Employer Ownership. The Employer is the sole owner of the Policy(ies) and shall have the right to exercise all incidents of ownership. The Employer shall be the beneficiary of the Net Death Proceeds, less the Executive’s interest in the Net Death Proceeds provided pursuant to Sections 2.2 and 2.3 herein. This Agreement may be amended or terminated only by a written agreement signed by the Employer and the Executive.
Appears in 5 contracts
Samples: Split Dollar Agreement (Bank Holdings), Split Dollar Agreement (Bank Holdings), Split Dollar Agreement (Bank Holdings)
Employer Ownership. The Employer is the sole owner of the Policy(ies) Policy and shall have the right to exercise all incidents of ownership. The Employer shall be the beneficiary of the Net Death Proceeds, less any death proceeds remaining after the Executive’s interest in the Net Death Proceeds provided pursuant to Sections Interest has been paid under Section 2.2 and 2.3 herein. This Agreement may be amended or terminated only by a written agreement signed by the Employer and the Executiveof this Split Dollar Agreement.
Appears in 3 contracts
Samples: Split Dollar Agreement (Charter Financial Corp), Split Dollar Agreement (Charter Financial Corp), Split Dollar Agreement (Charter Financial Corp)
Employer Ownership. The Employer is the sole owner of the Policy(ies) Policy and shall have the right to exercise all incidents of ownership. The Employer shall be the beneficiary of the Net Death Proceeds, less death proceeds remaining after the Executive’s 's interest in the Net Death Proceeds provided has been paid pursuant to Sections 2.2 and 2.3 herein. This Agreement may be amended or terminated only by a written agreement signed by the Employer and the Executive.Article 2.2
Appears in 3 contracts
Samples: Split Dollar Agreement (Plumas Bancorp), Split Dollar Agreement (Plumas Bancorp), Split Dollar Agreement (Plumas Bancorp)
Employer Ownership. The Employer is the sole owner of the Policy(ies) and shall have the right to exercise all incidents of ownership. The Employer shall be the beneficiary of the Net Death Proceedsany death benefit hereunder, less the Executive’s 's interest determined in the Net Death Proceeds provided pursuant to Sections accordance with Section 2.2 and 2.3 hereinof this Agreement. This Agreement may be amended or terminated only by a written agreement signed by the Employer and the Executive.
Appears in 2 contracts
Samples: Split Dollar Agreement (Polonia Bancorp), Split Dollar Agreement (Polonia Bancorp)
Employer Ownership. The Employer is the sole owner of the Policy(ies) Policy and shall have the right to exercise all incidents of ownership. The Employer shall be the beneficiary of the Net Death Proceeds, less any death proceeds remaining after the Executive’s interest in the Net Death Proceeds provided pursuant to Sections has been paid under Section 2.2 and 2.3 herein. This Agreement may be amended or terminated only by a written agreement signed by the Employer and the Executiveof this Split Dollar Agreement.
Appears in 1 contract
Samples: Split Dollar Agreement (Tennessee Commerce Bancorp, Inc.)
Employer Ownership. The Employer is the sole owner of the Policy(ies) and shall have the right to exercise all incidents of ownership. The Employer shall be the beneficiary of the Net Death Proceeds, less Proceeds remaining after the Executive’s 's interest in the Net Death Proceeds provided has been paid pursuant to Sections Article 2.2 and 2.3 herein. This Agreement may be amended or terminated only by a written agreement signed by the Employer and the Executive.2.3
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Employer Ownership. The Employer is the sole owner of the Policy(ies) and shall have the right to exercise all incidents of ownership. The Employer shall be the beneficiary of the Net Death Proceeds, less Proceeds remaining after the Executive’s interest in the Net Death Proceeds provided has been paid pursuant to Sections Article 2.2 and 2.3 hereinbelow. This Agreement may be amended or terminated only by a written agreement signed by the Employer and the Executive.
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