Stock Redemption. For the Term the Company will maintain a Key Man life insurance policy on the Employee in the minimum amount of one million dollars, the proceeds of which shall be used to purchase stock of the Company from the Employee's estate or family in the event of the Employee's death, in accordance with the terms of the attached Stock Redemption Agreement between the Employee and the Company dated January 1, 2004.
Appears in 2 contracts
Samples: Employment Agreement (Petroleum Development Corp), Employment Agreement (Petroleum Development Corp)
Stock Redemption. For the Term the Company will maintain a Key Man life insurance policy on the Employee in the minimum amount of one million dollars, the proceeds of which shall be used to purchase stock of the Company from the Employee's estate or family in the event of the Employee's death, in accordance with the terms of the attached Stock Redemption Agreement between the Employee and the Company dated January 1October 15, 20041991.
Appears in 2 contracts
Samples: Employment Agreement (Petroleum Development Corp), Employment Agreement (Petroleum Development Corp)
Stock Redemption. For the Term the Company will maintain a Key Man life insurance policy on the Employee in the minimum amount of one million dollars, the proceeds of which shall be used to purchase stock of the Company from the Employee's estate or family in the event of the Employee's death, in accordance with the terms of the attached Stock Redemption Agreement between the Employee and the Company dated January 1, 20041,2004.
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