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.
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.
Executive Life Insurance Plan. Notwithstanding anything in this Agreement to the contrary, Scripps will retain all Liabilities under the Scripps Executive Life Insurance Plan.
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.
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.
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.
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.
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.
