Split Dollar definition

Split Dollar concept will be used. The Employee will be responsible for taxes due in relation to the term cost or PS-52 table, whichever is less.

Split Dollar. Insurance Policy on the life of the Employee.

Split Dollar. Insurance Policy on the life of the Employee in accordance with the terms of a Split Dollar Insurance Agreement And Assignment Of Life Insurance Policy As Collateral dated 26th day of June, 1996 between the Company and the Employee.

Examples of Split Dollar in a sentence

• Any notice, consent or demand required or permitted to be given under the provisions of this Split Dollar Agreement by one party to another shall be in writing, shall be signed by the party giving or making the same, and may be given either by delivering the same to such other party personally, or by mailing the same, by United States certified mail, postage prepaid, to such party, addressed to his or her last known address as shown on the records of the Company.

• The funding policy for this Split Dollar Plan shall be to maintain the subject policy in force by paying, when due, all premiums required.

• Where the Bank and the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject Split Dollar policy, then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to the terms of this Agreement.

• As Named Fiduciary and Plan Administrator, the Bank shall be responsible for the management, control, and administration of this Split Dollar Plan as established herein.

• The Bank may replace the Policy with a comparable insurance policy to cover the benefit provided under this Agreement, in which case the Bank and the Executive shall execute a new Split Dollar Policy Endorsement for the comparable insurance policy.

More Definitions of Split Dollar

Split Dollar. POLICY ENDORSEMENT UNITED NATIONAL BANK & TRUST CO. SPLIT DOLLAR AGREEMENT Policy No. _____________________ Insured:_________________________ Supplementing and amending the application for insurance to ___________________ ("Insurer") on May 18, 2001 (the application date), the applicant requests and directs that: BENEFICIARIES

Split Dollar. Life Insurance in the face amount of Four Million ($4,000,000) Dollars (including Two Million ($2,000,000) Dollars of such insurance which it presently maintains), insuring the life of the Employee. The proceeds of such insurance shall be payable to the estate of the Employee (excluding benefits required to be paid to the Company pursuant to the split dollar plan for the premiums paid).

Split Dollar. PLAN PREPARED FOR REGIS INC. Xxxxxxx Xxxxxxxxxxx Age 55 Page 1 Xxxx X. Xxxxxxxxxxx Age 55 $5,000,000 Joint CompLife Plan - ES $100,000.00 Initial Contract Premium $3,000,000 Basic Amount Incl. $33,000.00 Additional Premium $1,500,000 Additional Protection Based on dividend interest rates which changes and are less than or equal to the current dividend interest rate Dividends initially used to purchase paid-up additions This illustration assumes payment of all premiums when due. Policy paid-up at age 100.

Split Dollar. AGREEMENT shall mean the Split-Dollar Agreements contemplated by Section 2.9 of the Asset Purchase Agreements.

Split Dollar. Life Insurance in the face amount of Five Hundred Fifty Thousand ($550,000) Dollars, insuring the life of the Employee. The proceeds of such insurance shall be payable to the estate of the Employee (excluding benefits required to be paid to the Company pursuant to the split dollar plan for the premiums paid). Once such insurance is fully paid, the Company will apply for an additional aggregate Five Hundred Fifty Thousand ($550,000) Dollars of similar "Split Dollar" Life Insurance insuring the Employee's life and will maintain such additional insurance during his employment by the Company.

Split Dollar. Life Insurance insuring the Employee's life and will maintain such additional insurance during his employment by the Company.

Split Dollar means a method of purchasing life insurance in which the Company and the Participant split, in accordance with a predetermined formula, either the premium cost, the Cash Value and/or the Death Benefit under a life insurance policy. With regard to this definition, BELI is made available under an endorsement Split Dollar arrangement, and SELI is made available under a collateral assignment Split Dollar arrangement.