Offer to Purchase. If the Bank discontinues the Policy while the Executive is employed by the Bank or when 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 cash surrender value of the Policy. Such notification shall be in writing.
Appears in 5 contracts
Samples: Split Dollar Agreement (Southside Bancshares Inc), Split Dollar Agreement (Southside Bancshares Inc), Split Dollar Agreement (Southside Bancshares Inc)
Offer to Purchase. If the Bank discontinues the a Policy while the Executive is employed by the Bank or when at the Executive has a Vested Insurance Benefit that has not been forfeiteddate of discontinuance, the Bank shall give the Executive at least thirty (30) days to purchase such Policy. The purchase price shall be the cash surrender fair market value of the Policy, as determined under Treasury Reg. Such notification §1.61-22(g)(2) or any subsequent applicable authority. The Bank shall be give written notice to the Executive in writingthe event the Bank discontinues the Policy.
Appears in 4 contracts
Samples: Endorsement Split Dollar Life Insurance Agreement (Origin Bancorp, Inc.), Endorsement Split Dollar Life Insurance Agreement (Origin Bancorp, Inc.), Endorsement Split Dollar Life Insurance Agreement (Origin Bancorp, Inc.)
Offer to Purchase. If the Bank discontinues the a Policy while the Executive is employed by the Bank at the date of discontinuance or when while the Executive has a Vested Insurance Benefit 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 cash surrender 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 3 contracts
Samples: Supplemental Life Insurance Agreement (Old Line Bancshares Inc), Supplemental Life Insurance Agreement (Old Line Bancshares Inc), Supplemental Life Insurance Agreement (Old Line Bancshares Inc)
