Company’s Interest. The Company shall own the Policy and shall have the right to exercise all incidents of ownership except that the Company shall not sell, surrender or transfer ownership of a Policy so long as the Executive has an interest in the Policy as described in Section 3.1. However, the Company may replace the Policy with a policy that provides comparable death benefits to cover the benefit provided under this Agreement. This provision shall not impair the right of the Company, subject to Article 9, to terminate this Agreement. The Company shall be the beneficiary of the remaining death proceeds of the Policy after the Executive's Interest is determined according to Section 3.1.
Company’s Interest. The Executive further agrees that these covenants are made to protect the legitimate business interests of the Company, including interests in the Company's property described in and pursuant to Section 3.1.4 and Section 3.1.5, and not to restrict his mobility or to prevent him from utilizing his general technical skills. The Executive understands as a part of these covenants that the Company intends to exercise whatever legal recourse against him for any breach of this Agreement and, in particular, for any breach of these covenants.
Company’s Interest. The Company shall own the Policies and shall have the right to exercise all incidents of ownership. With respect to each Policy, the Company shall be the direct beneficiary of the remaining (after the Participant’s Interest is determined) death proceeds of the Policy.
Company’s Interest. All policies of liability insurance maintained hereunder shall name Company as an additional insured. All policies of insurance maintained hereunder shall contain a clause providing that such policies may not be cancelled, reduced in coverage or otherwise modified without at least thirty (30) days prior written notice to Company, except for failure to pay any premium, in which case said policy of insurance shall provide for at least ten (10) days prior written notice prior to said policy being cancelled or otherwise modified. Broker shall upon the request of Company at any time furnish to Company updated certificates or other evidence of insurance acceptable to Company, in its reasonable discretion.
Company’s Interest. The Company has no interest in real property which it uses in the Business except for its interest in the Properties.
Company’s Interest. (c) If the Company determines, in its sole and absolute discretion, that: (i) you have violated any of the requirements set forth in Section 27(a) above or (ii) you have engaged in any Activities Against the Company’s Interest (the date on which such violation or activity first occurred being referred to as the “Trigger Date”), then the Company will, in its sole and absolute discretion, impose a Termination, Rescission and/or Recapture of any or all of the PRSUs or the proceeds you received therefrom, provided, that such Termination, Rescission and/or Recapture shall not apply to the PRSUs to the extent that such PRSUs vested earlier than one year prior to the Trigger Date. Within ten days after receiving notice from the Company that Rescission or Recapture is being imposed on any PRSU, you shall deliver to the Company the Shares acquired pursuant to the PRSUs, or, if you have sold such Shares, the gain realized, or payment received as a result of the rescinded payment or delivery. Any payment by you to the Company pursuant to this Section 27(c) shall be made either in cash or by returning to the Company the number of Shares that you received in connection with the rescinded payment or delivery. It shall not be a basis for Termination, Rescission or Recapture if after your termination of employment, you purchase, as an investment or otherwise, stock or other securities of a Competitive Organization or Business, so long as (i) such stock or other securities are listed upon a recognized securities exchange or traded over-the-counter, and (ii) such investment does not represent more than a five percent equity interest in the organization or business.
Company’s Interest. The Company shall own the Policies and shall have the right to exercise all incidents of ownership and, subject to Article 4, the Company may terminate a Policy without the consent of the Executive. The Company shall be the beneficiary of the remaining death proceeds of the Policies after the Executive's Interest is determined according to Section 2.2
Company’s Interest. The Company shall be the sole and exclusive owner of each Policy and the direct beneficiary of an amount of the death proceeds of each Policy equal to the aggregate premiums paid by the Company under the Policy.
Company’s Interest. The Company shall own the Policy and shall have the right to exercise all incidents of ownership, except as limited herein. The Company shall be the beneficiary of the remaining death proceeds of the Policy after the Executive’s Interest is determined according to Section 2.2 below. If the Policy is surrendered or otherwise cancelled prior to the Executive’s death, the Company shall have all rights with respect to the Policy, including, without limitation, the right to any cash surrender value (including any deferred premium load account).
Company’s Interest. The Company shall own the Policy and shall have the right to exercise all incidents of ownership except that the Company shall not sell, surrender or transfer ownership of a Policy so long as the Executive has an interest in the Policy as described in Section 3.1. However, the Company may replace the Policy with a policy that provides comparable death benefits to cover the benefit provided under this Agreement. This provision shall not impair the right of the Company, subject to Article 9, to terminate this Agreement. The Company shall be the beneficiary of an amount of death proceeds equal to the greater of a) the cash surrender, value of the Policy,b) the aggregate premiums paid on the Policy by the Company less any outstanding indebtedness to the Insurer or c) the total death proceeds less the Executive's Interest described in Section 3.1.
