Common use of Life Insurance and Funding Clause in Contracts

Life Insurance and Funding. The Company in its discretion may apply for and procure as owner and for its own benefit, insurance on the life of the Participant, in such amounts and in such forms as the Company may choose. The Participant shall have no interest whatsoever in any such policy or policies, but at the request of the Company he or she shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Company has applied for insurance. The rights of the Participant, or his or her beneficiary, or estate, to benefits under this Agreement shall be solely those of an unsecured creditor of the Company. Any insurance policy or other assets acquired by or held by the Company in connection with the liabilities assumed by it pursuant to this Agreement shall not be deemed to be held under any trust for the benefit of the Participant, his or her beneficiary, or his or her estate, or to be security for the performance of the obligations of the Company but shall be, and remain, a general, unpledged, and unrestricted asset of the Company. If this Agreement is funded through insurance on the life of the Participant, then in the event of such Participant's death during the first two (2) years after the effective date of this Agreement, or if such Participant's death was a result of suicide or if such Participant made any material misstatement or failed to make a material disclosure of information in any documentation which the Participant is requested to complete in connection with this Agreement, then no death benefits under the terms of this Agreement will be payable, unless and to the extent that the Board of Directors of Company, in their absolute discretion, may otherwise determine.

Life Insurance and Funding. The Company in its discretion may apply for and procure as owner and for its own benefit, insurance on the life of the Participant, in such amounts and in such forms as the Company may choose. The Participant shall have no interest whatsoever in any such policy or policies, but at the request of the Company he or she shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Company has applied for insurance. The rights of the Participant, or his or her beneficiary, or estate, to benefits under this Agreement the Plan shall be solely those of an unsecured creditor of the Company. Any insurance policy or other assets acquired by or held by the Company in connection with the 10(b)-11 liabilities assumed by it pursuant to this Agreement the Plan shall not be deemed to be held under any trust for the benefit of the Participant, his or her beneficiary, or his or her estate, or to be security for the performance of the obligations of the Company but shall be, and remain, a general, unpledged, and unrestricted asset of the Company. If this Agreement is funded through insurance on the life of the Participant, then in the event of such Participant's death during the first two (2) years after the effective date of this Agreement, or and if such Participant's death was a result of suicide or if such Participant made any material misstatement or failed to make a material disclosure of information in any documentation which the Participant is requested to complete in connection with this Agreement, then no death benefits under the terms of this Agreement will be payable, unless and to the extent that the Board of Directors of Company, in their absolute discretion, may otherwise determine.

Life Insurance and Funding. The Company in its discretion may apply for and procure as owner and for its own benefit, insurance on the life of the Participant, in such amounts and in such forms as the Company may choose. The Participant shall have no interest whatsoever in any such policy or policies, but at the request of the Company he or she shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Company has applied for insurance. The rights of the Participant, or his or her beneficiary, or estate, to benefits under this Agreement the Plan shall be solely those of an unsecured creditor of the Company. Any insurance policy or other assets acquired by or held by the Company in connection with the liabilities assumed by it pursuant to this Agreement the Plan shall -11- not be deemed to be held under any trust for the benefit of the Participant, his or her beneficiary, or his or her estate, or to be security for the performance of the obligations of the Company but shall be, and in remain, a general, unpledged, and unrestricted asset of the Company. If this Agreement is funded through insurance on the life of the Participant, then in the event of such Participant's death during the first two (2) years after the effective date of this Agreement, or and if such Participant's death was a result of suicide or if such Participant made any material misstatement or failed to make a material disclosure of information in any documentation which the Participant is requested to complete in connection with this Agreement, then no death benefits under the terms of this Agreement will be payable, unless and to the extent that the Board of Directors of Company, in their absolute discretion, may otherwise determine.

Life Insurance and Funding. The Company in its discretion may apply for and procure as owner and for its own benefit, insurance on the life of the Participant, in such amounts and in such forms as the Company may choose. The Participant shall have no interest whatsoever in any such policy or policies, but at the request of the Company he or she shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Company has applied for insurance. The rights of the Participant, or his or her beneficiary, or estate, to benefits under this Agreement the Plan shall be solely those of an unsecured creditor of the Company. Any insurance policy or other assets acquired by or held by the Company in connection with the liabilities assumed by it pursuant to this Agreement the -12- Plan shall not be deemed to be held under any trust for the benefit of the Participant, his or her beneficiary, or his or her estate, or to be security for the performance of the obligations of the Company but shall be, and in remain, a general, unpledged, and unrestricted asset of the Company. If this Agreement is funded through insurance on the life of the Participant, then in the event of such Participant's death during the first two (2) years after the effective date of this Agreement, or and if such Participant's death was a result of suicide or if such Participant made any material misstatement or failed to make a material disclosure of information in any documentation which the Participant is requested to complete in connection with this Agreement, then no death benefits under the terms of this Agreement will be payable, unless and to the extent that the Board of Directors of Company, in their absolute discretion, may otherwise determine.

Life Insurance and Funding. The Company Employer, in its discretion discretion, may apply for and procure as owner and for its own benefit, insurance on the life of the Participant, in such amounts and in such forms as the Company Employer may choose. The Participant shall have no interest whatsoever in any such policy or policies, but at the request of the Company Employer he or she shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Company Employer has applied for insurance. The rights of the Participant, or his or her beneficiary, beneficiary or estate, to benefits under this the Agreement shall be solely those of an unsecured creditor of the CompanyEmployer. Any insurance policy or other assets acquired by or held by the Company Employer in connection with the liabilities assumed by it pursuant to this the Agreement shall not be deemed to be held under any trust for the benefit of the Participant, his or her beneficiary, beneficiary or his or her estate, or to be security for the performance of the obligations of the Company Employer but shall be, and remain, a general, unpledged, unpledged and unrestricted asset of the CompanyEmployer. If this Agreement is funded through insurance on the life of the Participant, then in the event of such Participant's death during the first two (2) years after the effective date of this Agreement, or and if such Participant's death was a result of suicide or if such Participant made any material misstatement or failed to make a material disclosure of information in any documentation which the Participant is requested to complete in connection with this Agreement, then no death survivorship benefits under the terms of this Agreement will be payable, unless and to the extent that the Board of Directors of CompanyEmployer, in their absolute discretion, may otherwise determine.