Personal Life and Non-Reimbursable Medical Expenses Clause Samples

Personal Life and Non-Reimbursable Medical Expenses. Image shall purchase (or, if applicable, maintain, or reimburse Executive for the cost of premiums for) personal life insurance for Executive on terms no less favorable than the terms and conditions in effect as of the date hereof; provided, however, that the annual premium payment for such coverage, together with payment for any non-reimbursable medical expenses (i.e., medical expenses not covered by the medical and dental policies), shall not exceed $55,000 per annum (“The Premium/Expense Cap”). Said Premium/Expense Cap will increase by 5% each year, commencing April 1, 2005. Executive shall have the exclusive right to name the beneficiaries of such coverage.