Full Policy Purchase. If the Company elects to terminate the Plan the Executive or his/her transferee shall have the right to purchase the Policy from the Company. The purchase price shall be an amount equal to the cash surrender value of the Policy. Upon receipt of such purchase price, the Company shall assign ownership of the Policy to the Executive or his/her transferee and relinquish all existing rights to the Policy.
Appears in 8 contracts
Samples: Split Dollar Agreement (West Pointe Bancorp Inc), Split Dollar Agreement (West Pointe Bancorp Inc), Split Dollar Agreement (West Pointe Bancorp Inc)
Full Policy Purchase. If the Company elects to terminate the Plan Agreement the Executive or his/her transferee shall have the right to purchase the Policy from the Company. The purchase price shall be an amount equal to the cash surrender value of the Policy. Upon receipt of such purchase price, the Company shall assign ownership of the Policy to the Executive or his/her transferee and relinquish all existing rights to the Policy.
Appears in 5 contracts
Samples: Salary Continuation Agreement (Redwood Empire Bancorp), Salary Continuation Agreement (Redwood Empire Bancorp), Supplemental Life Insurance Agreement (West Pointe Bancorp Inc)
Full Policy Purchase. If the Company elects to terminate the Plan Agreement the Executive Director or his/her transferee shall have the right to purchase the Policy from the Company. The purchase price shall be an amount equal to the cash surrender value of the Policy. Upon receipt of such purchase price, the Company shall assign ownership of the Policy to the Executive Director or his/her transferee and relinquish all existing rights to the Policy.
Appears in 1 contract
Samples: Director Compensation Agreement (Redwood Empire Bancorp)
