Split Dollar Life Insurance Policy Sample Clauses

Split Dollar Life Insurance Policy. The Company shall take all reasonable and necessary actions to terminate, as of the Termination Date, any collateral assignment in favor of the Company with respect to the life insurance policy or policies on the life of the Executive and to cancel any obligation on the part of the Executive to repay any amount to the Company pursuant to the Split Dollar Agreement and to transfer to the Executive or his designee such life insurance policy or policies free of any encumbrances.
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Split Dollar Life Insurance Policy. 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 subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended.
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Split Dollar Life Insurance Policy. Pursuant to resolutions of the Board adopted at its May 3, 1993 meeting, the Company purchased a one million dollar ($1,000,000) split-dollar life insurance policy with Executive as the insured. The Company agrees that it will continue to make any premium payments over a sixteen (16)-year period from the time of such policy's issuance based on the current dividend schedule with a guaranteed minimum benefit of one million dollars ($1,000,000); provided, however, that in the event of a Change in Control of the Company, the Company shall make a single premium payment equal to the present value of the remaining payments described above using a six percent (6%) discount rate, simple interest. Furthermore, the Company agrees that it will pay Executive an additional amount to offset fully any tax liability incurred by Executive during his lifetime with respect to such life insurance policy, including but not limited to any tax liability previously recognized by Executive in taxable years prior to 1998, such that the after-tax cost to Executive of maintaining this policy shall be zero dollars ($0). This obligation shall remain in effect even if this Agreement has terminated.
Sample 1
Split Dollar Life Insurance Policy. (i) As soon as practicable after the Effective Date, the Company shall purchase or enhance a split dollar life insurance policy (the "SDLIP"). At the time that the SERP Payment becomes payable by the Company to the Executive under the terms of this Agreement, the SDLIP shall yield an annual payment equal to the value of the SERP Payment. The parties hereto agree that, under the terms of this Agreement and the SDLIP, the annual payment shall be paid directly to the Executive and the Company shall have no right to the annual payment or any portion thereof. The Company shall be required to make annual premium payments on the SDLIP. The SDLIP will be owned by the Executive but, subject to provisions set forth in Section 9(e) below, the SDLIP and this Agreement shall require the Executive to collaterally assign to the Company a portion of the SDLIP (the "Company Portion") equal to the aggregate value, at any time, of the premium payments paid by the Company plus interest on such premium payments which shall accrue at a rate of 3% per annum compounded annually. The Company and the Executive shall agree regarding the treatment of any value allocated to the Executive and his estate under the SDLIP at the time of the Executive's death and the terms of such agreement shall be set forth in the SDLIP.
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Split Dollar Life Insurance Policy. The Company shall have terminated the Xxxxxxx Split Dollar Agreement as set forth in Section 6.10.
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Split Dollar Life Insurance Policy. In consideration of the performance of the Services rendered by Consultant pursuant to this Agreement, the Company agrees to purchase a split dollar survivorship universal life insurance policy that contains terms and conditions substantially as set forth below (the "Policy"). The parties agree to cooperate and use their reasonable best efforts to have the policy in place no later than 120 days after the date of this Agreement.
Sample 1
Split Dollar Life Insurance Policy. In accordance with Article 9 of that certain split dollar life insurance agreement between you and the Bank, dated January 11, 1999 (the “Split-Dollar Agreement”), you will have thirty (30) days after the date of your termination of employment in which to repay the Company the amount which it has contributed toward payment of the premiums due on the Policy (as defined in the Agreement), at which time the Bank will release the collateral assignment of the Policy as set forth in Article 9 of the Split Dollar Agreement. If you do not repay such amount within such period, the Company may enforce any rights which it has under the Split-Dollar Agreement and the related collateral assignment. This Section is subject to the terms and conditions of the Split-Dollar Agreement and the related collateral assignment.
Sample 1
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Split Dollar Life Insurance Policy. The Company will continue to pay, for so long as such payments are due, all premiums then due and payable on, but only to the extent relating to the whole-life portion of, the split-dollar life insurance policy obtained pursuant to Section 3(d) of the Employment Agreement; provided that the Company's obligation to pay under this Section 6(c) are conditioned upon Executive's payment of all premiums payable on, but only to the extent relating to the term life portion of, said split-dollar life insurance policy. Executive agrees to cooperate with the Company in verifying Executive's continuing satisfaction of the foregoing condition. The Company agrees to promptly notify Executive, and Executive agrees to promptly notify the Company, of any premium notice or other notice it or Executive receives from the insurer relating to the policy. In the event that the Company determines its obligation to make payments under this Section 6(c) has ceased by reason of Executive's nonpayment of premiums relating to the life insurance portion of said split-dollar life insurance policy, the Company shall provide Executive with thirty (30) days' written notice of its intent to terminate payments hereunder. Such notice shall identify specifically Executive's nonpayment of the term life insurance premium as the basis upon which the Company asserts its right to cease payments and shall provide Executive with a reasonable opportunity to cure.
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Split Dollar Life Insurance Policy 
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Related to Split Dollar Life Insurance Policy

  • 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

  • Life Insurance Policy In addition to the insurance coverage contemplated by Section 4(e), during the Employment Term the Company shall maintain in effect term life insurance coverage for the Executive with a death benefit of at least Five Hundred Thousand Dollars ($500,000), subject to the Executive's insurability at standard rates and with the beneficiary or beneficiaries, thereof designated by the Executive. Notwithstanding Section 9 of this Agreement, such life insurance policy or policies may be assigned to a trust for the benefit of any beneficiary designated by the Executive.

  • Life Insurance Policies If any Debtor, now or any time hereafter, is the beneficiary of a “key man life insurance policy”, it shall promptly notify the Agent thereof, provide the Agent with a true and correct list of the Persons insured, the name and address of the insurance company providing the coverage, the amount of such insurance and the policy number, and, unless otherwise waived by the Agent in writing, take such actions as Agent may deem necessary or the Agent shall deem reasonably desirable to collaterally assign policy to the Agent for the benefit of the Lenders.

  • Life Insurance If the Employer chooses to obtain insurance on the life of the Executive in connection with its obligations under this Agreement, the Executive hereby agrees to take such physical examinations and to truthfully and completely supply such information as may be required by the Employer or the insurance company designated by the Employer.

  • Term Life Insurance During the Employment Term, and in addition to any other benefits to which Executive shall be entitled, the Company agrees to pay the premiums on a term life insurance contract covering the Executive that pays a death benefit of at least $906,000. The Company in its discretion shall select the term life insurance contract on which it will pay the premiums; but, the Executive shall be the owner of such contract and will be or will designate the beneficiary of such contract. The Company (i) will include and report such premium payments in the Executive’s taxable income to the extent required under applicable law and (ii) also will pay to the Executive an additional payment in an amount such that after payment by the Executive of all taxes imposed on the additional payment, the Executive retains an amount of the additional payment equal to the taxes imposed upon the Executive with respect to the Company’s payment of the premiums on the term life insurance contract. The amount of the additional payment shall be determined based on the Executive’s likely effective rates of federal, state and local income taxation for the calendar year in which the additional payment is to be made, net of the likely reduction in federal income taxes that is obtained from any deduction of state and local taxes. Executive agrees, for purposes of calculating the amount of the additional payment, to provide the Company such information as the Company may reasonably request to determine the amount of the additional payment and to cooperate with the Company in good faith in order to effectively make such determination. The Company shall hold all such information secret and confidential and shall not, without the prior written consent of the Executive or as otherwise may be required by law or legal process, communicate or divulge such information to anyone other than the Company and those in need of such information for purposes of determining the amount of the additional payment. Notwithstanding any other provision of this Agreement, in the event the term life insurance contract described herein extends beyond the termination of Executive’s employment with the Company, the Executive, and not the Company, shall be obligated to pay the premiums on such term life insurance contract accruing after the Executive’s termination of employment with the Company.

  • 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.

  • Single-Premium Credit Life Insurance Policy In connection with the origination of any Mortgage Loan, no proceeds from any Mortgage Loan were used to finance or acquire a single-premium credit life insurance policy;

  • R&W Insurance Policy In the event Parent or any of its Affiliates obtains a representations and warranties insurance policy in respect of the representations and warranties contained in this Agreement or in any certificate or other instrument contemplated by or delivered in connection with this Agreement (such policy, a “R&W Insurance Policy”), then (a) the payment of the premium (inclusive of commissions, surplus lines or premium taxes) and underwriting fees required by the R&W Insurance Policy to be paid (the “R&W Policy Premium”) shall be paid by Parent at or following Closing in connection with the issuance of the R&W Insurance Policy, with fifty percent (50%) of the R&W Policy Premium being borne by the Company as a Transaction Expense, and, for the avoidance of doubt, any other costs incurred or due following the Effective Time relating to the R&W Insurance Policy shall be borne solely by Parent and its Affiliates (including the Surviving Company after the Mergers); (b) such R&W Insurance Policy shall not provide for any “seller retention” (as such phrase is commonly used in the representations and warranties insurance policy industry); (c) such R&W Insurance Policy shall expressly waive any claims of subrogation, contribution, assignment, or otherwise, against the Stockholder or its Affiliates (or any direct or indirect past or present shareholder, member, partner, stockholder, employee, director or officer (or the functional equivalent of any such position) of the Stockholder or its Affiliates) (except in the case of Fraud); (d) the Stockholder shall, and shall cause the Company to, use commercially reasonable efforts to cooperate with Parent and its Affiliates and provide assistance as reasonably required to obtain such R&W Insurance Policy prior to Closing and (e) the subrogation waiver described in clause (c) of this Section 6.10 may not be amended or otherwise modified in any manner adverse to the Stockholder or any of the other persons listed in clause (c) of this Section 6.10, without Stockholder’s prior written consent (which consent may be withheld in its sole discretion).

  • Key Person Life Insurance The Company shall maintain term life insurance in the amount of $1,000,000 for Rxx Xxxxxx and $5,000,000 for Hxxxxx Xxxxx on the lives of the Key Holders, naming the Company as beneficiary. The Company shall obtain such insurance as soon as reasonably practicable following the closing of the sale of the Series A Preferred Stock pursuant to the Series A Agreement.

  • Insurance Policy insurance policies and insurance contracts of any kind that immediately prior to the Effective Time are or have been owned or maintained by, or provide a benefit in favor of, any member of either Group or any of its predecessors, including, without limitation, workers compensation/employers liability (including self-insured workers compensation in the State of Indiana), commercial general liability (including product liability), auto liability, excess/umbrella liability, property/business interruption, marine cargo, blanket crime/fidelity, aviation including airport liability, international liability and Executive Liability Policies. The term “Insurance Policies” expressly excludes any insurance policies relating to Plans to the extent such insurance policies are addressed under the Employee Matters Agreement, other than the above referenced Executive Liability Policies and workers compensation/employers liability policies (including self-insured workers compensation in the State of Indiana).

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