Common use of Net Death Proceeds Purchase Clause in Contracts

Net Death Proceeds Purchase. If the Company elects to terminate the Plan the Executive or his/her transferee shall have the right to purchase the Executive's Interest in the Policy as identified in Section 2.2 above. The Company shall withdraw the Policy's cash surrender value and assign ownership of the Policy to the Executive or his/her transferee. The Executive or his/her transferee shall thereafter assume responsibility for any fees and/or cost of insurance charges (the "Policy Expenses") as necessary to sustain the Policy. If the Executive or his/her transferee incurs Policy Expenses, the Company shall annually reimburse the Executive or his/her transferee an amount equal to the annual Policy Expenses divided by one minus the Executive's combined marginal income tax rate for the calendar year immediately preceding such payment. The Company's reimbursement payment shall be made within 30 days following receipt by the Company of evidence of the payment of the Policy Expenses. The Company's obligation to make reimbursement payments will automatically terminate upon the Executive's Termination of Employment prior to Normal Retirement Age. If the Executive's Termination of Employment occurs at or after Normal Retirement Age, reimbursement payments shall continue until the Executive's death.

Net Death Proceeds Purchase. If the Company elects to terminate the Plan Agreement the Executive or his/her transferee shall have the right to purchase the Executive's ’s Interest in the Policy as identified in Section 2.2 above. The Company shall withdraw the Policy's ’s cash surrender value and assign ownership of the Policy to the Executive or his/her transferee. The Executive or his/her transferee shall thereafter assume responsibility for any fees and/or cost of insurance charges (the "“Policy Expenses"”) as necessary to sustain the Policy. If the Executive or his/her transferee incurs Policy Expenses, the Company shall annually reimburse the Executive or his/her transferee an amount equal to the annual Policy Expenses divided by one minus the Executive's ’s combined marginal income tax rate for the calendar year immediately preceding such payment. The Company's ’s reimbursement payment shall be made within 30 days following receipt by the Company of evidence of the payment of the Policy Expenses. The Company's ’s obligation to make reimbursement payments will automatically terminate upon the Executive's Termination ’s forfeiture of Employment prior to Normal Retirement Age. If the Executive's Termination of Employment occurs at or after Normal Retirement Agerights under Section 2.2 above, reimbursement otherwise payments shall continue until the Executive's ’s death.

Net Death Proceeds Purchase. If the Company elects to terminate the Plan Agreement the Executive Director or his/her transferee shall have the right to purchase the Executive's Director’s Interest in the Policy as identified in Section 2.2 above. The Company shall withdraw the Policy's ’s cash surrender value and assign ownership of the Policy to the Executive Director or his/her transferee. The Executive Director or his/her transferee shall thereafter assume responsibility for any fees and/or cost of insurance charges (the "“Policy Expenses"”) as necessary to sustain the Policy. If the Executive Director or his/her transferee incurs Policy Expenses, the Company shall annually reimburse the Executive Director or his/her transferee an amount equal to the annual Policy Expenses divided by one minus the Executive's Director’s combined marginal income tax rate for the calendar year immediately preceding such payment. The Company's ’s reimbursement payment shall be made within 30 days following receipt by the Company of evidence of the payment of the Policy Expenses. The Company's ’s obligation to make reimbursement payments will automatically terminate upon the Executive's Termination Director’s forfeiture of Employment prior to Normal Retirement Age. If the Executive's Termination of Employment occurs at or after Normal Retirement Agerights under Section 2.2 above, reimbursement otherwise payments shall continue until the Executive's Director’s death.