Executive’s Interest. The Executive shall have the right to designate the beneficiary of the death proceeds of the Policy to the extent the proceeds exceed the cash surrender value of the Policy on the day before the Executive's death. The Executive shall also have the right to elect and change settlement options that may be permitted for such beneficiary.
Appears in 5 contracts
Samples: Income Agreement (Community Banks Inc /Pa/), Income Agreement (Community Banks Inc /Pa/), Income Agreement (Community Banks Inc /Pa/)
Executive’s Interest. The In the case of the Executive’s death the Executive shall have the right to designate the beneficiary beneficiary(ies) of the death proceeds of the Policy to the extent the proceeds exceed the cash surrender value of the Policy on the day before the Executive's death. The Executive shall also have the right to elect and change settlement options that may be permitted for such beneficiary.distributed as follows:
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Samples: Split Dollar Agreement (Charter Financial Corp), Split Dollar Agreement (Charter Financial Corp), Split Dollar Agreement (Charter Financial Corp)
Executive’s Interest. Upon the Executive’s death, the Executive’s Beneficiary shall be entitled to the Net Death Proceeds of the Policy. The Executive Executive, or the Executive’s assignee, shall have the right to designate the beneficiary of the death proceeds of the Policy Beneficiary pursuant to the extent the proceeds exceed the cash surrender value terms of the Policy on the day before the Executive's deaththis Agreement. The Executive and his Beneficiary shall also have no other rights with respect to the right to elect and change settlement options that may be permitted for such beneficiaryPolicy.
Appears in 2 contracts
Samples: Restricted Stock Unit Agreement (Sourcefire Inc), Retirement Agreement (Sourcefire Inc)
Executive’s Interest. The Executive shall have the right to designate the beneficiary of the death proceeds of the Policy in an amount equal to the extent lesser of (i) two times the most recent base annual salary or (ii) the excess of the total death proceeds exceed over the cash surrender value of the Policy on the day before the Executive's ’s death. The Executive shall also have the right to elect and change settlement options that may be permitted for such beneficiarybeneficiaries.
Appears in 2 contracts
Samples: Survivor Income Agreement (Fulton Bancshares Corp), Survivor Income Agreement (Fulton Bancshares Corp)
Executive’s Interest. The Executive shall have the right to designate the beneficiary of the death proceeds of the Policy to the extent the proceeds exceed the cash surrender value of the Policy on the day before the Executive's ’s death. The Executive shall also have the right to elect and change settlement options that may be permitted for such beneficiary.
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Samples: Survivor Income Agreement (Susquehanna Bancshares Inc)
Executive’s Interest. The Executive shall have the right to designate the beneficiary of the death proceeds of the Policy in an amount equal to the extent lesser of (i) one times the most recent base annual salary or (ii) the excess of the total death proceeds exceed over the cash surrender value of the Policy on the day before the Executive's ’s death. The Executive shall also have the right to elect and change settlement options that may be permitted for such beneficiarybeneficiaries.
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Executive’s Interest. The Executive shall have the right to designate the beneficiary of the any remaining death proceeds of the Policy to the extent the proceeds exceed the cash surrender value of the Policy on the day before the Executive's death. The Executive shall also have the right to elect and change settlement options that may be permitted for such beneficiaryPolicy.
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Executive’s Interest. The Executive shall have the right to designate the beneficiary of the death benefit proceeds of the Policy to in the extent the proceeds exceed the cash surrender value amount of the Policy on the day before the Executive's death***. The Executive shall also have the right to elect and change settlement options that may be permitted for such beneficiarypermitted.
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Executive’s Interest. The Executive shall have the right to designate the beneficiary of the death proceeds from the Policy in excess of the Policy to the extent the proceeds exceed the cash surrender value of the Policy on the day before the Executive's deathNet Death Proceeds. The Executive shall also have the right to elect and change settlement options for the Executive's Interest that may be permitted for such beneficiarypermitted.
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Executive’s Interest. The Executive shall have the right to designate the beneficiary of the death proceeds of the Policy in an amount equal to the extent lesser of (i) $160,000.00, or (ii) the excess of the total death proceeds exceed over the cash surrender value of the Policy on the day before the Executive's death. The Executive shall also have the right to elect and change settlement options that may be permitted for such beneficiarybeneficiaries.
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