Common use of Transfer of Insurance Policies Clause in Contracts

Transfer of Insurance Policies. If Xxxxxxx'x employment by the Company is terminated for any reason except Xxxxxxx'x death or Disability, the Company will cooperate with Xxxxxxx, to the extent Xxxxxxx so desires, to transfer to Xxxxxxx, at no cost to the Company and in exchange for a payment by Xxxxxxx to the Company equal to the value of the Company's interest in the policies, the life and disability insurance maintained by the Company on his behalf immediately before the termination of his employment, to the extent permitted by the applicable insurance policies. If Xxxxxxx'x employment by the Company is terminated as a result of Xxxxxxx'x Disability, the Company will cooperate with Xxxxxxx, to the extent Xxxxxxx so desires, to transfer to Xxxxxxx, at no cost to the Company and in exchange for a payment by Xxxxxxx to the Company equal to the value of the Company's interest in the policies, the life insurance maintained by the Company on his behalf as of the date five years after the termination of his employment, to the extent permitted by the applicable insurance policies.

Transfer of Insurance Policies. If Xxxxxxx'x Xxxxxxxx'x employment by the Company is terminated for any reason except Xxxxxxx'x Xxxxxxxx'x death or Disability, the Company will cooperate with XxxxxxxXxxxxxxx, to the extent Xxxxxxx Xxxxxxxx so desires, to transfer to XxxxxxxXxxxxxxx, at no cost to the Company and in exchange for a payment by Xxxxxxx Xxxxxxxx to the Company equal to the value of the Company's interest in the policies, the life and disability insurance maintained by the Company on his behalf immediately before the termination of his employment, to the extent permitted by the applicable insurance policies. If Xxxxxxx'x Xxxxxxxx'x employment by the Company is terminated as a result of Xxxxxxx'x Xxxxxxxx'x Disability, the Company will cooperate with XxxxxxxXxxxxxxx, to the extent Xxxxxxx Xxxxxxxx so desires, to transfer to XxxxxxxXxxxxxxx, at no cost to the Company and in exchange for a payment by Xxxxxxx Xxxxxxxx to the Company equal to the value of the Company's interest in the policies, the life insurance maintained by the Company on his behalf as of the date five years after the termination of his employment, to the extent permitted by the applicable insurance policies.