Offer to Purchase. If the Bank discontinues a Policy while the Executive is employed by the Bank at the date of discontinuance, the Bank shall give the Executive at least thirty (30) days to purchase such Policy. The purchase price shall be the fair market value of the Policy, as determined under Treasury Reg. §1.61-22(g)(2) or any subsequent applicable authority.
Appears in 3 contracts
Samples: Endorsement Split Dollar Life Insurance Agreement (Union Bankshares Inc), Endorsement Split Dollar Life Insurance Agreement (Union Bankshares Inc), Endorsement Split Dollar Life Insurance Agreement (Union Bankshares Inc)
Offer to Purchase. If the Bank discontinues a Policy while the Executive is employed by the Bank at the date of discontinuance, discontinuance the Bank shall give the Executive at least thirty (30) days to purchase such Policy. The purchase price shall be the fair market value of the Policy, as determined under Treasury Reg. §1.61-22(g)(2) or any subsequent applicable authority. Executive agrees that this Agreement shall satisfy written notice requirement.
Appears in 3 contracts
Samples: Endorsement Split Dollar Life Insurance Agreement (Prudential Bancorp, Inc.), Endorsement Split Dollar Life Insurance Agreement (Prudential Bancorp Inc of Pennsylvania), Endorsement Split Dollar Life Insurance Agreement (Prudential Bancorp Inc of Pennsylvania)
Offer to Purchase. If the Bank discontinues a Policy while the Executive is employed by the Bank at the date of discontinuancediscontinuance or while the Executive has a Vested Insurance Benefit that has not been forfeited, the Bank shall give the Executive at least thirty (30) days to purchase such Policy. The purchase price shall be the fair market value of the Policy, as determined under Treasury Reg. §1.61-22(g)(2) or any subsequent applicable authority. Such notification shall be in writing.
Appears in 2 contracts
Samples: Supplemental Life Insurance Agreement (Northern California Bancorp Inc), Supplemental Life Insurance Agreement (Northern California Bancorp Inc)
Offer to Purchase. If the Bank discontinues a Policy while the Executive is employed by the Bank at the date of discontinuancediscontinuance or while the Executive has a benefit that has not been forfeited, the Bank shall give the Executive at least thirty (30) days to purchase such Policy. The purchase price shall be the fair market value of the Policy, as determined under Treasury Reg. §1.61-22(g)(2) or any subsequent applicable authority.. Such notification shall be in writing. BANK OF THE SEIRRA Split-Dollar Agreement
Appears in 2 contracts
Samples: Split Dollar Agreement, Split Dollar Agreement (Sierra Bancorp)
Offer to Purchase. If the Bank discontinues a Policy while the Executive is employed by the Bank at the date of discontinuancePolicy, the Bank shall give the Executive at least thirty (30) days to purchase such Policy. The purchase price shall be the fair market value of the Policy, as determined under Treasury Reg. §1.61-22(g)(2) or any subsequent applicable authority. The Bank shall give written notice to the Executive in the event the Bank discontinues the Policy.
Appears in 1 contract
Samples: Executive Employment Contract (Commercial Bancshares Inc \Oh\)
Offer to Purchase. If the Bank discontinues a Policy while the Executive is employed by the Bank at the date of discontinuancePolicy, the Bank shall give the Executive at least thirty (30) days to purchase such Policy. The purchase price shall be the fair market value of the Policy, as determined under Treasury Reg. §1.61-22(g)(2) or any subsequent applicable authority. Such notification shall be in writing.
Appears in 1 contract
Samples: Split Dollar Life Insurance Agreement (Alamogordo Financial Corp)
Offer to Purchase. If the Bank discontinues a Policy while during the Executive is employed by the Bank at the date course of discontinuancethis Agreement, the Bank shall give the Executive at least thirty (30) days to purchase such Policy. The purchase price shall be the fair market value of the Policy, as determined under Treasury Reg. §1.61-22(g)(2) or any subsequent applicable authority. Such notification shall be in writing.
Appears in 1 contract
Samples: Split Dollar Life Insurance Agreement (FNB Bancorp/Ca/)
Offer to Purchase. If the Bank discontinues a Policy while during the Executive is employed by the Bank at the date course of discontinuancethis Agreement, the Bank shall give the Executive at least thirty (30) days to purchase such Policy. The purchase price shall be the fair market value of the Policy, as determined under Treasury Reg. §1.61-22(g)(2) or any subsequent applicable authority. Such notification shall be in writing. Upon discontinuation of a policy, this Agreement shall also terminate.
Appears in 1 contract
Samples: Split Dollar Life Insurance Agreement (Pacific State Bancorp)
Offer to Purchase. If the Bank discontinues a Policy while the Executive is employed by the Bank at the date of discontinuancePolicies prior to Separation from Service, the Bank shall give the Executive at least thirty (30) days to purchase such PolicyPolicies. The purchase price shall be the fair market value of the PolicyPolicies, as determined under Treasury Reg. §1.61-22(g)(2) or any subsequent applicable authority. The offer to purchase shall be in a written instrument by the Bank to the Executive.
Appears in 1 contract
Samples: Split Dollar Agreement (First Citizens Bancshares Inc /Tn/)
