Employer’s Interest. The Employer shall own the Policy and shall have the right to exercise all incidents of ownership. However, following a Change in Control, the Employer may only terminate a Policy with the consent of the Executive. The Employer shall be the beneficiary of the remaining death proceeds of the Policy after the Executive’s interest is determined according to Section 2.2.
Appears in 2 contracts
Samples: Split Dollar Life Insurance Agreement (Eureka Homestead Bancorp, Inc.), Split Dollar Life Insurance Agreement (Eureka Homestead Bancorp, Inc.)
Employer’s Interest. The Employer shall own the Policy and shall have the right to exercise all incidents of ownership. However, following a Change in Control, ownership and the Employer may only terminate a Policy with without the consent of the Executive. The Employer shall be the beneficiary of the remaining death proceeds of the Policy after the Executive’s interest is determined according to Section 2.22.2 below.
Appears in 2 contracts
Samples: Split Dollar Life Insurance Agreement (WVS Financial Corp), Split Dollar Life Insurance Agreement (Valley Commerce Bancorp)
Employer’s Interest. The Employer shall own the Policy and shall have the right to exercise all incidents of ownership. However, following a Change in Control, and the Employer may only terminate a Policy with without the consent of the Executive. The Employer shall be the beneficiary of the remaining death proceeds of the Policy after the Executive’s interest is determined according to Section 2.22.2 below.
Appears in 1 contract
Samples: Split Dollar Life Insurance Agreement (WVS Financial Corp)
