Executive Life Insurance Plan Sample Clauses

Executive Life Insurance Plan. During the Post-Change of Control Employment Period, the Company shall continue to maintain the Xxxxxx Oceanics, Inc. Executive Life Insurance Plan, with its associated Salary Continuation Agreement, as may be amended from time to time, or pay to the Executive a lump sum representing the value of all benefits under such plan.
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Executive Life Insurance Plan. During the Post-Change of Control Employment Period, the Company shall continue to maintain the Atwood Oceanics, Inc. Executive Life Insurance Plan, with its assocxxxxx Salary Continuation Agreement, as may be amended from time to time, or pay to the Executive a lump sum representing the value of all benefits under such plan.
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Executive Life Insurance Plan. Notwithstanding anything in this Agreement to the contrary, Scripps will retain all Liabilities under the Scripps Executive Life Insurance Plan.
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Executive Life Insurance Plan. Effective on the Coverage Date, Corn shall establish an executive life insurance plan (the "Replacement ELIP") substantially similar to the CPC International Inc. Executive Life Insurance Plan (the "ELIP"). Corn shall allow each ELIP participant who becomes a Corn Employee to participate in the Replacement ELIP; provided, however, that such participation shall be conditioned upon that participant's consent, within a reasonable time period after request for such consent is made, to the assignment to Corn of the Collateral Assignment executed in favor of CPC of the insurance policy owned by the participant and subject to the Participation Agreement entered into under the ELIP. CPC shall assign to Corn its rights under such Collateral Assignment as to any participant in the ELIP who becomes a participant in the Replacement ELIP under the terms and conditions set forth above. CPC shall terminate participation in the ELIP by those participants who become Corn Employees regardless of whether such a participant consents to the assignment of such Collateral Assignment to Corn. In addition, prior to the Distribution Date, CPC shall pay the 1998 employer-paid premium with respect to Corn Employees covered under the Replacement ELIP.
Sample 1
Executive Life Insurance Plan. As soon as practicable following the ----------------------------- Spinoff Date, MFCI and MHCI each shall establish executive life insurance plans substantially similar to the Xxxxxxxx Restaurants Inc. Executive Life Insurance Plan (the "ELIP"). Those participants of the ELIP who become employees either of MFCI or MHCI by the Spinoff Date shall cease participation in the ELIP as of the Spinoff Date. Subject to the consent of each such participant, MRI shall assign to MFCI or MHCI, as the case may be, the collateral assignments executed in its favor by those participants.
Sample 1
Executive Life Insurance Plan. Employer shall pay the current annual premium under this program for Employee, as is necessary to provide a pre-retirement death benefit under the plan equal to three times Base Pay, until he reaches age sixty-two (62). At such time, Employer will roll out or release to Employee an insurance policy that will provide paid up life insurance coverage, for the life of Employee, in the face amount (i.e., with a death benefit of) two times Final Salary (as defined under the Executive Life Insurance Plan), or at Employee's option, a payout of the cash surrender value at that time less the Company's investment in the premium from inception date of the Plan.
Sample 1
Executive Life Insurance Plan. As soon as practicable following the ----------------------------- Distribution Date, SNFCo shall establish an executive life insurance plan (the "Replacement ELIP) substantially similar to the Scout, Inc. Executive Life Insurance Plan (the "ELIP"). SNFCo shall allow, for a period of at least three months from the Distribution Date, each ELIP participant who becomes an employee of SNFCo or a SNFCo Affiliate by the Distribution Date to participate in the Replacement ELIP; provided, however, that the participation of any such participant in the Replacement ELIP shall be conditioned upon that participant's consent to the assignment to SNFCo of Scout's Collateral Assignment in the insurance policy owned by the participant and subject to the Split Dollar Agreement entered into under the ELIP (the "Scout Collateral Assignment"). New Scout shall assign to SNFCo its rights under the Scout Collateral Assignment as to any participant in the ELIP who becomes a participant in the Replacement ELIP under the terms and conditions set forth above. New Scout shall terminate participation in the ELIP by those participants of the ELIP who become employees of SNFCo or a SNFCo Affiliate by the Distribution Date, regardless of whether such a participant consents to the reassignment of the Scout Collateral Assignment to SNFCo. SNFCo shall be responsible for any premium obligations under the ELIP in respect of employees of SNFCo or a SNFCo Affiliate immediately after the Distribution Date and New Scout shall tender to SNFCo immediately upon receipt any amounts recovered by New Scout under the applicable Scout Collateral Assignment entered into with the employees for whom premium obligations were so paid by SNFCo.
Sample 1
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Executive Life Insurance Plan. The Sellers shall ----------------------------- be liable for the payment of all benefits pursuant to and all costs associated with the Mallinckrodt Inc. Executive Life Insurance Plan or any similar life insurance plan or arrangement relating to the Companies' employees prior to the Closing Date, and the Buyer, its affiliates and any Company shall not be liable for any payments or charged for any costs associated with the same. 10.5.2
Sample 1

Related to Executive Life Insurance Plan

  • Life Insurance If the Employer chooses to obtain insurance on the life of the Executive in connection with its obligations under this Agreement, the Executive hereby agrees to take such physical examinations and to truthfully and completely supply such information as may be required by the Employer or the insurance company designated by the Employer.

  • Key Man Life Insurance The Company may apply for and obtain and maintain a key man life insurance policy in the name of Executive together with other executives of the Company in an amount deemed sufficient by the Board, the beneficiary of which shall be the Company. Executive shall submit to physical examinations and answer reasonable questions in connection with the application and, if obtained, the maintenance of, as may be required, such insurance policy.

  • Life Insurance Policy In addition to the insurance coverage contemplated by Section 4(e), during the Employment Term the Company shall maintain in effect term life insurance coverage for the Executive with a death benefit of at least Five Hundred Thousand Dollars ($500,000), subject to the Executive's insurability at standard rates and with the beneficiary or beneficiaries, thereof designated by the Executive. Notwithstanding Section 9 of this Agreement, such life insurance policy or policies may be assigned to a trust for the benefit of any beneficiary designated by the Executive.

  • Term Life Insurance During the Employment Term, and in addition to any other benefits to which Executive shall be entitled, the Company agrees to pay the premiums on a term life insurance contract covering the Executive that pays a death benefit of at least $906,000. The Company in its discretion shall select the term life insurance contract on which it will pay the premiums; but, the Executive shall be the owner of such contract and will be or will designate the beneficiary of such contract. The Company (i) will include and report such premium payments in the Executive’s taxable income to the extent required under applicable law and (ii) also will pay to the Executive an additional payment in an amount such that after payment by the Executive of all taxes imposed on the additional payment, the Executive retains an amount of the additional payment equal to the taxes imposed upon the Executive with respect to the Company’s payment of the premiums on the term life insurance contract. The amount of the additional payment shall be determined based on the Executive’s likely effective rates of federal, state and local income taxation for the calendar year in which the additional payment is to be made, net of the likely reduction in federal income taxes that is obtained from any deduction of state and local taxes. Executive agrees, for purposes of calculating the amount of the additional payment, to provide the Company such information as the Company may reasonably request to determine the amount of the additional payment and to cooperate with the Company in good faith in order to effectively make such determination. The Company shall hold all such information secret and confidential and shall not, without the prior written consent of the Executive or as otherwise may be required by law or legal process, communicate or divulge such information to anyone other than the Company and those in need of such information for purposes of determining the amount of the additional payment. Notwithstanding any other provision of this Agreement, in the event the term life insurance contract described herein extends beyond the termination of Executive’s employment with the Company, the Executive, and not the Company, shall be obligated to pay the premiums on such term life insurance contract accruing after the Executive’s termination of employment with the Company.

  • Key Person Life Insurance The Company shall maintain term life insurance in the amount of $1,000,000 for Rxx Xxxxxx and $5,000,000 for Hxxxxx Xxxxx on the lives of the Key Holders, naming the Company as beneficiary. The Company shall obtain such insurance as soon as reasonably practicable following the closing of the sale of the Series A Preferred Stock pursuant to the Series A Agreement.

  • Life Insurance Policies If any Debtor, now or any time hereafter, is the beneficiary of a “key man life insurance policy”, it shall promptly notify the Agent thereof, provide the Agent with a true and correct list of the Persons insured, the name and address of the insurance company providing the coverage, the amount of such insurance and the policy number, and, unless otherwise waived by the Agent in writing, take such actions as Agent may deem necessary or the Agent shall deem reasonably desirable to collaterally assign policy to the Agent for the benefit of the Lenders.

  • Split Dollar Life Insurance The Company shall pay to the Executive a lump sum equal to the cost on the Termination Date of purchasing, at standard independent insurance premium rates, an individual

  • Insurance Company The Buyer is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a State, territory or the District of Columbia.

  • Retirement Plan Employee shall participate, after meeting eligibility requirements, in any qualified retirement plans and/or welfare plans maintained by the Company during the term of this Agreement.

  • Insurance Companies Insurance required to be maintained by Tenant shall be written by companies licensed to do business in the state in which the Premises are located and having a "General Policyholders Rating" of at least A (or such higher rating as may be required by a lender having a lien on the Premises) as set forth in the most current issue of "Best's Insurance Guide."

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