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. 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 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 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 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 policy number 5052671Z 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 the policy referenced in the preceding sentence. Its release of its interest in the policy shall constitute a discharge and satisfaction in full of any and all obligations to the Company under the Collateral Assignment Agreement.
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, Sperxxxx xxx Norton Sperxxxx, xx trustee of a trust established under a trust agreement between Norton Sperxxxx, xx settlor, and Danixx X. Xxxxxx xxx Amanxx X. Xxxxxx, 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. Consultant 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. 8592938, 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. 67127330, 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 Consulting 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. At any time during the Term and within 30 days after the expiration of the Term, EMPLOYEE shall be entitled to terminate that certain Split-Dollar Insurance Agreement dated June 11, 1992 between EMPLOYER and The L&A Xxxxxxxxx Trust (the "Split-Dollar Insurance Agreement") relating to that certain life insurance policy (New York Life Insurance Policy No. 44505886) in the face amount of $4,000,000 (the "Policy") in accordance with the terms of the Split-Dollar Insurance Agreement by payment to the EMPLOYER of an amount equal to the premiums paid by EMPLOYER through the time of purchase. Until the earlier of the termination of the Split-Dollar Insurance Agreement as provided in the prior sentence and the termination of the Term, EMPLOYER shall continue to pay premiums in accordance with the terms of the Split-Dollar Insurance Agreement. Unless and until the Split-Dollar Insurance Agreement is terminated as provided herein, the death benefits under the Policy shall be payable (i) to EMPLOYER to the extent of the premiums paid by it and (ii) the balance of the benefit to the beneficiaries designated by EMPLOYEE in accordance with that the Split-Dollar Insurance Agreement.
Split Dollar Insurance. The Company shall continue to honor its obligations under the split-dollar life insurance agreements for Stern dated May 27, 1998 (the "Split Dollar Agreements").
