Common use of TERM LIFE INSURANCE COVERAGE Clause in Contracts

TERM LIFE INSURANCE COVERAGE. Subject to Executive's insurability on a standard risk basis, Executive will be provided with term life insurance coverage for an amount equal to three times his Annual Base Salary, as adjusted annually. The Company, in its sole discretion, may fulfill its obligation hereunder, in whole or in part, by means of Executive's participation in the Company's group insurance plan for eligible employees of the Company. The Company shall purchase and maintain individual term life insurance on Executive's life to provide for such coverage amount that is not otherwise provided through the Company's group term life insurance for employees. Upon termination of his Employment other than for cause (as provided for in Section 5. 1), Executive shall be entitled, with no obligation of reimbursement to the Company, to exercise any option available to him under the individual insurance policies and/or contracts purchased and maintained by the Company, to assume ownership thereof and continue such policies and/or contracts in full force and effect.