Contingent Option. Upon the Executive being involuntarily terminated before the Early Retirement Age as specified in his Executive Supplemental Compensation Agreement, as amended, the Insured (or assignee) to the extent that the Policy has not been previously terminated or paid out shall have a fifteen (15) day option to receive from the Bank an absolute assignment of the Policy in consideration of a cash payment to the Bank equal to the cash value of the Policy at the time of such assignment. If within said fifteen (15) day period, the Insured fails to exercise said option, fails to make the entire aforementioned cash payment, or dies, then the option shall terminate and the Insured (or assignee) agrees that (i) all of the Insured’s rights, interest and claims in the Policy shall terminate, (ii) all of the Executive’s right, interest and claims in the Agreement shall terminate, and (iii) the Agreement shall terminate. The Insured expressly agrees that this Agreement shall constitute sufficient written notice to the Insured of the Insured’s option to receive an absolute assignment of the Policy as set forth herein.
Appears in 5 contracts
Samples: Split Dollar Agreement (Bank Holdings), Nevada Security Bank (Bank Holdings), Nevada Security Bank (Bank Holdings)
