Split Dollar Insurance. If Karp's employment with txx Xxxporation shall be terminated by him pursuant to Section 4.1C or by the Corporation, or if the Corporation shall terminate Karp's employment otherwxxx xxan for cause, the Corporation shall continue to pay the premium for and maintain the Broad National Bank Split Dollar Life Insurance or comparable plan for and on behalf of Karp with coverage of $500,000 until such time as said policy is fully paid.
Split Dollar Insurance. The parties agree that all of ATAPCO's interests in the split dollar insurance Assets and the AFR loan receivable related to such split dollar insurance Assets will be allocated between New ATAPCO and ATRECO in accordance with the terms set forth on Schedule 4.5 and Schedule 1.1(d).
Split Dollar Insurance. If pursuant to Section 4.1C Dorman's employment with xxx Xxxporations following a Change in Control shall terminate, the Corporations shall continue to pay the premium for and maintain the Broad National Bank Split Dollar Life Insurance for and on behalf of Dorman with coverage of $000,000 until such time as said policy is fully paid.
Split Dollar Insurance. Notwithstanding Section 8 of the Split Dollar Agreement (the "Split Dollar Agreement") dated as of March 8, 1994 by and among the Company, Greexxxxx xxx Sanfxxx Xxxxxxxxx, xx trustee of a trust established under a trust agreement between Jay Xxxxxxxxx, xx settlor, and Sanfxxx Xxxxxxxxx, xx trustees, the Company agrees to continue to pay premiums on the Policy (as defined in the Split Dollar Agreement) until payment of the twentieth annual Policy premium, subject to the other terms and provisions of the Split Dollar Agreement.
Split Dollar Insurance. The existing split-dollar life insurance policy for the benefit of Xx. Xxxxxx'x designated beneficiary (ies) shall continue in effect in accordance with its terms, subject to any limitations that may be imposed by statute or regulatory action.
Split Dollar Insurance. The Company shall use its reasonable best efforts to cause the transfer to the Company of the split dollar life insurance policy under which the Executive is a beneficiary and as to which Executive's prior employer is the holder; provided, however, that the Company shall not be required to pay more than 110% of the cash value of such policy in order to effect such transfer. After such transfer, the Company shall continue to pay all premiums due on that policy during the Employment Period and shall reimburse the Executive for any taxes payable by the Executive because of the payment by the Company of such premiums and any such tax reimbursement payments.
Split Dollar Insurance. The Company has given notice to ---------------------- Executive of its election to terminate the Split-Dollar Agreement - Collateral Assignment By Executive/Owner, entered into on August 11, 1989 between the Executive and Monsanto Company, to which agreement the Company is successor-in-interest (the "Collateral Assignment Agreement"), pursuant to Article XIII, Section 2 thereof. Executive shall surrender to Connecticut General Life Insurance Company ("Connecticut General") life insurance policies number CUL002164Z and CUL021761Z with the request that Connecticut General pay to the Company from the proceeds of such surrender an amount equal to the sum of the Company's Interest in each such Policy (as defined in the Collateral Assignment Agreement). Upon its receipt from Connecticut General of such amount, the Company will release its interest in both of the policies referenced in the preceding sentence. Its release of its interest in the policies shall constitute a discharge and satisfaction in full of any and all obligations to the Company under the Collateral Assignment Agreement.
Split Dollar Insurance. The Executive shall be eligible, directly or indirectly through a designated owner, to receive benefits (including the right to designate one or more beneficiaries) under (i) Life Insurance Policy No. 8592771 from Massachusetts Mutual Life Insurance Company and any agreement or instrument between the Company and the designated owner of such policy with respect to such policy, (ii) Life Insurance Policy No. 67127331 from Xxxx Xxxxxxx Mutual Life Insurance Company and any Split-Dollar Life Insurance Agreement and Assignment of Life Insurance Policy as Collateral between the Company and the designated owner of such policy with respect to such policy and (iii) any additional or substitute split-dollar insurance policy, plan or program hereafter obtained or established for, or made available to, officers or directors of the Company; provided, however, that at any time during the Employment Term the terms of any such split-dollar insurance policies, plans or programs shall be equivalent to or exceed the terms, taken as a whole, of the policies described in clauses (i) and (ii) above, as currently in effect.
Split Dollar Insurance. Until the death of Xxxx and his wife, Jo Xxxx ---------------------- Xxxx, Buyer shall and shall cause DSI to perform pursuant to, and to otherwise comply in all respects with, the Split Dollar Agreements to which DSI is now a party and attached hereto as Exhibit "K" covering life insurance on the lives of ----------- Xxxxx Xxxx or his wife, Jo Xxxx Xxxx, or on their joint lives, including the premium payments on the life insurance policies described in the Disclosure Schedule as set out below. It is expressly understood and agreed that the Split Dollar Agreements referred to in the preceding sentence have been or are in the process of being amended in a manner so that (a) the annual net amount DSI shall be required to pay as premiums on the policy or policies now subject to the Split Dollar Agreements and/or on additional policies that subsequently become subject to the Split Dollar Agreements shall not be more nor less than the net amount DSI was required to pay pursuant to the Split Dollar Agreements during the period of March 1, 1994 through February 28, 1995, and DSI shall continue to have to pay such annual net amount as premiums on such policies until the death of the last to die of Xxxxx Xxxx and Jo Xxxx Xxxx, (b) DSI's right to be repaid for its prior and subsequent premium payments pursuant to the Split Dollar Agreements shall be subject to forfeiture, at the option of the trusts that own the policy or policies that are now or that subsequently become subject to such Split Dollar Agreements if DSI fails for any reason to timely make the payments it is required to make under the Split Dollar Agreements, (c) the trusts that own the policy or policies that are now subject to the Split Dollar Agreements will have the right to obtain additional policies on the lives of Xxxxx Xxxx or Jo Xxxx Xxxx, or on their joint lives, in exchange for or with the cash values of the policy or policies that are now subject to the Split Dollar Agreements, provided such additional policy or policies are subject to the Split Dollar Agreements and, coupled with the remaining policies subject thereto, are adequate to assure that DSI will be able to be repaid the amounts it pays as premiums plus accrued interest to that date on all such policies (net of payments it receives pursuant to the Split Dollar Agreements from Xxxxx Xxxx and/or the trusts that own the policy or policies that are now or subsequently become subject to the Split Dollar Agreements) upon the death of the...
Split Dollar Insurance. The Company will prepay three years' premium on the split dollar insurance provided under Paragraph 5.E. by paying over to the insurance company which is the carrier under the Split Dollar Agreement premiums in an amount equal to 300% of Xxxxx'x annual base salary in effect as of the date of the Change in Control.
