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. 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.
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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.
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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. (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. (ii) The Company, in consultation with the Executive, shall: (A) determine the projected investment income the SDLIP must earn in order to meet the SERP Payment obligations, (B) conduct an annual review of the performance of such SDLIP investments against the target performance goals, and (C) meet any short fall by paying an additional premium on the SDLIP. (iii) The Executive (or, after the Executive's death, his Beneficiary), in his sole discretion and at his election, may purchase the Company's interest in the SDLIP by paying the Company an amount equal to the Company Portion that is collaterally assigned to the Company by the Executive (such amount to be determined without regard to any lapse of the Executive's collateral assignment obligations under Section 9(e) below, provided that the value of any obligation of the Company under the SDLIP that has not been met by the Company on the purchase date shall be subtracted from the purchase price, but only to the extent that such obligation of the Company is thereupon extinguished).
Sample 1
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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.
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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

  • Retiree Life Insurance Employees who retire under the Monroe County Employees' Retirement System shall be eligible for $4,000.00 term life insurance. All employees hired by the Employer on or after October 1, 2007 shall not be eligible for Retiree Life Insurance.

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

  • Term Life Insurance The Employer will maintain and make available to full-time and part-time employees, the current term life insurance plan as set forth in the document "Summary of Health Benefits, Maryland State Employees."

  • Group Life Insurance Plan Eligibility

  • 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.

  • Group Life Insurance The Hospital shall contribute one hundred percent (100%) toward the monthly premium of HOOGLIP or other equivalent group life insurance plan in effect for eligible full-time employees in the active employ of the Hospital on the eligibility conditions set out in the existing Agreements.

  • Dependent Life Insurance In the event of the death of your spouse or dependent child from any cause whatsoever, while you and your dependents are insured under the plan, the insurance company will pay you $10,000 in respect of your spouse and $5,000 in respect of each insured dependent child. This applies to those employees with family health coverage only.

  • Life Insurance Benefits A. During the life of this Agreement, the basic life insurance benefit made available to Faculty members shall be calculated as 3 times base annual earnings, rounded to the next highest $1,000, but not more than $225,000. A separate additional benefit up to the amount of the life insurance will be paid for accidental death and dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment/Loss of Sight benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions. B. Faculty members will be eligible to purchase the following supplemental coverage: 1. additional amounts of group term life insurance at a level of between one and three (3) times the Faculty member’s annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 2. group term life insurance for spouses and domestic partners at a level of between one (1) and three (3) times annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 3. group term life insurance for eligible dependent children at a level of $10,000.

  • Basic Life Insurance 37.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan. 37.2 The basic life insurance plan shall provide: (a) Effective June 1, 2002, coverage equal to one hundred percent (100%) of annual salary or ten thousand dollars ($10,000), whichever is greater; (b) where an employee is continuously disabled for a period exceeding six (6) months, the Employer will continue to pay monthly premiums on behalf of the employee until the earliest of recovery, death, or the end of the month in which the employee reaches age sixty-five (65). Any premiums paid by the employee for this coverage between the date of disability and the date this provision comes into force shall be refunded to the employee; (c) a conversion option for terminating employees to be obtained without evidence of insurability and providing coverage up to the amount for which the employee was insured prior to termination (less the amount of coverage provided by the Employer in the case of retirement). The premium of such policy shall be at the current rates of the insuring company. Application must be made within thirty-one (31) days of the date of termination of insurance. The Employer will advise terminating employees of this conversion privilege. The minimum amount that may be converted is two thousand dollars ($2,000). The conversion options shall be: 1. Any standard life or endowment plans (without disability or double-indemnity benefits) issued by the insurance carrier. 2. A one (1) year term insurance plan which is convertible to the standard life or endowment plans referred to in option 1 above. 3. A term to age sixty-five (65) insurance plan. 37.3 The amount of basic life insurance will be adjusted with changes in the employee’s salary from the date of approval of the increase or the effective date, whichever is later. If an employee is absent from work because of sickness or disability on the date an increase in insurance would have occurred, the increase will not take effect until the employee returns to work on a full-time basis (i.e., for at least one (1) full day). 37.4 Basic life insurance will terminate at the end of the month in which an employee ceases to be a regular employee unless coverage is extended under the total disability provision. Employees who receive a monthly benefit from the Public Service Superannuation Fund or the OPSEU Pension Trust are entitled to free coverage of two thousand dollars ($2,000) not earlier than thirty-one (31) days after the first of the month coinciding with or following date of retirement and this amount will be kept in force for the remainder of the employee’s life.

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