Common use of Assignment by Executive Clause in Contracts

Assignment by Executive. Notwithstanding any provision hereof to the contrary, the Executive shall have the right absolutely and irrevocably to assign by gift all of his right, title an interest in and to this Agreement and to the Policy to an assignee. This right shall be exercisable by the execution and delivery to the Company of a written assignment, in substantially the form attached hereto as Exhibit B, which by this reference is made a part hereof. Upon receipt of such written assignment executed by the Executive and duly accepted by the assignee thereof, the Company shall consent thereto in writing, and shall thereafter treat the Executive’s assignee as the sole owner of all of the Executive’s right, title and interest in and to this Agreement and in and to the Policy. Thereafter, the Executive shall have no right, title or interest in or to this Agreement or the Policy, all such rights being vested in and exercisable only by such assignee.

Assignment by Executive. Notwithstanding any provision hereof to the contrary, the Executive shall have the right to absolutely and irrevocably to assign by gift all of his right, title an and interest in and to this Agreement and to the Policy to an assignee. This right shall be exercisable by the execution and delivery to the Company of a written assignment, in substantially the form attached hereto as Exhibit B, which by this reference is made a part hereof. Upon receipt of such written assignment executed by the Executive and duly accepted by the assignee thereof, the Company shall consent thereto in writing, and shall thereafter treat the Executive’s 's assignee as the sole owner of all of the Executive’s 's right, title and interest in and to this Agreement and in and to the Policy. Thereafter, the Executive shall have no right, title or interest in or and to this Agreement or the Policy, all such rights being vested in and exercisable only by such assignee.