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, Xxxxxxx shall relinquish all rights under any 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 Xxxxxxx and such employee regarding such policies, and will take all reasonable steps necessary to assign such rights to Agribrands. Prior to the Distribution date, Xxxxxxx shall perform any and all obligations 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. 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. 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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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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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

  • Group Life Insurance Plan Eligibility

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

  • Term Life Insurance The Employer will maintain and make available to full-time and part-time employees, the current term life insurance plan as set forth in the document "Summary of Health Benefits, Maryland State Employees."

  • 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 Benefits A. During the life of this Agreement, the basic life insurance benefit made available to Faculty members shall be calculated as 3 times base annual earnings, rounded to the next highest $1,000, but not more than $225,000. A separate additional benefit up to the amount of the life insurance will be paid for accidental death and dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment/Loss of Sight benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions. B. Faculty members will be eligible to purchase the following supplemental coverage: 1. additional amounts of group term life insurance at a level of between one and three (3) times the Faculty member’s annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 2. group term life insurance for spouses and domestic partners at a level of between one (1) and three (3) times annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 3. group term life insurance for eligible dependent children at a level of $10,000.

  • Insurance Plan 19.01 The Employer agrees to contribute the indicated percentage of the premium cost of the following group plans for full-time employees (and their families where applicable) who have completed their probationary period.

  • Retiree Life Insurance Employees who retire under the Monroe County Employees' Retirement System shall be eligible for $4,000.00 term life insurance. All employees hired by the Employer on or after October 1, 2007 shall not be eligible for Retiree Life Insurance.

  • Group Life Insurance The Hospital shall contribute one hundred percent (100%) toward the monthly premium of HOOGLIP or other equivalent group life insurance plan in effect for eligible full-time employees in the active employ of the Hospital on the eligibility conditions set out in the existing Agreements.

  • Basic Life Insurance 37.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan. 37.2 The basic life insurance plan shall provide: (a) Effective June 1, 2002, coverage equal to one hundred percent (100%) of annual salary or ten thousand dollars ($10,000), whichever is greater; (b) where an employee is continuously disabled for a period exceeding six (6) months, the Employer will continue to pay monthly premiums on behalf of the employee until the earliest of recovery, death, or the end of the month in which the employee reaches age sixty-five (65). Any premiums paid by the employee for this coverage between the date of disability and the date this provision comes into force shall be refunded to the employee; (c) a conversion option for terminating employees to be obtained without evidence of insurability and providing coverage up to the amount for which the employee was insured prior to termination (less the amount of coverage provided by the Employer in the case of retirement). The premium of such policy shall be at the current rates of the insuring company. Application must be made within thirty-one (31) days of the date of termination of insurance. The Employer will advise terminating employees of this conversion privilege. The minimum amount that may be converted is two thousand dollars ($2,000). The conversion options shall be: 1. Any standard life or endowment plans (without disability or double-indemnity benefits) issued by the insurance carrier. 2. A one (1) year term insurance plan which is convertible to the standard life or endowment plans referred to in option 1 above. 3. A term to age sixty-five (65) insurance plan. 37.3 The amount of basic life insurance will be adjusted with changes in the employee’s salary from the date of approval of the increase or the effective date, whichever is later. If an employee is absent from work because of sickness or disability on the date an increase in insurance would have occurred, the increase will not take effect until the employee returns to work on a full-time basis (i.e., for at least one (1) full day). 37.4 Basic life insurance will terminate at the end of the month in which an employee ceases to be a regular employee unless coverage is extended under the total disability provision. Employees who receive a monthly benefit from the Public Service Superannuation Fund or the OPSEU Pension Trust are entitled to free coverage of two thousand dollars ($2,000) not earlier than thirty-one (31) days after the first of the month coinciding with or following date of retirement and this amount will be kept in force for the remainder of the employee’s life.

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