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 Executive or Executive’s designee by Company. This Agreement shall not be construed as a contract of employment nor does it restrict the right of Company to discharge Executive at will or the right of Executive to terminate said Executive’s employment at will. Company may, in its sole discretion, purchase an insurance policy on the life of Executive to fund or assist in the funding of this Agreement. Executive agrees to promptly supply to Company 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 Company. Any and all rights to any and all benefits under such insurance policy on the life of Executive shall be solely the property of Company and all proceeds of such policy shall be payable by the insurer solely to Company, as owner of such policy. Executive specifically waives any rights in any insurance policy on Executive’s life owned by Company pursuant to this Agreement. Such policy shall not serve in any way as security to Executive for Company’s performance under this Agreement. The rights accruing to Executive or any designee hereunder shall be solely those of an unsecured creditor of Company and shall be subordinate to the rights of the depositors of Company.

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 Executive Employee or Executive’s Employee's designee by CompanyEmployer. This Agreement shall not be construed as a contract of employment nor does it restrict the right of Company Employer to discharge Executive Employee at will or the right of Executive Employee to terminate said Executive’s employment at will. Company Employer may, in its sole discretion, purchase an insurance policy on the life of Executive Employee to fund or assist in the funding of this Agreement. Executive Employee agrees to promptly supply to Company 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, involved in providing the insurance requested by CompanyEmployer. Any and all rights to any and all benefits under such insurance policy on the life of Executive Employee shall be solely the property of Company Employer and all proceeds of such policy shall be payable by the insurer solely to CompanyEmployer, as owner of such policy. Executive Employee specifically waives any rights in any insurance policy on Executive’s Employee's life owned by Company Employer pursuant to this Agreement. Such policy shall not serve in any way as security to Executive Employee for Company’s Employer's performance under this Agreement. The rights accruing to Executive Employee or any designee hereunder shall be solely those of an unsecured creditor of Company Employer and shall be subordinate to the rights of the depositors of CompanyEmployer.