Executive Term Life Insurance. During the Term of Employment, the Company shall pay premiums on a term life insurance policy with a face amount of $5,000,000.00. Such obligation to pay premiums is subject to standard underwriting conditions. The Executive acknowledges that this coverage will result in the receipt by him of additional taxable income.
Executive Term Life Insurance. During the Term of Employment, the Company shall continue to pay premiums on the existing term life insurance policy.
Executive Term Life Insurance. ArcSoft has purchased and shall continue maintain during the Term of this Agreement a key person term insurance on Executive’s life in the face amount of at least $1,000,000 in the event that Executive dies or becomes Permanently Disabled defined under Section 8(b) during the Term of this Agreement and Executive’s employment hereunder. ArcSoft and the beneficiaries designated by Executive shall each receive half of the proceeds (50%), and ArcSoft shall bear the expense of such insurance policy and be the holder and owner of such policy.
Executive Term Life Insurance. Premiums on the executive term life insurance policy maintained by the Company for your benefit are paid quarterly and have been paid through the coverage period ending February 17, 2006. If you wish to continue coverage under this policy after February 17, 2006, you will need to pay the premiums for subsequent periods in accordance with the terms of the policy.
