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
Split Dollar Life Insurance. The Company shall provide the Executive with split-dollar life insurance coverage. The coverage shall be provided under a separate Split-Dollar Life Insurance Agreement (the "Split-Dollar Agreement") entered into between the Executive and the Company, the terms of which shall include the following:
Split Dollar Life Insurance. The Company shall keep in effect, for the life of the Executive, the split-dollar life insurance policy maintained for the Executive immediately prior to the Termination Date, if any and if doing so does not violate any applicable law or regulation; the Company and the Executive shall retain respective obligations to pay premiums in accordance with the terms of the policy.
Split Dollar Life Insurance. Notwithstanding the provisions of Section 3(f) above, the Company shall continue to make premium payments on any split-dollar type life insurance program in effect on the life of the Executive during the 180 days preceding the Effective Date (or, if more favorable to the Executive, as in effect at any time thereafter until the termination of employment), in a manner consistent with the past practices of the Company as to timing and amount, until each policy has achieved paid-up status.
Split Dollar Life Insurance. The Company shall pay on the Executive's behalf all premiums that become due during the Executive's employment hereunder that are required to maintain in effect a life insurance policy on Executive's life with a face value of $2,000,000 (the "Split Dollar Policy") provided, however, that the Executive executes such documents that the Company determines are necessary or advisable in connection with this split dollar insurance program, including, without limitation, an irrevocable collateral assignment and split dollar agreement in a form prescribed by the Company assigning to the Company the right to recover from the cash value and any death proceeds of the Split Dollar Policy, any and all amounts paid by the Company with respect to the Split Dollar Policy and otherwise setting forth the terms and conditions of maintaining this split dollar life insurance program.
Split Dollar Life Insurance. The following provisions maintain and continue the split dollar life insurance funding commitments of the Company as provided in Paragraph 5.D of Xxxxxxx'x prior Severance Agreement entered into as of December 28, 2001. The Company shall advance amounts to fund payment of the premiums under a split dollar life insurance arrangement covering Xxxxxxx as provided in this Paragraph 5.E. As of the date hereof, the split dollar life insurance arrangement is provided under a policy or policies with Phoenix Home Life Mutual (such policies and agreements related thereto, the "Split Dollar Agreement"). The Company shall continue to abide by the terms of the Split Dollar Agreement with Xxxxxxx in force on the date of this Agreement, but, subject to the foregoing, the Company may implement a substitute Split Dollar Agreement so long as the amount of premiums funded by the Company on Xxxxxxx'x behalf equals the amount set forth herein.
(i) Xxxxxxx shall be the owner of the policy under the Split Dollar Agreement and will have the right to designate his beneficiary with respect to proceeds of the policy payable upon his death; provided, however, that notwithstanding the foregoing, the Company shall have a collateral assignment of the policy as security for the repayment of the amounts paid by the Company toward the premiums for the policy.
(ii) The Company shall pay the annual premium due on the policy in an amount specified in this Agreement, as amended from time to time. From and after the Effective Date, the amount of the annual premium the Company pays shall equal $146,250 (which is seventy-five percent (75%) of Xxxxxxx'x annual base salary in effect on July 29, 2002) in each year the Company is obligated to fund the premium as described herein. Provided that Xxxxxxx remains employed with the Company as of January 1 in a year, the Company shall, except as provided in Paragraph 5.E.(iii) below, for such year pay, on or before the due date(s) under the terms of the policy, the entire amount of the annual premium due on the policy acquired pursuant to this Paragraph 5.
Split Dollar Life Insurance. During the Term, the Company will pay the premiums on split dollar life insurance in accordance with the Split Dollar Life Insurance Agreement. The Company reserves the right to modify or terminate the Split Dollar Life Insurance Agreement, except that if a Change in Control occurs during the Term, the Split Dollar Life Insurance Agreement may only be modified or terminated by mutual agreement.
Split Dollar Life Insurance. The Company will pay the remaining premiums owed , if any, on the policy in accordance with the Split Dollar Life Insurance Agreement.
Split Dollar Life Insurance. During the Employment Period, the Company shall keep in force and pay the premiums on the split-dollar life insurance policy referenced in the Split Dollar Insurance Agreement between the Company and Executive, subject to reimbursement by Executive as provided in such Split Dollar Insurance Agreement. Executive agrees to submit to such medical examinations as may be required in order to maintain such policy of insurance.
Split Dollar Life Insurance. During the Term of this Agreement the Company shall keep in effect the current split-dollar life insurance policy or policies on the life of the Executive in the face amount aggregating 1,000,000. The Company shall pay all premiums on the policies or reimburse Executive for any portion of the premiums paid by him. In addition, the Company shall pay to Executive a grossed up bonus to reimburse Executive for any taxes payable by him with respect to his portion of the premiums (whether paid directly or reimbursed to him by the Company) and the bonus.
