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: Agreement (Acnb Corp), 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 's Interest is determined) death proceeds of the Policy.
Appears in 2 contracts
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 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
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
Samples: LaPorte Bancorp, Inc.
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
