Company’s Interest. The Company shall own the Policies and shall have the right to exercise all incidents of ownership. With respect to each Policy, the Company shall be the direct beneficiary of the remaining (after the Participant’s Interest is determined) death proceeds of the Policy.
Appears in 3 contracts
Samples: Executive Supplemental Life Insurance Plan (Acnb Corp), Director Supplemental Life Insurance Plan (Acnb Corp), Executive Supplemental Life Insurance Plan (Acnb Corp)
Company’s Interest. The Company shall own the Policies and shall have the right to exercise all incidents of ownershipownership and may terminate a Policy without the consent of the Director. With respect to each Policy, the The Company shall be the direct beneficiary of the remaining (after the Participant’s Interest is determined) death proceeds of the PolicyPolicies after the Director’s Interest is determined according to Section 2.2 below.
Appears in 2 contracts
Samples: Split Dollar Agreement (First Community Financial Corp), Split Dollar Agreement (First Community Financial Corp)
Company’s Interest. The Company shall own the Policies and shall have the right to exercise all incidents of ownership. With respect to each Policy, the Company shall be the direct beneficiary of the remaining (after the Participant’s 's Interest is determined) death proceeds of the Policy.
Appears in 2 contracts
Samples: Director Supplemental Life Insurance Plan (Acnb Corp), Executive Supplemental Life Insurance Plan (Acnb Corp)
Company’s Interest. The Company shall own the Policies and shall have the right to exercise all incidents of ownership. With respect to each Policy, the Company shall be the direct beneficiary of the remaining (after the Participant’s Interest is determined) entire death proceeds of the Policy. There shall be no requirement that the Company maintain any Policy with respect to a Participant.
Appears in 1 contract
Samples: Executive Death Benefit Plan (Fairfield County Bank Corp.)
Company’s Interest. The Company shall own the Policies and shall have the right to exercise all incidents of ownership. With respect to each Policy, the Company shall be the direct beneficiary of the remaining (death proceeds of the Policy after the Participant’s Interest is determined) death proceeds determined according to Section 3.1. The Company shall own the Policy or Policies and shall have the right to exercise all incidents of ownership except that the Company shall not sell, surrender or transfer ownership of a Policy so long as a Participant has an interest in the Policy as described in Section 3.1. This provision shall not impair the right of the PolicyCompany to terminate this Plan.
Appears in 1 contract
Samples: Officer Group Term Replacement Plan (First Community Financial Corp)
Company’s Interest. The Company shall own the Policies Policy and shall have the right to exercise all incidents of ownership. With respect to each Policy, the The Company shall be the direct beneficiary of the remaining (after the Participant’s Interest is determined) death proceeds of the PolicyPolicy after the Executive’s Interest is determined according to Section 3.1.
Appears in 1 contract
Samples: Supplemental Life Insurance Agreement (Catalyst Bancorp, Inc.)
Company’s Interest. The Company shall own is the sole owner of the Policies and shall have the right to exercise all incidents of ownership. With respect to each Policy, the The Company shall be the direct beneficiary of the Policies to the extent of each Policy’s cash surrender value plus any death benefits remaining (after applying those amounts explicitly assigned to the Participant’s Interest is determined) death proceeds of the Policybeneficiary pursuant to Section 3.1 above.
Appears in 1 contract
