EXHIBIT IV. COVENANTS
EXHIBIT IV. In the event it shall be determined that any payment, benefit or distribution (or combination thereof) by the Company, any of its affiliates, or one or more trusts established by the Company or any of its affiliates for the benefit of their employees, to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement, or otherwise) (a “Payment”) is subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, hereinafter collectively referred to as the “Excise Tax”), Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and the Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments.
EXHIBIT IV. 14 EXHIBIT V.......................................................16 COINSURANCE AGREEMENT Effective: January 1, 1999 between LIFEUSA INSURANCE cOMPANY Minneapolis, Minnesota (hereinafter referred to as the "Company") and THE SUBSCRIBING REINSURERS WHOSE RESPECTIVE INTERESTS AND LIABILITIES AGREEMENTS ARE ATTACHED HERETO (hereinafter referred to as the "Reinsurer") This Agreement, effective January 1, 1999, is made between the Company and the Reinsurer as follows:
EXHIBIT IV. This Joinder shall inure to the benefit of and be binding upon the Joining Originator and its successors and assigns.
EXHIBIT IV. OPERATING BOARD STRUCTURE
EXHIBIT IV. Life reinsurance premiums for automatic and facultative business (including shopped cases) ceded hereunder will be subject to the attached 90-95 Age Nearest Birthday Basic Select and Ultimate Mortality Tables: All Ages All Years Elite Nonsmoker Preferred Nonsmoker Nonsmoker Preferred Smoker Smoker For ages 0 – 19 the standard nonsmoker rates will be used. Any increases under the Automatic Issue Program will be treated as new issues for reinsurance purposes and the original policy will have been fully underwritten.
EXHIBIT IV. In addition to the benefits, perquisites and compensation set forth in the Agreement, Executive shall be entitled to receive the benefits, perquisites and compensation set forth in this Exhibit IV, subject to the terms and conditions set forth herein:
