Split Dollar Sample Clauses

Split Dollar. The Qualifying Termination shall not constitute a termination of any Split Dollar Agreement between the Company and the Executive (or the split dollar agreement between a successor company or an Affiliate and the Executive), and the Executive shall be deemed to have retired upon such Qualifying Termination for purposes of such Split Dollar Agreement (or the split dollar agreement between a successor company or an Affiliate and the Executive).
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Split Dollar. The Company shall purchase life insurance on the life of the Employee having a face value in such amount as is available for an annual premium payment of approximately Twenty-five Thousand Dollars ($25,000.00) under a split-dollar arrangement with the Employee. The Employee will be entitled to designate the beneficiary to receive any and all insurance proceeds under such policy. The Company and Employee shall cooperate and use its/his best efforts in obtaining such policy.
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Split Dollar. Second-To-Die Life Insurance Contracts. On the Distribution date, Ralston shall relinquish all rights undxx xxx Split-Dollar Second-To-Die Life Insurance policies currently insuring the lives of any Agribusiness Employees and their spouses, including but not limited to, rights to any portion of the cash value or death benefits under such policies, created in accordance with the terms of the Split Dollar Agreement and Collateral Assignment between Ralston and such employee regarding xxxx policies, and will take all reasonable steps necessary to assign such rights to Agribrands. Prior to the Distribution date, Ralston shall perform any and all oblixxxxxxx required of it under the terms of such Split Dollar Agreement and Collateral Assignment with respect to such policies.
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Split Dollar. LIFE INSURANCE Berkshire will continue to pay split-dollar life insurance premiums under the terms of the Split-Dollar Agreements during the Severance Pay Period. The Split-Dollar Agreements include the following four policies: Security Life of Denver (Policy No. 1544997); Security Life of Denver (Policy No. 1550180); Nationwide Life (Policy No. N100380990); and Nationwide Life (Policy No. 101217940).
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Split Dollar. Executive, at Executive=s option, has a one time election to reduce the supplemental retirement payment provided under Section 3.9. Such election must be made by January 1, 1999. If Executive makes such an election prior to January 1, 1999, Company shall fund an amount equal to the actual equivalent of the retirement benefit in the form of premium advances on a split dollar life policy on the life of the Executive, or on the joint lives of the Executive and his spouse. Under the terms of the split dollar coverage, Company will be repaid, either by loan on the policy or from policy proceeds, for all premiums advanced by the Company.
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Split Dollar. Notwithstanding anything to the contrary in this Article, a death benefit may be provided according to the terms of a separate Split Dollar Agreement entered into by the Company and the Executive.
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Split Dollar. Executive shall be entitled to participate in executive split dollar life insurance program in the amount of $150,000 if he is insurable.
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Related to Split Dollar

  • Split Dollar Life Insurance The Company shall pay to the Executive a lump sum equal to the cost on the Termination Date of purchasing, at standard independent insurance premium rates, an individual

  • Life Insurance If the Employer chooses to obtain insurance on the life of the Executive in connection with its obligations under this Agreement, the Executive hereby agrees to take such physical examinations and to truthfully and completely supply such information as may be required by the Employer or the insurance company designated by the Employer.

  • Term Life Insurance During the Employment Term, and in addition to any other benefits to which Executive shall be entitled, the Company agrees to pay the premiums on a term life insurance contract covering the Executive that pays a death benefit of at least $906,000. The Company in its discretion shall select the term life insurance contract on which it will pay the premiums; but, the Executive shall be the owner of such contract and will be or will designate the beneficiary of such contract. The Company (i) will include and report such premium payments in the Executive’s taxable income to the extent required under applicable law and (ii) also will pay to the Executive an additional payment in an amount such that after payment by the Executive of all taxes imposed on the additional payment, the Executive retains an amount of the additional payment equal to the taxes imposed upon the Executive with respect to the Company’s payment of the premiums on the term life insurance contract. The amount of the additional payment shall be determined based on the Executive’s likely effective rates of federal, state and local income taxation for the calendar year in which the additional payment is to be made, net of the likely reduction in federal income taxes that is obtained from any deduction of state and local taxes. Executive agrees, for purposes of calculating the amount of the additional payment, to provide the Company such information as the Company may reasonably request to determine the amount of the additional payment and to cooperate with the Company in good faith in order to effectively make such determination. The Company shall hold all such information secret and confidential and shall not, without the prior written consent of the Executive or as otherwise may be required by law or legal process, communicate or divulge such information to anyone other than the Company and those in need of such information for purposes of determining the amount of the additional payment. Notwithstanding any other provision of this Agreement, in the event the term life insurance contract described herein extends beyond the termination of Executive’s employment with the Company, the Executive, and not the Company, shall be obligated to pay the premiums on such term life insurance contract accruing after the Executive’s termination of employment with the Company.

  • Life Insurance Policy In addition to the insurance coverage contemplated by Section 4(e), during the Employment Term the Company shall maintain in effect term life insurance coverage for the Executive with a death benefit of at least Five Hundred Thousand Dollars ($500,000), subject to the Executive's insurability at standard rates and with the beneficiary or beneficiaries, thereof designated by the Executive. Notwithstanding Section 9 of this Agreement, such life insurance policy or policies may be assigned to a trust for the benefit of any beneficiary designated by the Executive.

  • Key Man Life Insurance The Company may apply for and obtain and maintain a key man life insurance policy in the name of Executive together with other executives of the Company in an amount deemed sufficient by the Board, the beneficiary of which shall be the Company. Executive shall submit to physical examinations and answer reasonable questions in connection with the application and, if obtained, the maintenance of, as may be required, such insurance policy.

  • Life Insurance Policies If any Debtor, now or any time hereafter, is the beneficiary of a “key man life insurance policy”, it shall promptly notify the Agent thereof, provide the Agent with a true and correct list of the Persons insured, the name and address of the insurance company providing the coverage, the amount of such insurance and the policy number, and, unless otherwise waived by the Agent in writing, take such actions as Agent may deem necessary or the Agent shall deem reasonably desirable to collaterally assign policy to the Agent for the benefit of the Lenders.

  • Endorsement The Seller shall provide a blanket endorsement transferring the entire interest of the Seller and the Interim Eligible Lender Trustee for the benefit of Seller in the Loans to the Eligible Lender Trustee for the benefit of the Purchaser with the form of endorsement provided for in the Sale Agreement. At the direction of and in such form as Purchaser may designate, the Seller also agrees to individually endorse any Eligible Loan as Purchaser may request from time to time.

  • Key Person Life Insurance The Company shall maintain term life insurance in the amount of $1,000,000 for Rxx Xxxxxx and $5,000,000 for Hxxxxx Xxxxx on the lives of the Key Holders, naming the Company as beneficiary. The Company shall obtain such insurance as soon as reasonably practicable following the closing of the sale of the Series A Preferred Stock pursuant to the Series A Agreement.

  • SUPPLEMENTAL BENEFITS The Reinsurer will receive a proportionate share of any premiums for additional benefits as shown in Schedule I, as well as for any extra premiums the Ceding Company may collect for the coverage of special risks (traveling, climate, occupation, etc.). This share will be based on the ratio between the amount at risk and the total initial benefits insured and will remain constant throughout the entire period of premium payment.

  • Benefit Programs The Executive shall be eligible to participate in any plans, programs or forms of compensation or benefits that the Company or the Company’s subsidiaries provide to the class of employees that includes the Executive, on a basis not less favorable than that provided to such class of employees, including, without limitation, group medical, disability and life insurance, paid time-off, and retirement plan, subject to the terms and conditions of such plans, programs or forms of compensation or benefits.

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