Employment Provision. This Agreement will terminate itself without fault from either party, without transfer, right, license or obligation granted and without any payment due, if a written employment agreement (hereinafter the "Employment Agreement") has not been signed between Licensor and Licensee on or prior to the 1st day of December, 1996.
Employment Provision. Upon the retirement of the Executive or the termination of the Executive’s employment with the Bank for any reason, the Executive may within 90 days of such retirement or termination of employment at his or her option either purchase the Bank’s interest in the policy in the manner set forth in Paragraph V herein, or assign and transfer complete ownership in the policy to the Bank. If the Executive fails to exercise such option within the period allowed, the Executive shall be deemed to have elected to assign the policy to the Bank and in that event the Bank shall be authorized to take all such action in the name of the Executive and as his or her attorney-in-fact to confirm and complete such assignment. The Bank and the Executive agree that each shall use its or his best efforts to determine and carry out the Executive’s decision under this Paragraph within such 90 day period, and prior to the due date of the first premium under the policy to become due subsequent to the Executive’s retirement or other termination of employment, even if such due date is earlier than the last day of the 90 day period otherwise allowed by this Paragraph.
Employment Provision
