Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the remaining death proceeds of the Policy after the Interest of the Executive or the Executive’s transferee has been paid according to Section 2.2 below.
Appears in 21 contracts
Samples: Salary Continuation Agreement (Chino Commercial Bancorp), Salary Continuation Agreement (Chino Commercial Bancorp), Split Dollar Agreement (FCB Bancorp)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the remaining death proceeds of the Policy after the Interest of the Executive or the Executive’s 's transferee has been paid according to Section 2.2 below.
Appears in 18 contracts
Samples: Executive Bonus Agreement (East West Bancorp Inc), Split Dollar Agreement (Commercial Capital Bancorp Inc), Split Dollar Agreement (West Pointe Bancorp Inc)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the remaining death proceeds of the Policy after the Interest of the Executive Director or the ExecutiveDirector’s transferee has been paid according to Section 2.2 below.
Appears in 12 contracts
Samples: Split Dollar Agreement (Sierra Bancorp), Director Retirement Agreement, Director Retirement Agreement (Sierra Bancorp)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the remaining death proceeds of the Policy after the Interest interest of the Executive or the Executive’s 's transferee has been paid according to Section 2.2 below.
Appears in 8 contracts
Samples: Split Dollar Agreement (West Pointe Bancorp Inc), Split Dollar Agreement (Mercantile Bank Corp), Split Dollar Agreement (West Pointe Bancorp Inc)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the direct beneficiary of an amount equal to the greater of: a) the cash surrender value of the policy, or b) the aggregate premiums paid on the Policy by the Company less any outstanding indebtedness to the Insurer, plus any remaining death proceeds Net Death Proceeds of the Policy after the Interest of the Executive or the ExecutiveDirector’s transferee interest has been paid according to in accordance with Section 2.2 below.
Appears in 5 contracts
Samples: Split Dollar Agreement (CFSB Bancorp, Inc. /MA/), Split Dollar Agreement (CFSB Bancorp, Inc. /MA/), Split Dollar Agreement (CFSB Bancorp, Inc. /MA/)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the direct beneficiary of the remaining an amount of death proceeds equal to the greater of: a) the cash surrender value of the policy, b) the aggregate premiums paid on the Policy after by the Interest Company less any outstanding indebtedness to the Insurer or c) the total death proceeds less the amount of the Executive or the Executive’s transferee has been paid according to Section 2.2 below$150,000.
Appears in 4 contracts
Samples: Split Dollar Agreement, Split Dollar Agreement (BANKshares Inc), Split Dollar Agreement (BANKshares Inc)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the direct beneficiary of the remaining an amount of death proceeds equal to the greater of (1) the cash surrender value of the policy, or (2) the aggregate premiums paid on the Policy after by the Interest of Company less any outstanding indebtedness to the Executive or the Executive’s transferee has been paid according to Section 2.2 belowInsurer.
Appears in 3 contracts
Samples: Split Dollar Agreement (Ridgestone Financial Services Inc), Split Dollar Agreement (Ridgestone Financial Services Inc), Split Dollar Agreement (Ridgestone Financial Services Inc)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownershipownership except as otherwise said herein. The Company shall be the beneficiary of the remaining death proceeds of the Policy remaining after the Interest of the Executive or the Executive’s transferee Director's interest has been paid according to Section 2.2 below.
Appears in 2 contracts
Samples: Director Deferred Fee Agreement (Cooperative Bankshares Inc), Director Retirement Agreement (Cooperative Bankshares Inc)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the direct beneficiary of the remaining an amount of death proceeds equal to the greater of: a) the cash surrender value of the policy or b) the aggregate premiums paid on the Policy after by the Interest of Company less any outstanding indebtedness to the Executive or the Executive’s transferee has been paid according to Section 2.2 belowInsurer.
Appears in 2 contracts
Samples: Split Dollar Agreement (Peoples Bancorporation Inc /Sc/), Split Dollar Agreement (Peoples Bancorporation Inc /Sc/)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the direct beneficiary of the remaining death proceeds of the Policy after the Interest of the Executive or the ExecutiveDirector’s transferee has been interest is paid according pursuant to Section Article 2.2 below.
Appears in 2 contracts
Samples: Director Retirement Agreement (Oak Valley Bancorp), Director Retirement Agreement (Oak Valley Bancorp)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the remaining any death proceeds of the Policy remaining after the Interest of the Executive or the ExecutiveDirector’s transferee has been interest is paid according to Section under section 2.2 below.
Appears in 2 contracts
Samples: Split Dollar Agreement (Cortland Bancorp Inc), Split Dollar Agreement (Cortland Bancorp Inc)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the remaining death proceeds of the Policy after the Interest interest of the Executive or the Executive’s transferee has been paid according to Section 2.2 below.
Appears in 2 contracts
Samples: Split Dollar Agreement (Business Bancorp /Ca/), Split Dollar Agreement (Business Bancorp /Ca/)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the direct beneficiary of the remaining death proceeds of the Policy after the Interest of the Executive or the Executive’s transferee has been interest is paid according pursuant to Section 2.2 below.
Appears in 2 contracts
Samples: Salary Continuation Agreement (Oak Valley Bancorp), Salary Continuation Agreement (Oak Valley Bancorp)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the direct beneficiary of the remaining an amount of death proceeds equal to the greater of: a) the cash surrender value of the policy, or b) the aggregate premiums paid on the Policy after by the Interest of Company less any outstanding indebtedness to the Executive or the Executive’s transferee has been paid according to Section 2.2 belowInsurer.
Appears in 1 contract
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the remaining death proceeds Net Death Proceeds of the Policy after the Interest of the Executive or the Executive’s transferee has been paid according to Section 2.2 belowPolicy.
Appears in 1 contract
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the Policy to the extent of each Policy’s cash surrender value plus any death benefits remaining death proceeds of the Policy after the Interest of the Executive or applying those amounts explicitly assigned to the Executive’s transferee has been paid according beneficiary pursuant to Section section 2.2 below.
Appears in 1 contract
Samples: Split Dollar Agreement (Harvard Illinois Bancorp, Inc.)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the direct beneficiary of an amount of death proceeds equal to the remaining death proceeds of the Policy after the Interest of the Executive or the Executive’s 's transferee has been paid according to Section 2.2 below.2.2
Appears in 1 contract
Samples: Split Dollar Agreement (First National Lincoln Corp /Me/)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the remaining death proceeds of the Policy after the Interest interest of the Executive or the Executive’s transferee assignee has been paid according to Section 2.2 below.
Appears in 1 contract
Samples: Split Dollar Agreement (First California Financial Group, Inc.)
Company Ownership. The Company is the sole owner of the Policy Policies and shall have the right to exercise all incidents of ownership. The Company shall be the direct beneficiary of the remaining death proceeds of the Policy after the Interest of the Executive or the Executive’s transferee 's interest has been paid according to under Section 2.2 below2.2.
Appears in 1 contract
Samples: Executive Group Life Split Dollar Plan (Ohio Valley Banc Corp)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the remaining any death proceeds of the Policy remaining after the Interest of the Executive or the Executive’s transferee 's interest has been paid according pursuant to Section Article 2.2 below.
Appears in 1 contract
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownershipownership except otherwise said herein. The Company shall be the beneficiary of the remaining death proceeds of the Policy remaining after the Interest of the Executive or the Executive’s transferee interest has been paid according to Section 2.2 below.
Appears in 1 contract
Samples: Split Dollar Agreement (Cooperative Bankshares Inc)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the remaining any death proceeds of the Policy remaining after the Interest of the Executive or the Executive’s transferee Director's interest has been paid according pursuant to Section Article 2.2 below.
Appears in 1 contract
Company Ownership. The Company is the sole owner of the Policy Policies and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the remaining death proceeds of the Policy after the Interest of the Executive or the Executive’s transferee has been paid according to Section 2.2 below.the
Appears in 1 contract
Company Ownership. The Company is the sole owner of the Policy Policies and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the remaining death proceeds of the Policy Policies remaining after the Interest of the Executive or the Executive’s transferee 's interest has been paid according pursuant to Section 2.2 below.
Appears in 1 contract
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the remaining death benefit proceeds of the Policy after the Interest of the Executive or the Executive’s 's transferee has been paid according to Section 2.2 below.
Appears in 1 contract
Samples: Salary Continuation Agreement (Monterey Bay Bancorp Inc)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the direct beneficiary of the remaining death proceeds of the Policy after the Interest of the Executive or the Executive’s transferee 's interest has been paid according to under Section 2.2 below2.2.
Appears in 1 contract
Samples: Executive Group Life Split Dollar Plan (Ohio Valley Banc Corp)
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownershipownership except as otherwise said herein. The Company shall be the beneficiary of the remaining death proceeds of the Policy remaining after the Interest of the Executive or the Executive’s transferee 's interest has been paid according to Section 2.2 below.
Appears in 1 contract
Samples: Executive Indexed Retirement Agreement (Cooperative Bankshares Inc)
Company Ownership. The Company is the sole owner of the Policy Policies and shall have the right to exercise all incidents of ownership. The Company shall be the beneficiary of the remaining death proceeds of the Policy Policies after the Interest of the Executive or the Executive’s 's transferee has been paid according to Section 2.2 below.
Appears in 1 contract
Company Ownership. The Company is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Company shall be the direct beneficiary of the remaining an amount of death proceeds equal to the greater of a) the cash surrender value of the Policy after policy or b) the Interest total amount of premiums paid less the Executive or the Executive’s transferee has been paid according to Section 2.2 belowamount of any outstanding policy loans.
Appears in 1 contract
