Executive Life Insurance Clause Samples
The Executive Life Insurance clause establishes the employer's obligation to provide a life insurance policy for a designated executive. Typically, this clause outlines the amount of coverage, the beneficiary, and whether the policy is owned by the executive or the company. Its core function is to offer financial security to the executive's beneficiaries in the event of the executive's death, serving as both a benefit to attract and retain key personnel and a risk management tool for the company.
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Executive Life Insurance. During the Employment Period, the Company shall maintain and pay all premiums on one or more term life insurance policies for the benefit of the Executive, as such policies are made available from time to time to Vice Presidents of the Company (and subject to any age-based reductions in benefits in accordance with the terms of such policies) (collectively, the “Life Insurance Policy”), payable to the Executive's designated beneficiaries.
Executive Life Insurance. The Company shall provide Executive with term life insurance providing a death benefit of at least $3,000,000 to Executive's designated beneficiaries.
Executive Life Insurance. During the Employment Period, Executive shall be eligible for Executive Life Insurance coverage with a face amount of $1,750,000 in accordance with the terms of the Company’s Executive Life Insurance program.
Executive Life Insurance. The Company will maintain term life insurance on your behalf with a death benefit of $1,000,000. You will be responsible for any income tax consequences of the company’s provision of this benefit to you.
Executive Life Insurance. The Bank’s group plan provides for 2x total annual compensation, the same coverage that is provided to other Bank executives.
Executive Life Insurance supplemental life insurance in the amount of 3 times base salary provided at Company cost (value of premiums deemed income to executive).
Executive Life Insurance. During such time as Executive is employed by FirstMerit, FirstMerit shall pay the premiums, plus forty percent (40%) of such premiums as a gross-up amount, on a permanent whole life insurance policy which shall be owned by Executive and which shall provide Executive with Seven Hundred Fifty Thousand Dollars ($750,000) in life insurance. Executive will be responsible for the payment of all taxes associated with the payment of the premiums and the gross-up amount. FirstMerit's obligations under this Section 5.3 will cease upon the termination of Executive's employment for any reason (other than retirement), except to the extent provided otherwise in the Change of Control Termination Agreement or pursuant to Section 7.5(A). Executive acknowledges that a physical examination will be required by the insurer.
Executive Life Insurance. Waban hereby agrees to transfer to ------------------------ BJI as of the Distribution Date, by executing any instruments and taking such other action BJI may reasonably require, the life insurance policies listed on Schedule 2.7B, hereto.
Executive Life Insurance. During such time as Executive is employed by FirstMerit, FirstMerit shall pay to the Executive an amount equal to the premiums payable by the Executive on a permanent whole life insurance policy (the "Executive Life Insurance Policy"), which shall be owned by Executive and which shall provide Executive with One Million Dollars ($1,000,000) in life insurance ), plus forty percent (40%) of such premiums as a gross up amount to cover the income taxes with respect to such premium reimbursement. Executive will be responsible for the payment of all taxes associated with the payment of the premiums and the gross up amount. FirstMerit's obligations under this Section 7.2 will cease upon the termination of Executive's employment for any reason other than the Executive's Retirement and except to the extent provided otherwise in Sections 11.2 and 12.
Executive Life Insurance. The Executive shall be entitled to participate in the Company’s life insurance plan for senior executives (formerly the “Split Dollar Life Insurance Plan”) under the terms and conditions described in a Memorandum dated ________________ and incorporated herein by reference.