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: Nevada Security Bank (Bank Holdings), Nevada Security Bank (Bank Holdings), Nevada Security Bank (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 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: Polonia Bank Split Dollar Agreement (Polonia Bancorp), Polonia Bank Split Dollar Agreement (Polonia 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 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
Appears in 1 contract
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.
Appears in 1 contract
Samples: Plumas Bank (Plumas Bancorp)
