Common use of Executive’s Interest Clause in Contracts

Executive’s Interest. The Executive shall have the right to designate the beneficiary of death proceeds in the amount of $807,051. The Executive or the Executive's transferee shall also have the right to elect and change settlement options that may be permitted. The Executive, the Executive's transferee or the Executive's beneficiary shall have no rights or interests in the Policy with respect to that portion of the death proceeds designated in this Section 2.2 if the Executive is not in the full-time employment of the Bank at the time of death, except for reason of a leave of absence approved by the Bank.

Appears in 1 contract

Samples: Split Dollar Agreement (Cortland Bancorp Inc)

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Executive’s Interest. The Executive shall have the right to designate the beneficiary beneficiary(ies) of death proceeds in the amount of $807,051271,369. The Executive or the Executive's transferee shall also have the right to elect and change settlement options specified in the Policy that may be permitted. The However, the Executive, the Executive's transferee or the Executive's beneficiary beneficiary(ies) shall have no rights or interests in the Policy with respect to for that portion of the death proceeds designated in this Section 2.2 if the Executive is not in the full-time employment of the Bank at the time of death, except for reason of a leave of absence approved by the Bank.

Appears in 1 contract

Samples: Salary Continuation Agreement (Newmil Bancorp Inc)

Executive’s Interest. The Executive shall have the right to designate the beneficiary beneficiary(ies) of death proceeds in the amount of $807,051652,190. The Executive or the Executive's transferee shall also have the right to elect and change settlement options specified in the Policy that may be permitted. The However, the Executive, the Executive's transferee transferee, or the Executive's beneficiary beneficiary(ies) shall have no rights or interests in the Policy with respect to for that portion of the death proceeds designated in this Section 2.2 if the Executive is not in the full-time employment of the Bank at the time of death, except for reason of a leave of absence approved by the Bank.

Appears in 1 contract

Samples: Salary Continuation Agreement (Unizan Financial Corp)

Executive’s Interest. The Executive shall have the right to designate the beneficiary of death proceeds in the amount of $807,051678,977. The Executive or the Executive's transferee shall also have the right to elect and change settlement options that may be permitted. The Executive, the Executive's transferee or the Executive's beneficiary shall have no rights or interests in the Policy with respect to that portion of the death proceeds designated in this Section 2.2 if the Executive is not in the full-time employment of the Bank at the time of death, except for reason of a leave of absence approved by the Bank.

Appears in 1 contract

Samples: Split Dollar Agreement (Cortland Bancorp Inc)

Executive’s Interest. The Executive shall have the right to designate the beneficiary of death proceeds in the amount of $807,051632,833. The Executive or the Executive's transferee shall also have the right to elect and change settlement options that may be permitted. The Executive, the Executive's transferee or the Executive's beneficiary shall have no rights or interests in the Policy with respect to that portion of the death proceeds designated in this Section 2.2 if the Executive is not in the full-time employment of the Bank at the time of death, except for reason of a leave of absence approved by the Bank.

Appears in 1 contract

Samples: Split Dollar Agreement (Cortland Bancorp Inc)

Executive’s Interest. The Executive shall have the right to designate the beneficiary of death proceeds in the amount of $807,051109,001. The Executive or the Executive's transferee shall also have the right to elect and change settlement options specified in the Policy that may be permitted. The However, the Executive, the Executive's transferee or the Executive's beneficiary shall have no rights or interests in the Policy with respect to that portion of the death proceeds designated in this Section 2.2 if the Executive is not in the full-time employment of the Bank at the time of death, except for reason of a leave of absence approved by the Bank.

Appears in 1 contract

Samples: Split Dollar Agreement (Cortland Bancorp Inc)

Executive’s Interest. The Executive shall have the right to designate the beneficiary beneficiary(ies) of death proceeds in the amount of $807,0511,441,874. The Executive or the Executive's transferee shall also have the right to elect and change settlement options specified in the Policy that may be permitted. The However, the Executive, the Executive's transferee transferee, or the Executive's beneficiary beneficiary(ies) shall have no rights or interests in the Policy with respect to for that portion of the death proceeds designated in this Section 2.2 if the Executive is not in the full-time employment of the Bank at the time of death, except for reason of a leave of absence approved by the Bank.

Appears in 1 contract

Samples: Salary Continuation Agreement (Unizan Financial Corp)

Executive’s Interest. The Executive shall have the right to designate the beneficiary beneficiary(ies) of death proceeds in the amount of $807,0511,429,211. The Executive or the Executive's transferee shall also have the right to elect and change settlement options specified in the Policy that may be permitted. The However, the Executive, the Executive's transferee or the Executive's beneficiary beneficiary(ies) shall have no rights or interests in the Policy with respect to for that portion of the death proceeds designated in this Section 2.2 if the Executive is not in the full-time employment of the Bank at the time of death, except for reason of a leave of absence approved by the Bank.

Appears in 1 contract

Samples: Salary Continuation Agreement (Newmil Bancorp Inc)

Executive’s Interest. The Executive shall have the right to designate the beneficiary beneficiary(ies) of death proceeds in the amount of $807,0511,037,534. The Executive or the Executive's transferee shall also have the right to elect and change settlement options specified in the Policy that may be permitted. The However, the Executive, the Executive's transferee transferee, or the Executive's beneficiary beneficiary(ies) shall have no rights or interests in the Policy with respect to for that portion of the death proceeds designated in this Section 2.2 if the Executive is not in the full-time employment of the Bank at the time of death, except for reason of a leave of absence approved by the Bank.

Appears in 1 contract

Samples: Salary Continuation Agreement (Unizan Financial Corp)

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Executive’s Interest. The Executive shall have the right to designate the beneficiary of death proceeds in the amount of $807,051191,168. The Executive or the Executive's transferee shall also have the right to elect and change settlement options that may be permitted. The Executive, the Executive's transferee or the Executive's beneficiary shall have no rights or interests in the Policy with respect to that portion of the death proceeds designated in this Section 2.2 if the Executive is not in the full-time employment of the Bank at the time of death, except for reason of a leave of absence approved by the Bank.

Appears in 1 contract

Samples: Split Dollar Agreement (Cortland Bancorp Inc)

Executive’s Interest. The Executive shall have the right to designate the beneficiary of death proceeds in the amount of $807,051390,812. The Executive or the Executive's transferee shall also have the right to elect and change settlement options that may be permitted. The Executive, the Executive's transferee or the Executive's beneficiary shall have no rights or interests in the Policy with respect to that portion of the death proceeds designated in this Section 2.2 if the Executive is not in the full-time employment of the Bank at the time of death, except for reason of a leave of absence approved by the Bank.

Appears in 1 contract

Samples: Split Dollar Agreement (Cortland Bancorp Inc)

Executive’s Interest. The Executive shall have the right to designate the beneficiary beneficiary(ies) of death proceeds in the amount of $807,051271,369. The Executive or the Executive's transferee shall also have the right to elect and change settlement options specified in the Policy that may be permitted. The However, the Executive, the Executive's ’s transferee or the Executive's beneficiary ’s beneficiary(ies) shall have no rights or interests in the Policy with respect to for that portion of the death proceeds designated in this Section 2.2 if the Executive is not in the full-time employment of the Bank at the time of death, except for reason of a leave of absence approved by the Bank.

Appears in 1 contract

Samples: Salary Continuation Agreement (Newmil Bancorp Inc)

Executive’s Interest. The Executive shall have the right to designate the beneficiary of death proceeds in the amount of $807,051701,578. The Executive or the Executive's transferee shall also have the right to elect and change settlement options that may be permitted. The Executive, the Executive's transferee or the Executive's beneficiary shall have no rights or interests in the Policy with respect to that portion of the death proceeds designated in this Section 2.2 if the Executive is not in the full-time employment of the Bank at the time of death, except for reason of a leave of absence approved by the Bank.

Appears in 1 contract

Samples: Split Dollar Agreement (Cortland Bancorp Inc)

Executive’s Interest. The Executive shall have the right to designate the beneficiary beneficiary(ies) of death proceeds in the amount of $807,051226,141. The Executive or the Executive's transferee shall also have the right to elect and change settlement options specified in the Policy that may be permitted. The However, the Executive, the Executive's ’s transferee or the Executive's beneficiary ’s beneficiary(ies) shall have no rights or interests in the Policy with respect to for that portion of the death proceeds designated in this Section 2.2 if the Executive is not in the full-time employment of the Bank at the time of death, except for reason of a leave of absence approved by the Bank.

Appears in 1 contract

Samples: Salary Continuation Agreement (Newmil Bancorp Inc)

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