Death Claims. 5.1 When the Employee dies, the Bank shall be entitled to receive from the insurance company a portion of the death benefits payable under the insurance policy equal to the Bank’s Policy Interest the receipt of this amount by the Bank shall constitute satisfaction of the Bank’s rights under Section 3 of this Agreement.
Appears in 3 contracts
Samples: Split Dollar Insurance Agreement (Susquehanna Bancshares Inc), Split Dollar Insurance Agreement (Abington Community Bancorp, Inc.), Form of Split Dollar Insurance Agreement (Abington Bancorp, Inc./Pa)
Death Claims. 5.1 When the Employee dies, the Bank shall be entitled to receive from the insurance company Trustee a portion of the death benefits payable under the insurance policy Insurance Policy equal to the Bank’s 's Policy Interest the Interest. The receipt of this amount by the Bank shall constitute satisfaction of the Bank’s 's rights under Section 3 of this Agreement.
Appears in 1 contract
Death Claims. 5.1 When the Employee dies, the Bank shall be entitled to receive from the insurance company a portion of the death benefits payable under the insurance policy policy(ies) equal to the Bank’s Policy Policy(ies) Interest. The Bank’s Policy(ies) Interest is defined as any amount in excess of the Net Death Benefits defined above. The receipt of this amount by the Bank shall constitute satisfaction of the Bank’s rights under Section 3 of this Agreement.
Appears in 1 contract
Samples: Split Dollar Insurance Agreement (OBA Financial Services, Inc.)
