Amendments and Termination. 7.1 This Agreement may be amended or terminated only by a written agreement signed by the Company and the Executive. In the event that the Company decides to maintain the Policy after the termination of the Agreement, the Company shall be the direct beneficiary of the entire death proceeds of the Policy.
Appears in 9 contracts
Samples: Split Dollar Agreement (Temecula Valley Bancorp Inc), Split Dollar Agreement (Temecula Valley Bancorp Inc), Split Dollar Agreement (Temecula Valley Bancorp Inc)
Amendments and Termination. 7.1 This Agreement may be amended or terminated only by a written agreement signed by the Company and the Executive. In Director; however, this Agreement will automatically terminate upon the Director’s Termination for Cause or in the event that the Company decides Insurer refuses to maintain pay a death benefit according to the Policy after the termination of the Agreement, the Company shall be the direct beneficiary of the entire death proceeds terms of the Policy.
Appears in 8 contracts
Samples: Split Dollar Agreement (Sierra Bancorp), Dollar Agreement, Retirement Agreement (Sierra Bancorp)
Amendments and Termination. 7.1 This Agreement may be amended or terminated only by a written agreement signed by both the Company Employer and the Executive. In the event that the Company Employer decides to maintain the Policy after the termination of the Agreement, the Company Employer shall be the direct beneficiary of the entire death proceeds of the Policy.
Appears in 3 contracts
Samples: Form of Split Dollar Life Insurance Agreement (Fidelity D & D Bancorp Inc), Split Dollar Life Insurance Agreement (WVS Financial Corp), Split Dollar Life Insurance Agreement (Valley Commerce Bancorp)
Amendments and Termination. 7.1 This Agreement may be amended or terminated only by a written agreement signed by the Company and the Executive. In the event that the Company decides to maintain the Policy after the termination of the this Agreement, the Company shall be the direct beneficiary of the entire death proceeds of the Policy.
Appears in 1 contract
