Common use of Life and Disability Insurance Clause in Contracts

Life and Disability Insurance. During the Employment Period, the Company shall provide coverage of at least $2 million of life insurance and 75% of Base Salary of disability insurance. Such insurance policies to be owned by any one or more members of Employee’s immediate family or by a trust for the primary benefit of the 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 100% of the premiums required under these policies; provided, however, that the Company shall not be obligated to pay greater than $20,000 for such premiums during any fiscal year. In the event that the premiums for such policies would exceed this limitation, the Company shall consult with the Employee to determine the allocation of such amount to the premiums for each type of policy to obtain such insurance as may be available for an aggregate of $20,000 per fiscal year. The Employee shall have the right to supplement, at the Employee’s expense, the Company’s payment of premiums for such policies up to the full coverages described in the first sentence of this Section 5(f).

Life and Disability Insurance. During the Employment Period, the Company shall provide coverage of at least $2 million of life insurance and 75% of Base Salary of disability insurance. Such insurance policies to be owned by any one or more members of Employee’s 's immediate family or by a trust for the primary benefit of the Employee’s '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 100% of the premiums required under these policies; provided, however, that the Company shall not be obligated to pay greater than $20,000 for such premiums during any fiscal year. In the event that the premiums for such policies would exceed this limitation, the Company shall consult with the Employee to determine the allocation of such amount to the premiums for each type of policy to obtain such insurance as may be available for an aggregate of $20,000 per fiscal year. The Employee shall have the right to supplement, at the Employee’s expense, the Company’s payment of premiums for such policies up to the full coverages described in the first sentence of this Section 5(f).

Life and Disability Insurance. During the Employment Period, the Company shall provide coverage of at least $2 million of life insurance and 75% of Base Salary of disability insurance. Such insurance policies to be owned by any one or more members of Employee’s immediate family or by a trust for the primary benefit of the 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 100% of the premiums required under these policies; provided, however, that the Company shall not be obligated to pay greater than $20,000 for such premiums during any fiscal year. In the event that the premiums for such policies would exceed this limitation, the Company shall consult with the Employee to determine the allocation of such amount to the premiums for each type of policy to obtain such insurance as may be available for an aggregate of $20,000 per fiscal year. The Employee shall have the right to supplement, at the Employee’s expense, the Company’s payment of premiums for such policies up to the full coverages described in the first sentence of this Section 5(f).

Life and Disability Insurance. During the Employment Period, the Company shall provide coverage of at least $2 million of life insurance and 75% of Base Salary of disability insurance. Such insurance policies to be owned by any one or more members of Employee’s immediate family or by a trust for the primary benefit of the 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 100% of the premiums required under these policies; provided, however, that the Company shall not be obligated to pay greater than $20,000 30,000 for such premiums during any fiscal year. In the event that the premiums for such policies would exceed this limitation, the Company shall consult with the Employee to determine the allocation of such amount to the premiums for each type of policy to obtain such insurance as may be available for an aggregate of $20,000 30,000 per fiscal year. The Employee shall have the right to supplement, at the Employee’s expense, the Company’s payment of premiums for such policies up to the full coverages described in the first sentence of this Section 5(f).

Life and Disability Insurance. During the Employment Period, the Company shall provide coverage of at least $2 2.0 million of life insurance and 75% of Base Salary of disability insurance. Such insurance policies to be owned by any one or more members of Employee’s 's immediate family or by a trust for the primary benefit of the Employee’s '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 100% of the premiums required under these policies; provided, however, that the Company shall not be obligated to pay greater than $20,000 for such premiums during any fiscal year. In the event that the premiums for such policies would exceed this limitation, the Company shall consult with the Employee to determine the allocation of such amount to the premiums for each type of policy to obtain such insurance as may be available for an aggregate of $20,000 per fiscal year. The Employee shall have the right to supplement, at the Employee’s expense, the Company’s payment of premiums for such policies up to the full coverages described in the first sentence of this Section 5(f).