Key Person Life Insurance. Within three months of the date of this Agreement, the Company shall obtain and, until the consummation of the First Public Offering, use commercially reasonable efforts to maintain, at its expense, a policy of “key person” life insurance covering the life of the Chief Executive Officer, the death benefit of which insurance shall be payable to the Company. In no event shall the Company be required to obtain or maintain key person life insurance having a death benefit in excess of $1,000,000 for any individual.
Appears in 4 contracts
Samples: Investors’ Rights Agreement (Miramar Venture Partners, LP), Investors’ Rights Agreement (Investor Ab), Investors’ Rights Agreement (Bavp Vii Lp)
