Participant’s Interest. Each Participant, or the Participant's assignee, shall have the right to designate the beneficiary of the death proceeds of the Policy remaining after the payment to the Company of its interests. The Participant shall also have the right to elect and change settlement options with the consent of the Company and the Insurer.
Appears in 5 contracts
Sources: Group Term Replacement Agreement (Tower Bancorp Inc), Group Term Replacement Agreement (Tower Bancorp Inc), Group Term Replacement Plan (Orrstown Financial Services Inc)
Participant’s Interest. Each Participant, The Participant or the Participant's assignee, ’s assignee shall have the right to designate the beneficiary of the an amount of death proceeds of the Policy remaining after the payment to the Company of its interestsnoted in Sections 3.1.1 below. The Participant shall also have the right to elect and change settlement options with the consent of the Company and the Insurer.
Appears in 2 contracts
Sources: Group Term Carve Out Plan (Athens Bancshares Corp), Group Term Carve Out Plan (Athens Bancshares Corp)
Participant’s Interest. Each If applicable, the Participant, or the Participant's assignee, shall have the right to designate the beneficiary of the death proceeds of the Policy remaining after the payment to the Company of its interestsas specified in Section 4.2.1 or 4.2.2. The Participant shall also have the right to elect and change settlement options with by providing written notice to the consent of the Company Bank and the Insurer.
Appears in 1 contract
Sources: Group Term Carve Out Plan (Wayne Savings Bancshares Inc /De/)
Participant’s Interest. Each With respect to each Policy, the Participant, or the Participant's assignee, shall have the right to designate the beneficiary of the an amount of death proceeds of the Policy remaining after the payment equal to the Company of its interestsIndexed Baseline Benefit. The Participant shall also have the right to elect and change settlement options with the consent of the Company Corporation and the Insurer.
Appears in 1 contract
Sources: Split Dollar Life Insurance Plan (Heartland Financial Usa Inc)
Participant’s Interest. Each With respect to each Policy, the Participant, or the Participant's ’s assignee, shall have the right to designate the beneficiary of the an amount of death proceeds of the Policy remaining after the payment equal to the Company Participant’s Interest as set forth in the Participant’s individual split dollar endorsement and as reflected on the Participant’s annual statement of its interestsestimated benefits. The Participant shall also have the right to elect and change settlement options with the consent of the Company and the Insurer.
Appears in 1 contract
Sources: Group Term Replacement Plan (CFSB Bancorp, Inc. /MA/)
Participant’s Interest. Each With respect to each Policy, the Participant, or the Participant's ’s assignee, shall have the right to designate the beneficiary of the an amount of death proceeds of the Policy remaining after the payment equal to the Company of its interestsIndexed Baseline Benefit. The Participant shall also have the right to elect and change settlement options with the consent of the Company Corporation and the Insurer.
Appears in 1 contract
Sources: Split Dollar Life Insurance Plan (Heartland Financial Usa Inc)
Participant’s Interest. Each Participant, or the Participant's assignee’s assignee to the extent permitted hereby, shall have the right to designate the beneficiary of the death proceeds of the Policy remaining after the payment to the Company of its interestsas specified in Sections 4.2.1 or 4.2.2, as applicable. The Participant shall also have the right to elect and change settlement options with for the consent of Participant’s interest by providing written notice to the Company Bank and the Insurer.
Appears in 1 contract
Sources: Group Term Carve Out Plan (Laurel Capital Group Inc)