Common use of Life Insurance Benefits Clause in Contracts

Life Insurance Benefits. The Company shall pay the premiums allocable to a term life insurance policy in the face amount of Five Hundred Thousand Dollars ($500,000.00) covering Executive as the named insured, subject to Executive passing a standard physical examination in order to permit issuance of the policy at standard (non-rated) premiums and satisfaction of any other standard underwriting requirements. Executive shall be the owner of such policy and shall have the right to designate the beneficiary of the policy proceeds. Executive shall be liable for income taxes with respect to premium amounts includable in Executive’s taxable income.

Life Insurance Benefits. The Company shall pay the premiums allocable to a term life insurance policy in the face amount of Five Hundred Thousand Dollars ($500,000.00) one times Executive’s annual base salary covering Executive as the named insured, subject to Executive passing a standard physical examination in order to permit issuance of the policy at standard (non-rated) premiums and satisfaction of any other standard underwriting requirements. Executive shall be the owner of such policy and shall have the right to designate the beneficiary of the policy proceeds. Executive shall be liable for income taxes with respect to premium amounts includable in Executive’s taxable income.

Life Insurance Benefits. The Company shall pay the premiums allocable to a term life insurance policy in the face amount of Five Hundred Thousand Dollars ($500,000.00) one times annual base salary covering Executive as the named insured, subject to Executive passing a standard physical examination in order to permit issuance of the policy at standard (non-rated) premiums and satisfaction of any other standard underwriting requirements. Executive shall be the owner of such policy and shall have the right to designate the beneficiary of the policy proceeds. Executive shall be liable for income taxes with respect to premium amounts includable in Executive’s taxable income.

Life Insurance Benefits. The Company shall pay the premiums allocable to a term life insurance policy in the face amount of Five Hundred Thousand Dollars ($500,000.00) covering Executive as the named insured, subject to Executive passing a standard physical examination in order to permit issuance of the policy at standard (non-rated) premiums and satisfaction of any other standard underwriting requirements. Executive shall be the owner of such policy and shall have the right to designate the beneficiary of the policy proceeds. Executive shall be liable for income taxes with respect to premium amounts includable in Executive’s taxable income.. 3 ARTICLE III