shall have the right to exercise all incidents of ownership and, subject to Article 43, the Bank may terminate a Policy any and all Policies without the consent of the DirectorExecutive. The Bank shall be the beneficiary of the remaining death proceeds of the Policies after in excess of the Director’s Interest is determined amount payable to the Beneficiary according to Section 2.2 below.
Appears in 3 contracts
Samples: Supplemental Life Insurance Agreement (Enterprise Bancorp Inc /Ma/), Supplemental Life Insurance Agreement (Enterprise Bancorp Inc /Ma/), Supplemental Life Insurance Agreement (Enterprise Bancorp Inc /Ma/)
Bank’s Interest. The Bank shall own the Policies and the Bank shall have the right to exercise all incidents of ownership andownership. The Bank, subject to Article 4, the Bank may terminate a Policy without the consent of the DirectorEmployee. The Bank shall be the beneficiary of the remaining death proceeds of the Policies after the DirectorEmployee’s Interest is determined according to Section 2.2 below.
Appears in 3 contracts
Samples: Dollar Life Insurance Agreement (SBT Bancorp, Inc.), Dollar Life Insurance Agreement (SBT Bancorp, Inc.), Dollar Life Insurance Agreement (SBT Bancorp, Inc.)
Bank’s Interest. The Bank shall own the Policies and the Bank shall have the right to exercise all incidents of ownership andownership. The Bank, subject to Article 45, the Bank may terminate a Policy without the consent of the DirectorEmployee. The Bank shall be the beneficiary of the remaining death proceeds of the Policies after the DirectorEmployee’s Interest is determined according to Section 2.2 below.
Appears in 1 contract
Bank’s Interest. The Bank shall own the Policies and shall have the right to exercise all incidents of ownership ownership, and, subject to Article 4, the Bank may terminate a Policy without the consent of the DirectorExecutive. The Bank shall be the beneficiary of the remaining death proceeds of the Policies after the DirectorExecutive’s Interest is determined according to Section 2.2 below.
Appears in 1 contract
