Option to Purchase. Upon termination of this Agreement, the Bank shall not sell, surrender, or transfer ownership of the Policy without first giving the Executive or the Executive’s transferee the option to purchase the Policy for a period of 60 days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy.
Appears in 23 contracts
Samples: Split Dollar Agreement (Cortland Bancorp Inc), Split Dollar Agreement (Cortland Bancorp Inc), 2017 Split Dollar Agreement and Endorsement (Sb Financial Group, Inc.)
Option to Purchase. Upon termination of this Agreement, the Bank shall not sell, surrender, surrender or transfer ownership of the Policy without first giving the Executive or the Executive’s 's transferee the option to purchase the Policy for a period of 60 days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy.
Appears in 7 contracts
Samples: Endorsement Split Dollar Agreement (Citizens South Banking Corp), Endorsement Split Dollar Agreement (Citizens South Banking Corp), Endorsement Split Dollar Agreement (Citizens South Banking Corp)
Option to Purchase. Upon termination of this Agreement, the The Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Agreement is in effect without first giving the Executive or the Executive’s 's transferee the option to purchase the Policy for a period of 60 days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy. This provision shall not impair the right of the Bank to terminate this Agreement.
Appears in 7 contracts
Samples: 2002 Split Dollar Agreement (Columbia Bancorp \Or\), 2002 Split Dollar Agreement (Columbia Bancorp \Or\), 2002 Split Dollar Agreement (Columbia Bancorp \Or\)
Option to Purchase. Upon termination of this Agreement, the The Bank shall not sell, surrender, or transfer ownership of the Policy before the Executive’s Separation from Service without first giving the Executive or the Executive’s transferee the option to purchase the Policy for a period of 60 days from written notice of such intentiondays. The purchase price shall be an amount equal to the Policy cash surrender value value. The option to purchase the Policy shall lapse if not exercised within 60 days after the date the Bank gives written notice of the Bank’s intention to sell, surrender, or transfer ownership of the Policy. This provision shall not impair the Bank’s rights to terminate this Agreement.
Appears in 6 contracts
Samples: Endorsement Split Dollar Agreement (Paragon Commercial CORP), Endorsement Split Dollar Agreement (Paragon Commercial CORP), Endorsement Split Dollar Agreement (Paragon Commercial CORP)
Option to Purchase. Upon termination of this Agreement, the The Bank shall not sell, surrender, or transfer ownership of the Policy before the Executive’s Separation from Service without first giving the Executive or the Executive’s transferee the option to purchase the Policy for a period of 60 days from written notice of such intentiondays. The purchase price shall be an amount equal to the Policy cash surrender value value. The option to purchase the Policy shall lapse if not exercised within 60 days after the date the Bank gives written notice of the Bank’s intention to sell, surrender, or transfer ownership of the Policy. This provision shall not impair the Bank’s right to terminate this Agreement.
Appears in 5 contracts
Samples: Endorsement Split Dollar Agreement (Crescent Financial Corp), Endorsement Split Dollar Agreement (Crescent Financial Corp), Endorsement Split Dollar Agreement (First Reliance Bancshares Inc)
Option to Purchase. Upon termination of this Agreement, the Bank shall not sell, surrender, or transfer ownership of the Policy without first giving the Executive or the Executive’s 's transferee the option to purchase the Policy for a period of 60 days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy.
Appears in 5 contracts
Samples: Split Dollar Agreement and Endorsement (Cortland Bancorp Inc), Split Dollar Agreement and Endorsement (Cortland Bancorp Inc), Split Dollar Agreement and Endorsement (Cortland Bancorp Inc)
Option to Purchase. Upon termination of this Agreement, the The Bank shall not sell, surrender, or transfer ownership of the Policy without first giving the Executive or the Executive’s transferee the option to purchase the Policy for a period of 60 days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy.
Appears in 4 contracts
Samples: Split Dollar Agreement (Sb Financial Group, Inc.), Split Dollar Agreement, Retirement Plan Agreement (Sb Financial Group, Inc.)
Option to Purchase. Upon termination of this Agreement, the Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Agreement is in effect without first giving the Executive or the Executive’s 's transferee the option to purchase the Policy for a period of 60 days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy. This provision shall not apply if the Agreement has terminated pursuant to Article 9.
Appears in 4 contracts
Samples: Supplemental Executive Retirement Plan Agreement (CCFNB Bancorp Inc), Supplemental Executive Retirement Plan Agreement (CCFNB Bancorp Inc), Supplemental Executive Retirement Plan Agreement (CCFNB Bancorp Inc)
Option to Purchase. Upon termination of this Agreement, the Bank shall not sell, surrender, surrender or transfer ownership of the Policy without first giving the Executive or the Executive’s =s transferee the option to purchase the Policy for a period of 60 days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy.
Appears in 3 contracts
Samples: Endorsement Split Dollar Agreement (Crescent Financial Corp), Endorsement Split Dollar Agreement (Crescent Financial Corp), Endorsement Split Dollar Agreement (Crescent Financial Corp)
Option to Purchase. Upon termination of this Agreement, the The Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Agreement is in effect without first giving the Executive or the Executive’s transferee the option to purchase the Policy for a period of 60 sixty (60) days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy. Upon receipt of such purchase price, the Bank shall assign ownership of the Policy to the Executive or his/her transferee and relinquish all existing rights to the Policy.
Appears in 2 contracts
Samples: Split Dollar Agreement (Centerstate Banks of Florida Inc), Split Dollar Agreement (Centerstate Banks of Florida Inc)
Option to Purchase. Upon termination of this Agreement, the ------------------ Bank shall not sell, surrender, or transfer ownership of the Policy without first giving the Executive or the Executive’s 's transferee the option to purchase the Policy for a period of 60 days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy.
Appears in 1 contract
Samples: Split Dollar Agreement and Endorsement (BNC Bancorp)
Option to Purchase. Upon termination of this Agreement, the The Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Agreement is in effect without first giving the Executive Director or the ExecutiveDirector’s transferee the option to purchase the Policy for a period of 60 sixty (60) days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy. This provision shall not apply if this Agreement has terminated pursuant to Article 4.
Appears in 1 contract
Samples: Director Split Dollar Agreement (First Farmers & Merchants Corp)
Option to Purchase. Upon termination of this Agreement, the Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Agreement is in effect without first giving the Executive or the Executive’s transferee the option to purchase the Policy for a period of 60 days from written notice of such intentionIntention. The purchase price shall be an amount equal to the cash surrender value of the Policy. This provision shall not apply if the Agreement has terminated pursuant to Article 9.
Appears in 1 contract
Samples: Supplemental Executive Retirement Plan Agreement (CCFNB Bancorp Inc)
Option to Purchase. Upon termination of this Agreement, the The Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Agreement is in effect without first giving the Executive Director or the Executive’s Director's transferee the option to purchase the Policy for a period of 60 sixty (60) days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy.
Appears in 1 contract
Option to Purchase. Upon termination of this Agreement, the The Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Agreement is in effect without first giving the Executive Trustee or the ExecutiveTrustee’s transferee the option to purchase the Policy for a period of 60 sixty days from written notice of such intention. The purchase price shall be an amount equal to the cash surrender value of the Policy. This provision shall not apply if this Agreement has terminated pursuant to Article 4.
Appears in 1 contract
