Term Life Insurance Policy. A. Term Life insurance in the amount of $50,000 with full cost paid by the Board shall be provided for each Unit IV employee
B. An optional term life insurance policy in $5,000 increments with full premium paid by the Unit IV employee, for the Unit IV employee shall also be provided through payroll deduction if participation by the Board’s employee meets the minimum requirements of the carrier.
Term Life Insurance Policy. Employer shall use its commercial best efforts to obtain a term life insurance policy on the life of Employee providing for a death benefit of at least $3,000,000 payable to a beneficiary or beneficiaries designated by the Employee. The premiums for such policy will be paid by the Employer for so long as Employee serves as an employee, officer, director or consultant of Employer or any of its subsidiaries. Upon the termination of Employee’s service, Employer agrees to transfer the policy to a party designated by Employee, subject to applicable laws or regulations.
Term Life Insurance Policy. During the Employment Period, the Company shall provide a term life insurance policy with a principal amount equal to the lesser of (i) two million dollars ($2,000,000) and (ii) the maximum amount that may be purchased with a premium of $20,000 per year, to be owned by any one or more members of Employee’s immediate family or by a trust for the primary benefit of Employee’s immediate family. The owner of the policy shall have the power to designate the beneficiary and to assign any rights under the policy. The Company shall pay the premiums required under the policy up to a maximum of $20,000 per year.
Term Life Insurance Policy. During the Term: (a) so long as Executive remains employed by Fxxxxxx Mac, Fxxxxxx Mac shall maintain, at its cost, term life insurance on the life of Executive for the benefit of his beneficiaries with a face amount equal to $10,000,000, and (b) provided that Executive remains employed by Fxxxxxx Mac through the Scheduled Termination Date, upon the later to occur of the Scheduled Termination Date and Executive’s attainment of age 65, Fxxxxxx Mac shall deliver to Executive a fully paid-up permanent life insurance policy 4 with a face amount equal to $4,000,000. In each case, Fxxxxxx Mac’s obligation to provide such term life insurance and permanent life insurance to Executive shall be subject to the provision by Executive of proof of Executive’s insurability at standard rates.
Term Life Insurance Policy. Employer shall procure and pay all premiums necessary to keep in force until the Expiration Date or any earlier termination of Executive's employment a term life insurance policy underwritten on the life of Executive by an insurance company rated A+ or better by A.M. Best and payable to a beneficiary named by Executive with a death benefit of One Million Five Hundred Thousand Dollars ($1,500,000), such policy to be owned by Employee, provided, however, that Employer's obligation to procure such a policy shall be contingent upon Executive's submission to any health exam and of any application required by the insurer and an insurer's willingness to underwrite such a policy at such insurer's standard rates for a male of Executive's age. At such time as Employer's obligation to pay premiums ceases, Employee shall be assigned all of Employer's rights in such policy, if any, and shall be free to maintain such policy in force at his own cost and expense.
Term Life Insurance Policy. The Employee will be reimbursed for the premiums paid by the Employee in order to obtain a term life insurance policy with up to a $5,000,000 benefit; provided, however, that the Company shall not be required to pay aggregate premiums for any year in excess of $10,000. The Company acknowledges that if the Company is no longer required to reimburse the Employee for such premiums, the Employee shall be entitled, at his option and at his sole expense, to continue to maintain such term life insurance policy, subject to the provisions thereof.
Term Life Insurance Policy. From the date upon which both parties hereto have signed this Agreement until the earlier of (1) the four year anniversary of the CEO Employment Commencement Date, or (ii) Executive's termination of employment, the Company agrees to either (i) pay 100% of the premiums on a $20 million life insurance policy covering Executive, or (ii) self-insure Executive's life for $20 million; provided, however, that with respect to any such self-insurance, (A) it shall not cover Executive's suicide, and (B) Executive represents to the Company that he is not aware of any life-threatening condition to which he is subject.
Term Life Insurance Policy. During the Term: (a) so long as Executive remains employed by Fxxxxxx Mac, Fxxxxxx Mac shall maintain, at its cost, term life insurance on the life of Executive for the benefit of his beneficiaries with a face amount equal to $7,000,000, and (b) provided that Executive remains employed by Fxxxxxx Mac through both the Scheduled Termination Date and attainment of age 60, upon the later to occur of termination of Executive’s employment or Executive’s attainment of age 60, Fxxxxxx Mac shall deliver to Executive a fully paid-up permanent life insurance policy with a face amount equal to $2,800,000. In each case, Fxxxxxx Mac’s obligation to provide such term life insurance and permanent life insurance to Executive shall be subject to the provision by Executive of proof of Executive’s insurability at standard rates.
Term Life Insurance Policy. The Company shall use its commercial best efforts to maintain a term life insurance policy on the life of the Executive providing for a death benefit of at least $3,000,000 payable to a beneficiary or beneficiaries designated by the Executive. The premiums for such policy will be paid by the Company until the earlier of (i) the date that the Executive no longer serves as an employee, officer, director or consultant of the Company or any of its subsidiaries or (ii) December 31, 2026. Upon the termination of the Executive’s service, the Company agrees to transfer the policy to a party designated by the Executive, subject to applicable laws or regulations.
Term Life Insurance Policy. The Company’s payment of the premiums for the term life insurance policy with a death benefit of $2,000,000 provided to the Individual by the Company during his employment shall cease on the Resignation Date. At his election, the Individual shall have the right to (i) have the Company cancel the insurance policy; or (ii) accept assignment or transfer from the Company of the policy and begin paying the premiums to the insurance company himself. The Individual must indicate his election by placing an “X” in the appropriate box: o he elects to cancel the policy; or X he elect to accept assignment or transfer of the policy and continue the policy himself. If the Individual elects to continue the policy himself, he shall be solely responsible for all policy premiums upon assignment or transfer of the policy. Regardless of his election, the parties agree to cooperate and work together in good faith to take all actions reasonably necessary to effectuate the intent of this subparagraph. The parties further agree that any unearned premiums or other cash benefits payable under the policy resulting from the Individual’s election shall be payable to the Company.
