Split Dollar Agreement. Reference is made to the Split Dollar Agreement, dated January 27, 2009, by and between Executive and the Seller Bank (the “Split Dollar Agreement”), which the parties agree will remain in full force and effect following the Commencement Date. The parties agree to amend the Split Dollar Agreement to provide that Executive’s employment with the Corporation shall constitute continued employment for purposes of the Split Dollar Agreement and shall not trigger a “Termination of Employment” as defined therein.
Split Dollar Agreement. The Company agrees to enter into the Split-Dollar Agreement attached as Exhibit A to this Agreement. The Company agrees to pay the first ten (10) annual premium payments of Ninety Thousand One Hundred Twenty-one and 60/100 Dollars ($90,121.60) pursuant to Section 3 of the Split-Dollar Agreement.
Split Dollar Agreement. You shall continue to maintain your “Executive’s Interest” in the Split Dollar Insurance Agreement, Policy No. 85998047 issued by Great West & Annuity Life Insurance Company.
Split Dollar Agreement. Contemporaneously with the execution of this Agreement, Company, Employee, and the KLL & LPL Family Partnership, Ltd. shall execute and enter into the Split Dollar Agreement attached to this Agreement as Exhibit B. ARTICLE 4: PROTECTION OF INFORMATION 4.1
Split Dollar Agreement. The Company agrees to use all reasonable efforts to obtain life insurance on the life of the Executive and enter into either, at the option of the Company, a split dollar insurance agreement (the "Split Dollar Agreement") or another non-qualified plan for the Executive with respect thereto on terms and conditions and with benefits comparable to those applicable and available to similarly situated executives of the Company. If life insurance is utilized by the company, the Executive agrees to cooperate with the Company, its representatives and agents and any insurance companies and their respective agents and representatives, in order to execute such an agreement or plan and obtain such insurance. Notwithstanding the foregoing, the Company shall not be required to expend amounts in excess of 125 percent of the average premium cost for a person of the Executive's gender and age in order to obtain such insurance. Notwithstanding anything to the contrary contained herein, in the event a Split Dollar Agreement is entered into by the parties, the Company agrees to gross-up the compensation of the Executive in an amount determined by the Company's accountants as necessary to reimburse the Executive for (A) the sum of federal and Massachusetts income tax incurred by the Executive on account of the P.S.-58 benefit in the insurance policy described under a Split Dollar Agreement, and (B) the cost of any rider that the Executive purchases on the insurance policy described in such Split Dollar Agreement for the waiver of premiums in the event of his disability, and (C) the tax effect of the reimbursements set forth in (A) and (B) hereof, and to pay such amounts to the Executive in a lump sum payment no later than three (3) business days prior to the earliest date on which any federal or Massachusetts income taxes are due on account of such P.S.-58 benefit and/or the cost for the waiver of premiums. This clause (i) of Section 4 shall remain in full force and effect and shall survive any termination of this Agreement by reason of the disability of the Executive.
Split Dollar Agreement. The Trustee of Executive's Life ---------------------- Insurance Trust shall have entered into a split dollar agreement with Company, substantially in the form attached as Exhibit 1 to this Amendment pursuant to which the Company is entitled to be repaid the aggregate amount of the premiums paid under this Section 8(d) within 60 days following the earlier of the surrender of the life insurance policies with respect to which the Company has paid premiums, or the death of the Executive. If some, but fewer than all of such policies are surrendered, the Company will be entitled to be repaid that percentage of the aggregate premiums paid hereunder that the cash value received upon such surrender is of the total cash value of the policies upon with the Company has paid premiums hereunder.
Split Dollar Agreement. Policy. No. 688931 (Midland National Life Insurance Company) Insured: Xxxxxx X. Xxxxxx Supplementing and amending the application for insurance to Midland National Life Insurance Company (“Insurer”) on August 18, 2005, the applicant requests and directs that: BENEFICIARIES
Split Dollar Agreement. Prior to the date hereof, the Company, the Stockholders and the trustee of the Xxxxx and Xxxxx Xxxxxxx Joint Life Insurance Trusts under agreement dated October 27, 1997, have agreed that the Company will be released from liability for the payment of any further premiums from and after June 30, 1998, and the Stockholders have provided a copy of such agreement to WORK.
Split Dollar Agreement. Executive’s split dollar agreement in effect as of January 1, 2009 (“Split $ Agreement”) which provides for death benefits shall continue to be maintained by Bank for Executive’s benefit, or any other plan so long as: (a) such other plan or arrangement provides for benefits and payments according to the Split $ Agreement in effect and (b) so long as any such plan document or arrangement meets or exceeds the benefit level currently provided in the Split $ Agreement.
Split Dollar Agreement. Prior to the Closing Date, the Split-Dollar Agreement between the Xxxxxxx X. Xxxxxxxxx Irrevocable Insurance Trust and the Company shall be terminated and the Closing Date Balance Sheet shall not include as an asset of the Company the amount owed for premium advances relating to such Split-Dollar Agreement.
