Key Person Life Insurance. The Company shall have obtained from a responsible and reputable insurance company or association a term life insurance policy on the life of Xxxxx Xxx in the amount of $2,000,000 with proceeds payable to the Company.
Appears in 2 contracts
Samples: Convertible Preferred Stock Purchase Agreement, Registration Rights Agreement (Seachange International Inc)
Key Person Life Insurance. The Company shall have obtained from a responsible and reputable insurance company or association a term key person life insurance policy on the life of Xxxxx Xxx in the Shalxx X. Xxxxxx xx an aggregate amount of not less than $2,000,000 5,000,000 with the proceeds thereof payable to the CompanyPurchasers.
Appears in 2 contracts
Samples: Preferred Stock Purchase Agreement (State Communications Inc), Preferred Stock Purchase Agreement (State Communications Inc)
Key Person Life Insurance. The Company shall have has obtained as of the date hereof, from a responsible financially sound and reputable insurance company or association a insurers, term life insurance policy on the life of Xxxxx Xxx Xxxx Xxxxxx in the amount of $2,000,000 with proceeds payable to the Company2,000,000.
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