Common use of Amendment and Termination of Agreement Clause in Contracts

Amendment and Termination of Agreement. This Agreement may be amended solely by a written agreement signed by the Bank and the Executive. This Agreement shall automatically terminate and the Executive’s rights and interest in this Agreement shall be forfeited if benefits under the Salary Continuation Agreement are neither paid nor payable because of termination under Article 5 of the Salary Continuation Agreement. This Agreement shall also terminate upon distribution of death benefits in accordance with Section 2.2 above.

Appears in 6 contracts

Samples: Endorsement Split Dollar Agreement (Midcarolina Financial Corp), Endorsement Split Dollar Agreement (Midcarolina Financial Corp), Endorsement Split Dollar Agreement (Midcarolina Financial Corp)

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Amendment and Termination of Agreement. This Agreement may be amended or terminated solely by a written agreement signed by the Bank and the Executive. This Agreement shall automatically terminate and the Executive’s rights and interest in However, this Agreement shall be forfeited if benefits under terminate upon the first to occur of (x) distribution of the death benefit proceeds in accordance with section 2.2 above, or (y) termination of the Salary Continuation Agreement are neither paid nor payable because of termination under Article 5 of the Salary Continuation Agreement. This Agreement shall also terminate upon distribution of death benefits in accordance with Section 2.2 above.

Appears in 5 contracts

Samples: Endorsement Split Dollar Agreement (1st Financial Services CORP), Endorsement Split Dollar Agreement (1st Financial Services CORP), Endorsement Split Dollar Agreement (1st Financial Services CORP)

Amendment and Termination of Agreement. This Agreement may be amended or terminated solely by a written agreement signed by the Bank and the Executive. This Agreement shall automatically terminate and the Executive’s rights and interest in However, this Agreement shall be forfeited if benefits under terminate upon the first to occur of (x) distribution of the death benefit proceeds in accordance with section 2.2 above, or (y) termination of the Salary Continuation Agreement are neither paid nor payable because of termination under Article 5 of the Salary Continuation Agreement. This Agreement shall also terminate upon distribution of death benefits in accordance with Section 2.2 above, or (z) the Executive’s Separation from Service.

Appears in 5 contracts

Samples: Endorsement Split Dollar Agreement (First Reliance Bancshares Inc), Endorsement Split Dollar Agreement (Crescent Financial Corp), Endorsement Split Dollar Agreement (First Reliance Bancshares Inc)

Amendment and Termination of Agreement. This Agreement may be amended solely by a written agreement signed by the Bank and the Executive. This Agreement shall automatically terminate and upon the Executive’s rights and interest first to occur of (w) distribution of the death benefit proceeds in this Agreement shall be forfeited if benefits under accordance with section 2.2 above, (x) termination of the Salary Continuation Agreement are neither paid nor payable because of termination under Article 5 of the Salary Continuation Agreement. This Agreement shall also terminate upon distribution , (y) the Executive’s Separation from Service, or (z) the Executive’s attainment of death benefits in accordance with Section 2.2 aboveNormal Retirement Age.

Appears in 5 contracts

Samples: Endorsement Split Dollar Agreement (1st Financial Services CORP), Endorsement Split Dollar Agreement (1st Financial Services CORP), Endorsement Split Dollar Agreement (1st Financial Services CORP)

Amendment and Termination of Agreement. This Agreement may be amended or terminated solely by a written agreement signed by the Bank and the Executive. This Agreement shall automatically terminate and the Executive’s rights and interest in However, this Agreement shall be forfeited if benefits under terminate upon the first to occur of (w) distribution of the death benefit proceeds in accordance with section 2.2 above, or (x) termination of the Salary Continuation Agreement are neither paid nor payable because of termination under Article 5 of the Salary Continuation Agreement, or (y) the Executive’s Separation from Service, or (z) the date the Executive attains age 65. This Agreement shall also terminate upon distribution of death benefits in accordance with Section 2.2 above.8.2

Appears in 5 contracts

Samples: Endorsement Split Dollar Agreement (Tidelands Bancshares Inc), Endorsement Split Dollar Agreement (Tidelands Bancshares Inc), Endorsement Split Dollar Agreement (Tidelands Bancshares Inc)

Amendment and Termination of Agreement. This Agreement may be amended solely by a written agreement signed by the Bank and the Executive. This Agreement shall terminate upon distribution of death benefits in accordance with Section 2.2 above. This Agreement shall automatically terminate and the Executive’s rights and interest in this Agreement shall be forfeited if benefits under the Salary Continuation Agreement are neither paid nor payable because of termination under Article 5 of the Salary Continuation Agreement. This Agreement shall also terminate upon distribution of death benefits in accordance with Section 2.2 above.

Appears in 4 contracts

Samples: Endorsement Split Dollar Agreement (Bank of Wilmington CORP), Endorsement Split Dollar Agreement (Bank of Wilmington CORP), Endorsement Split Dollar Agreement (Bank of Wilmington CORP)

Amendment and Termination of Agreement. This Agreement may be amended or terminated solely by a written agreement signed by the Bank and the Executive. This Agreement shall automatically terminate and the Executive’s rights and interest in However, this Agreement shall be forfeited if benefits under terminate upon the first to occur of (x) distribution of the death benefit proceeds in accordance with section 2.2 above, or (y) termination of the Amended Salary Continuation Agreement are neither paid nor payable because of termination under Article 5 of the Amended Salary Continuation Agreement. This Agreement shall also terminate upon distribution of death benefits in accordance with Section 2.2 above.

Appears in 4 contracts

Samples: Dollar Agreement (BNC Bancorp), Dollar Agreement (BNC Bancorp), Dollar Agreement (BNC Bancorp)

Amendment and Termination of Agreement. This Agreement may be amended or terminated solely by a written agreement signed by the Bank and the Executive. This However, this Agreement shall will automatically terminate and the Executive’s rights and interest in this Agreement 's Interest shall be forfeited if benefits under the Salary Continuation Agreement are neither paid nor payable because of termination under Article 5 of the Salary Continuation Agreement. This Agreement shall also terminate upon distribution the occurrence of death benefits in accordance with Section 2.2 above.any one of the following -

Appears in 3 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)

Amendment and Termination of Agreement. This Agreement may be amended or terminated solely by a written agreement signed by the Bank and the Executive. This However, this Agreement shall will automatically terminate and the Executive’s rights and interest in this Agreement Interest shall be forfeited if benefits under the Salary Continuation Agreement are neither paid nor payable because of termination under Article 5 of the Salary Continuation Agreement as in effect on the date of termination of employment or, if earlier, as in effect on the date of termination of the Salary Continuation Agreement. This Agreement shall also terminate upon distribution the occurrence of death benefits in accordance with Section 2.2 above.any one of the following:

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)

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Amendment and Termination of Agreement. This Agreement may be amended or terminated solely by a written agreement signed by the Bank and the Executive. This However, this Agreement shall will automatically terminate and the Executive’s rights and interest in this Agreement =s Interest shall be forfeited if benefits under the Salary Continuation Agreement are neither paid nor payable because of termination under Article 5 of the Salary Continuation Agreement. This Agreement shall also terminate upon distribution the occurrence of death benefits in accordance with Section 2.2 above.any one of the following:

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)

Amendment and Termination of Agreement. This Agreement may be amended solely by a written agreement signed by the Bank and the Executive. This Agreement shall automatically terminate and the Executive’s rights and interest in this Agreement shall be forfeited if benefits under the Salary Continuation Agreement are neither paid nor payable because of termination under Article 5 of the Salary Continuation Agreement. This Agreement shall also terminate upon distribution of death benefits in accordance with Section section 2.2 above.

Appears in 3 contracts

Samples: Endorsement Split Dollar Agreement (Oak Ridge Financial Services, Inc.), Endorsement Split Dollar Agreement (Oak Ridge Financial Services, Inc.), Endorsement Split Dollar Agreement (Oak Ridge Financial Services, Inc.)

Amendment and Termination of Agreement. This Agreement may be amended or terminated solely by a written agreement signed by the Bank and the Executive. This However, this Agreement shall will automatically terminate and the Executive’s rights and interest in this Agreement 's Interest shall be forfeited if benefits under the Salary Continuation Agreement are neither paid nor payable because of termination under Article 5 of the Salary Continuation Agreement. This Agreement shall also terminate upon distribution the occurrence of death benefits in accordance with Section 2.2 above.any one of the following:

Appears in 2 contracts

Samples: Endorsement Split Dollar Agreement (Citizens South Banking Corp), Endorsement Split Dollar Agreement (Citizens South Banking Corp)

Amendment and Termination of Agreement. This Agreement may be amended solely by a written agreement signed by the Bank and the ExecutiveOfficer. This Agreement shall automatically terminate and the ExecutiveOfficer’s rights and interest in this Agreement shall be forfeited if benefits under the Salary Continuation Agreement are neither paid nor payable because of termination under Article 5 of the Salary Continuation Agreement. This Agreement shall also terminate upon distribution of death benefits in accordance with Section 2.2 above.

Appears in 1 contract

Samples: Endorsement Split Dollar Agreement (Midcarolina Financial Corp)

Amendment and Termination of Agreement. This Agreement may be amended or terminated solely by a written agreement signed by the Bank and the Executive. This However, this Agreement shall will automatically terminate and the Executive’s rights and interest in this Agreement 's Interest shall be forfeited if benefits under the Salary Continuation Agreement are neither paid nor payable because of termination under Article 5 of the Salary Continuation Agreement. This Agreement shall also terminate upon distribution the occurrence of death benefits in accordance with Section 2.2 above.any one of the following

Appears in 1 contract

Samples: Endorsement Split Dollar Agreement (Citizens South Banking Corp)

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