Ownership of the Annuity Contract. The Employer is the sole owner of the Annuity Contract and shall have the right to exercise all incidents of ownership. The Employer shall be the beneficiary of the death proceeds of the Annuity Contract. The Employer shall at all times be entitled to the Annuity Contract’s cash surrender value, as that term is defined in the Annuity Contract. The cash surrender value shall be determined as of the date of the surrender of the Annuity Contract or death of the Executive, as the case may be.
Appears in 5 contracts
Samples: Supplemental Executive Retirement Plan Agreement, Supplemental Executive Retirement Plan Agreement (Wilson Bank Holding Co), Supplemental Executive Retirement Plan Agreement (Wilson Bank Holding Co)
