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. Executive agrees that this Agreement shall satisfy written notice requirement.
Appears in 3 contracts
Samples: Dollar Life Insurance Agreement (Prudential Bancorp, Inc.), Endorsement Split Dollar Life Insurance Agreement (Prudential Bancorp Inc of Pennsylvania), 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 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 (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 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. Executive agrees that this Agreement Such notification shall satisfy written notice requirementbe 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 discontinuance 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. Executive agrees that this Agreement Such notification shall satisfy written notice requirement.be in writing. BANK OF THE SEIRRA Split-Dollar Agreement
Appears in 2 contracts
Samples: 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 discontinuance Policies 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. Executive agrees that this Agreement The offer to purchase shall satisfy be in a written notice requirementinstrument by the Bank to the Executive.
Appears in 1 contract
Samples: Dollar Agreement (First Citizens Bancshares Inc /Tn/)
Offer to Purchase. If the Bank discontinues a Policy while the Executive is employed by the Bank at the date of discontinuance Policy, 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 Such notification shall satisfy written notice requirementbe 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 discontinuance this 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. Executive agrees that Such notification shall be in writing. Upon discontinuation of a policy, this Agreement shall satisfy written notice requirementalso terminate.
Appears in 1 contract
Samples: Pacific State Bank Split Dollar Life Insurance Agreement (Pacific State Bancorp)
Offer to Purchase. If the Bank discontinues a Policy while during the Executive is employed by the Bank at the date course of discontinuance this 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. Executive agrees that this Agreement Such notification shall satisfy written notice requirementbe 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 the Executive is employed by the Bank at the date of discontinuance Policy, 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 The Bank shall satisfy give written notice requirementto the Executive in the event the Bank discontinues the Policy.
Appears in 1 contract
Samples: Endorsement Split Dollar Life Insurance Agreement (Commercial Bancshares Inc \Oh\)
