Common use of Payments and Funding Clause in Contracts

Payments and Funding. Any payments under this Agreement shall be independent of, and in addition to, those under any other plan, program or agreement which may be in effect between the parties hereto, or any other compensation payable to Employee or Employee’s designee by Employer. This Agreement shall not be construed as a contract of employment nor does it restrict the right of Employer to discharge Employee at will or the right of Employee to terminate said Employee’s employment at will. Employer may, in its sole discretion, purchase an insurance policy on the life of Employee to fund or assist in the funding of this Agreement. Employee agrees to promptly supply to Employer and its selected or prospective insurance carrier, upon request, any and all information requested, in order to enable the insurance carrier to evaluate the risks involved in providing the insurance requested by Employer. Any and all rights to any and all benefits under such insurance policy on the life of Employee shall be solely the property of Employer and all proceeds of such policy shall be payable by the insurer solely to Employer, as owner of such policy. Employee specifically waives any rights in any insurance policy on Employee’s life owned by Employer pursuant to this Agreement. Such policy shall not serve in any way as security to Employee for Employer’s performance under this Agreement. The rights accruing to Employee or any designee hereunder shall be solely those of an unsecured creditor of Employer and shall be subordinate to the rights of the depositors of Employer. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) or Employee’s estate at any time by the purchase of an annuity from a reputable insurance or similar company authorized to do, and doing, business in North Carolina and the assignment of the rights under said annuity to the benefit of Employee, Employee’s designated beneficiary(ies) or Employee’s estate. If this option is exercised by Employer, all rights accruing to Employee, Employee’s designated beneficiary(ies) or Employee’s estate hereunder shall be governed solely by the annuity contract and any election made under said annuity contract; and Employer shall be fully discharged from any further liabilities to Employee, Employee’s designated beneficiary(ies) or Employee’s estate under this Agreement. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) or Employee’s estate at any time by determining the present value of the payments due hereunder, said amount to be determined by the use of the U.S. Government bond rate for the nearest year applicable to the time of the payments due hereunder for the present value computation, and once determined, by payment of said amount in a lump sum to Employee, Employee’s designated beneficiary(ies) or Employee’s estate, as applicable.

Payments and Funding. Any payments under this Agreement shall be independent of, and in addition to, those under any other plan, program or agreement which may be in effect between the parties hereto, or any other compensation payable to Employee or Employee’s designee by Employer. This Agreement shall not be construed as a contract of employment nor does it restrict the right of Employer to discharge Employee at will or the right of Employee to terminate said Employee’s his employment at will. Employer may, in its sole discretion, purchase an insurance policy on the life of Employee to fund or assist in the funding of this Agreement. Employee agrees to promptly supply to Employer and its selected or prospective insurance carrier, upon request, any and all information requested, in order to enable the insurance carrier to evaluate the risks involved in providing the insurance requested by Employer. Any and all rights to any and all benefits under such insurance policy on the life of Employee shall be solely the property of Employer and all proceeds of such policy shall be payable by the insurer solely to Employer, as owner of such policy. Employee specifically waives any rights in any insurance policy on Employee’s life owned by Employer pursuant to this Agreement. Such policy shall not serve in any way as security to Employee for Employer’s performance under this Agreement. The rights accruing to Employee or any designee hereunder shall be solely those of an unsecured creditor of Employer and shall be subordinate to the rights of the depositors of Employer. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) or Employee’s estate at any time by the purchase of an annuity from a reputable insurance or similar company authorized to do, and doing, business in North Carolina and the assignment of the rights under said annuity to the benefit of Employee, Employee’s designated beneficiary(ies) or Employee’s estate. If this option is exercised by Employer, all rights accruing to Employee, Employee’s designated beneficiary(ies) or Employee’s estate hereunder shall be governed solely by the annuity contract and any election made under said annuity contract; and Employer shall be fully discharged from any further liabilities to Employee, Employee’s designated beneficiary(ies) or Employee’s estate under this Agreement. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) or Employee’s estate at any time by determining the present value of the payments due hereunder, said amount to be determined by the use of the U.S. Government bond rate for the nearest year applicable to the time of the payments due hereunder for the present value computation, and once determined, by payment of said amount in a lump sum to Employee, Employee’s designated beneficiary(ies) or Employee’s estate, as applicable.

Payments and Funding. Any payments under this Agreement shall be independent of, and in addition to, those under any other planPlan, program or agreement which may be in effect between the parties hereto, or any other compensation payable to Employee or Employee’s 's designee by Employer. This Agreement shall not be construed as a contract of employment nor does it restrict the right of Employer to discharge Employee at will or the right of Employee to terminate said Employee’s employment at will. Employer may, in its sole discretion, purchase an insurance policy on the life of Employee to fund or assist in the funding of this Agreement. Employee agrees to promptly supply to Employer and its selected or prospective insurance carrier, upon request, any and all information requested, in order to enable the insurance carrier to evaluate the risks involved in providing the insurance requested by Employer. Any and all rights to any and all benefits under such insurance policy on the life of Employee shall be solely the property of Employer and all proceeds of such policy shall be payable by the insurer solely to Employer, as owner of such policy. Employee specifically waives any rights in any insurance policy on Employee’s 's life owned by Employer pursuant to this Agreement. Such policy shall not serve in any way as security to Employee for Employer’s 's performance under this Agreement. The rights accruing to Employee or any designee hereunder shall be solely those of an unsecured creditor of Employer and shall be subordinate to the rights of the depositors of Employer. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s 's designated beneficiary(ies) beneficiary or Employee’s estate 's Estate at any time by the purchase of an annuity from a reputable insurance or similar company authorized to do, and doing, business in North South Carolina and the assignment of the rights under said annuity to the benefit of Employee, Employee’s 's designated beneficiary(ies) beneficiary or Employee’s estate's Estate. If this option is exercised by Employer, all rights accruing to Employee, Employee’s 's designated beneficiary(ies) beneficiary or Employee’s estate 's Estate hereunder shall be governed solely by the annuity contract and any election made under said annuity contract; and Employer shall be fully discharged from any further liabilities to Employee, Employee’s 's designated beneficiary(ies) beneficiary or Employee’s estate 's Estate under this Agreement. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s 's designated beneficiary(ies) beneficiary or Employee’s estate 's Estate at any time by determining the present value of the payments due hereunder, said amount to be determined by the use of the U.S. Government bond rate for the nearest year applicable to the time of the payments due hereunder for the present value computation, computation and once determined, by payment of said amount in a lump sum to Employee, Employee’s 's designated beneficiary(ies) beneficiary or Employee’s estate's Estate, as applicable.

Payments and Funding. Any payments under this Agreement shall be independent of, and in addition to, those under any other plan, program or agreement which may be in effect between the parties hereto, or any other compensation payable to Employee or Employee’s designee by Employer. This Agreement shall not be construed as a contract of employment nor does it restrict the right of Employer to discharge Employee at will or the right of Employee to terminate said Employee’s employment at will. Employer may, in its sole discretion, purchase an insurance policy on the life of Employee to fund or assist in the funding of this Agreement. Employee agrees to promptly supply to Employer and its selected or prospective insurance carrier, upon request, any and all information requested, in order to enable the insurance carrier to evaluate the risks involved in providing the insurance requested by Employer. Any and all rights to any and all benefits under such insurance policy on the life of Employee shall be solely the property of Employer and all proceeds of such policy shall be payable by the insurer solely to Employer, as owner of such policy. Employee specifically waives any rights in any insurance policy on Employee’s life owned by Employer pursuant to this Agreement. Such policy shall not serve in any way as security to Employee for Employer’s performance under this Agreement. The rights accruing to Employee or any designee hereunder shall be solely those of an unsecured creditor of Employer and shall be subordinate to the rights of the depositors of Employer. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) or Employee’s estate at any time by the purchase of an annuity from a reputable insurance or similar company authorized to do, and doing, business in North Carolina and the assignment of the rights under said annuity to the benefit of Employee, Employee’s designated beneficiary(ies) or Employee’s estate. If this option is exercised by Employer, all rights accruing to Employee, Employee’s designated beneficiary(ies) or Employee’s estate hereunder shall be governed solely by the annuity contract and any election made under said annuity contract; and Employer shall be fully discharged from any further liabilities to Employee, Employee’s designated beneficiary(ies) or Employee’s estate under this Agreement. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) or Employee’s estate at any time by determining the present value of the payments due hereunder, said amount to be determined by the use of the U.S. Government bond rate for the nearest year applicable to the time of the payments due hereunder for the present value computation, and once determined, by payment of said amount in a lump sum to Employee, Employee’s designated beneficiary(ies) or Employee’s estate, as applicable.

Payments and Funding. Any payments under this Agreement shall be independent of, and in addition to, those under any other planPlan, program or agreement which may be in effect between the parties hereto, or any other compensation payable to Employee or Employee’s 's designee by Employer. This Agreement shall not be construed as a contract of employment nor does it restrict the right of Employer to discharge Employee at will or the right of Employee to terminate said Employee’s employment at will. Employer may, in its sole discretion, purchase an insurance policy on the life of Employee to fund or assist in the funding of this Agreement. Employee agrees to promptly supply to Employer and its selected or prospective insurance carrier, upon request, any and all information requested, in order to enable the insurance carrier to evaluate the risks involved in providing the insurance requested by Employer. Any and all rights to any and all benefits under such insurance policy on the life of Employee shall be solely the property of Employer and all proceeds of such policy shall be payable by the insurer solely to Employer, as owner of such policy. Employee specifically waives any rights in any insurance policy on Employee’s 's life owned by Employer pursuant to this Agreement. Such policy shall not serve in any way as security to Employee for Employer’s 's performance under this Agreement. The rights accruing to Employee or any designee hereunder shall be solely those of an unsecured creditor of Employer and shall be subordinate to the rights of the depositors of Employer. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s 's designated beneficiary(ies) beneficiary or Employee’s estate 's Estate at any time by the purchase of an annuity from a reputable insurance or similar company authorized to do, and doing, business in North Carolina and the assignment of the rights under said annuity to the benefit of Employee, Employee’s 's designated beneficiary(ies) beneficiary or Employee’s estate's Estate. If this option is exercised by Employer, all rights accruing to Employee, Employee’s 's designated beneficiary(ies) beneficiary or Employee’s estate 's Estate hereunder shall be governed solely by the annuity contract and any election made under said annuity contract; and Employer shall be fully discharged from any further liabilities to Employee, Employee’s 's designated beneficiary(ies) beneficiary or Employee’s estate 's Estate under this Agreement. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s 's designated beneficiary(ies) beneficiary or Employee’s estate 's Estate at any time by determining the present value of the payments due hereunder, said amount to be determined by the use of the U.S. Government bond rate for the nearest year applicable to the time of the payments due hereunder for the present value computation, computation and once determined, by payment of said amount in a lump sum to Employee, Employee’s 's designated beneficiary(ies) beneficiary or Employee’s estate's Estate, as applicable.

Payments and Funding. Any payments under this Agreement shall be independent of, and in addition to, those under any other plan, program or agreement which may be in effect between the parties hereto, or any other compensation payable to Employee or Employee’s 's designee by Employer. This Agreement shall not be construed as a contract of employment nor does it restrict the right of Employer to discharge Employee at will or the right of Employee to terminate said Employee’s 's employment at will. Employer may, in its sole discretion, purchase an insurance policy on the life of Employee to fund or assist in the funding of this Agreement. Employee agrees to promptly supply to Employer and its selected or prospective insurance carrier, upon request, any and all information requested, in order to enable the insurance carrier to evaluate the risks involved in providing the insurance requested by Employer. Any and all rights to any and all benefits under such insurance policy on the life of Employee shall be solely the property of Employer and all proceeds of such policy shall be payable by the insurer solely to Employer, as owner of such policy. Employee specifically waives any rights in any insurance policy on Employee’s 's life owned by Employer pursuant to this Agreement. Such policy shall not serve in any way as security to Employee for Employer’s 's performance under this Agreement. The rights accruing to Employee or any designee hereunder shall be solely those of an unsecured creditor of Employer and shall be subordinate to the rights of the general creditors and depositors of Employer. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) or Employee’s estate at any time by the purchase of an annuity from a reputable insurance or similar company authorized to do, and doing, business in North Carolina and the assignment of the rights under said annuity to the benefit of Employee, Employee’s designated beneficiary(ies) or Employee’s estate. If this option is exercised by Employer, all rights accruing to Employee, Employee’s designated beneficiary(ies) or Employee’s estate hereunder shall be governed solely by the annuity contract and any election made under said annuity contract; and Employer shall be fully discharged from any further liabilities to Employee, Employee’s designated beneficiary(ies) or Employee’s estate under this Agreement. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) or Employee’s estate at any time by determining the present value of the payments due hereunder, said amount to be determined by the use of the U.S. Government bond rate for the nearest year applicable to the time of the payments due hereunder for the present value computation, and once determined, by payment of said amount in a lump sum to Employee, Employee’s designated beneficiary(ies) or Employee’s estate, as applicable.

Payments and Funding. Any payments under this Agreement shall be independent of, and in addition to, those under any other planPlan, program or agreement which may be in effect between the parties hereto, or any other compensation payable to Employee or Employee’s designee by Employer. This Agreement shall not be construed as a contract of employment nor does it restrict the right of Employer to discharge Employee at will or the right of Employee to terminate said Employee’s employment at will. Employer may, in its sole discretion, purchase an insurance policy on the life of Employee to fund or assist in the funding of this Agreement. Employee agrees to promptly supply to Employer and its selected or prospective insurance carrier, upon request, any and all information requested, in order to enable the insurance carrier to evaluate the risks involved in providing the insurance requested by Employer. Any and all rights to any and all benefits under such insurance policy on the life of Employee shall be solely the property of Employer and all proceeds of such policy shall be payable by the insurer solely to Employer, as owner of such policy. Employee specifically waives any rights in any insurance policy on Employee’s life owned by Employer pursuant to this Agreement. Such policy shall not serve in any way as security to Employee for Employer’s performance under this Agreement. The rights accruing to Employee or any designee hereunder shall be solely those of an unsecured creditor of Employer and shall be subordinate to the rights of the depositors of Employer. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate Estate at any time by the purchase of an annuity from a reputable insurance or similar company authorized to do, and doing, business in North Carolina and the assignment of the rights under said annuity to the benefit of Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estateEstate. If this option is exercised by Employer, all rights accruing to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate Estate hereunder shall be governed solely by the annuity contract and any election made under said annuity contract; and and, Employer shall be fully discharged from any further liabilities to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate Estate under this Agreement. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate Estate at any time by determining the present value of the payments due hereunder, said amount to be determined by the use of the U.S. Government bond rate for the nearest year applicable to to, the time of the payments due hereunder for the present value computation, computation and once determined, by payment of said amount in a lump sum to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estateEstate, as applicable.

Payments and Funding. Any payments under this Agreement shall be independent of, and in addition to, those under any other planPlan, program or agreement which may be in effect between the parties hereto, or any other compensation payable to Employee or Employee’s designee by Employer. This Agreement shall not be construed as a contract of employment nor does it restrict the right of Employer to discharge Employee at will or the right of Employee to terminate said Employee’s employment at will. Employer may, in its sole discretion, purchase an insurance policy on the life of Employee to fund or assist in the funding of this Agreement. Employee agrees to promptly supply to Employer and its selected or prospective insurance carrier, upon request, any and all information requested, in order to enable the insurance carrier to evaluate the risks involved in providing the insurance requested by Employer. Any and all rights to any and all benefits under such insurance policy on the life of Employee shall be solely the property of Employer and all proceeds of such policy shall be payable by the insurer solely to Employer, as owner of such policy. Employee specifically waives any rights in any insurance policy on Employee’s life owned by Employer pursuant to this Agreement. Such policy shall not serve in any way as security to Employee for Employer’s performance under this Agreement. The rights accruing to Employee or any designee hereunder shall be solely those of an unsecured creditor of Employer and shall be subordinate to the rights of the depositors of Employer. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate Estate at any time by the purchase of an annuity from a reputable insurance or similar company authorized to do, and doing, business in North South Carolina and the assignment of the rights under said annuity to the benefit of Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estateEstate. If this option is exercised by Employer, all rights accruing to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate Estate hereunder shall be governed solely by the annuity contract and any election made under said annuity contract; and Employer shall be fully discharged from any further liabilities to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate Estate under this Agreement. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate Estate at any time by determining the present value of the payments due hereunder, said amount to be determined by the use of the U.S. Government bond rate for the nearest year applicable to the time of the payments due hereunder for the present value computation, computation and once determined, by payment of said amount in a lump sum to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estateEstate, as applicable.

Payments and Funding. Any payments under this Agreement shall be independent of, and in addition to, those under any other planPlan, program or agreement which may be in effect between the parties hereto, or any other compensation payable to Employee or Employee’s designee by Employer. This Agreement shall not be construed as a contract of employment nor does it restrict the right of Employer to discharge Employee at will or the right of Employee to terminate said Employee’s employment at will. Employer may, in its sole discretion, purchase an insurance policy on the life of Employee to fund or assist in the funding of this Agreement. Employee agrees to promptly supply to Employer and its selected or prospective insurance carrier, upon request, any and all information requested, in order to enable the insurance carrier to evaluate the risks involved in providing the insurance requested by Employer. Any and all rights to any and all benefits under such insurance policy on the life of Employee shall be solely the property of Employer and all proceeds of such policy shall be payable by the insurer solely to Employer, as owner of such policy. Employee specifically waives any rights in any insurance policy on Employee’s life owned by Employer pursuant to this Agreement. Such policy shall not serve in any way as security to Employee for Employer’s performance under this Agreement. The rights accruing to Employee or any designee hereunder shall be solely those of an unsecured creditor of Employer and shall be subordinate to the rights of the depositors of Employer. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate at any time by the purchase of an annuity from a reputable insurance or similar company authorized to do, and doing, business in North South Carolina and the assignment of the rights under said annuity to the benefit of Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate. If this option is exercised by Employer, all rights accruing to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate hereunder shall be governed solely by the annuity contract and any election made under said annuity contract; and Employer shall be fully discharged from any further liabilities to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate under this Agreement. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate at any time by determining the present value of the payments due hereunder, said amount to be determined by the use of the U.S. Government bond rate for the nearest year applicable to the time of the payments due hereunder for the present value computation, computation and once determined, by payment of said amount in a lump sum to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate, as applicable.

Payments and Funding. Any payments under this Agreement shall be independent of, and in addition to, those under any other planPlan, program or agreement which may be in effect between the parties hereto, or any other compensation payable to Employee or Employee’s designee by Employer. This Agreement shall not be construed as a contract of employment nor does it restrict the right of Employer to discharge Employee at will or the right of Employee to terminate said Employee’s employment at will. Employer may, in its sole discretion, purchase an insurance policy on the life of Employee to fund or assist in the funding of this Agreement. Employee agrees to promptly supply to Employer and its selected or prospective insurance carrier, upon request, any and all information requested, in order to enable the insurance carrier to evaluate the risks involved in providing the insurance requested by Employer. Any and all rights to any and all benefits under such insurance policy on the life of Employee shall be solely the property of Employer and all proceeds of such policy shall be payable by the insurer solely to Employer, as owner of such policy. Employee specifically waives any rights in any insurance policy on Employee’s life owned by Employer pursuant to this Agreement. Such policy shall not serve in any way as security to Employee for Employer’s performance under this Agreement. The rights accruing to Employee or any designee hereunder shall be solely those of an unsecured creditor of Employer and shall be subordinate to the rights of the depositors of Employer. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate Estate at any time by the purchase of an annuity from a reputable insurance or similar company authorized to do, and doing, business in North Carolina and the assignment of the rights under said annuity to the benefit of Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estateEstate. If this option is exercised by Employer, all rights accruing to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate Estate hereunder shall be governed solely by the annuity contract and any election made under said annuity contract; and and, Employer shall be fully discharged from any further liabilities to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate Estate under this Agreement. Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estate Estate at any time by determining the present value of the payments due hereunder, said amount to be determined by the use of the U.S. Government bond rate for the nearest year applicable to the time of the payments due hereunder for the present value computation, computation and once determined, by payment of said amount in a lump sum to Employee, Employee’s designated beneficiary(ies) beneficiary or Employee’s estateEstate, as applicable.

Payments and Funding. Any payments under this Agreement shall be independent of, and in addition to, those under any other planPlan, program or agreement which may be in effect between the parties hereto, or any other compensation payable to Employee Xxxxxxxxx or Employee’s Xxxxxxxxx’x designee by EmployerBank. This Agreement shall not restrict payment to Xxxxxxxxx for service to Bank as a director or in any other capacity. This Agreement shall not be construed as a contract of employment nor does it restrict the right of Employer to discharge Employee at will or the right of Employee to terminate said Employee’s employment at willemployment. Employer may, in its sole discretion, purchase Bank has purchased an insurance policy on the life of Employee Xxxxxxxxx to fund fund, or assist in the funding, of the 1986 Agreement. A previously purchased life insurance policy may be used to fund, or assist in the funding of of, this Agreement. Employee Xxxxxxxxx agrees to promptly supply to Employer Bank and its selected or prospective insurance carrier, upon request, any and all information requested, requested in order to enable the insurance carrier to evaluate the risks involved in providing the any insurance requested by EmployerBank, or the continuation of the outstanding policy. Any and all rights to any and all benefits under such insurance policy on the life of Employee Xxxxxxxxx shall be solely the property of Employer Bank and all proceeds of such policy shall be payable by the insurer solely to EmployerBank, as owner of such policy. Employee Xxxxxxxxx specifically waives any rights in any insurance policy on Employee’s Xxxxxxxxx’x life owned by Employer Bank pursuant to the 1986 Agreement, the Second Agreement or this Agreement. Such policy shall not serve in any way as security to Employee Xxxxxxxxx for EmployerBank’s performance under this Agreement. The rights accruing to Employee Xxxxxxxxx or any designee hereunder shall be solely those of an unsecured creditor of Employer Bank and shall be subordinate to the rights of the depositors of EmployerBank. Employer Bank may, in its sole discretion, discharge its liabilities under this Agreement to EmployeeXxxxxxxxx, Employee’s Xxxxxxxxx’x designated beneficiary(ies) beneficiary or Employee’s Xxxxxxxxx’x estate at any time by the purchase of an annuity from a reputable insurance or similar company authorized to do, and doing, business in North Carolina and the assignment of the rights under said annuity to the benefit of EmployeeXxxxxxxxx, Employee’s Xxxxxxxxx’x designated beneficiary(ies) beneficiary or Employee’s Xxxxxxxxx’x estate, as the correct beneficiary. If this option is exercised by EmployerBank, all rights accruing to EmployeeXxxxxxxxx, Employee’s Xxxxxxxxx’x designated beneficiary(ies) beneficiary or Employee’s Xxxxxxxxx’x estate hereunder shall be governed solely by the annuity contract and any election made under said annuity contract; and Employer and, Bank shall be fully discharged from any further liabilities to EmployeeXxxxxxxxx, Employee’s Xxxxxxxxx’x designated beneficiary(ies) beneficiary or Employee’s Xxxxxxxxx’x estate under this Agreement. Employer Bank may, in its sole discretion, discharge its liabilities under this Agreement to EmployeeXxxxxxxxx, Employee’s Xxxxxxxxx’x designated beneficiary(ies) beneficiary or Employee’s Xxxxxxxxx’x estate at any time by determining the present value of the payments due hereunder, said amount to be determined by the use of the U.S. Government bond rate for the nearest year applicable to the time of the payments due hereunder for the present value computation, computation and once determined, by payment of said amount in a lump sum to EmployeeXxxxxxxxx, Employee’s Xxxxxxxxx’x designated beneficiary(ies) beneficiary or Employee’s Xxxxxxxxx’x estate, as applicable.