Common use of Life Insurance for the Benefit of Employee Clause in Contracts

Life Insurance for the Benefit of Employee. Subsection 4(c)of the Original Agreement (Benefits) is hereby amended by adding “(i)” after the caption “Benefits.” and by the addition of the following as new subsection 4(c)(ii): “In addition to the foregoing Benefits, the Company shall, subject to the terms hereof, use its reasonable efforts to procure and maintain term life insurance on the life of Employee for a period of five (5) years. Such life insurance shall be in the amount of $900,000. Employee shall be the owner of the term life insurance policy obtained by the Company, and shall have the absolute right to designate the beneficiaries thereunder. The premiums in respect of such policy shall be paid by the Company for the shorter of (i) the period of five (5) years commencing on the date the insurance goes into effect or (ii) the period Employee is employed by the Company hereunder; premiums in respect thereof shall thereafter be paid by Employee. Employee agrees to submit to any physical examination required by any prospective insurer, and will otherwise cooperate with the Company in connection with any life insurance on Employee’s life the Company may wish to obtain. In the event Employee is determined to be suffering from a congenital defect or other illness or condition which would preclude the Company from obtaining the insurance referred to in the preceding paragraph at a cost substantially equivalent to the cost of obtaining such insurance for a healthy individual of Employee’s age and gender, the Company shall, in lieu of purchasing the insurance in the amount set forth in the preceding paragraph, purchase the amount of insurance, if any, that can be purchased at a cost substantially equivalent to the cost of obtaining such insurance for a healthy individual of Employee’s age and gender.”

Life Insurance for the Benefit of Employee. Subsection 4(c)of 4(c) of the Original Agreement (Benefits) is hereby amended by adding “(i)” after the caption “Benefits.” and by the addition of the following as new subsection 4(c)(ii): “In addition to the foregoing Benefits, the Company shall, subject to the terms hereof, use its reasonable efforts to procure and maintain term life insurance on the life of Employee for a period of five (5) years. Such life insurance shall be in the amount of $900,000810,000. Employee shall be the owner of the term life insurance policy obtained by the Company, and shall have the absolute right to designate the beneficiaries thereunder. The premiums in respect of such policy shall be paid by the Company for the shorter of (i) the period of five (5) years commencing on the date the insurance goes into effect or (ii) the period Employee is employed by the Company hereunder; premiums in respect thereof shall thereafter be paid by Employee. Employee agrees to submit to any physical examination required by any prospective insurer, and will otherwise cooperate with the Company in connection with any life insurance on Employee’s life the Company may wish to obtain. In the event Employee is determined to be suffering from a congenital defect or other illness or condition which would preclude the Company from obtaining the insurance referred to in the preceding paragraph at a cost substantially equivalent to the cost of obtaining such insurance for a healthy individual of Employee’s age and gender, the Company shall, in lieu of purchasing the insurance in the amount set forth in the preceding paragraph, purchase the amount of insurance, if any, that can be purchased at a cost substantially equivalent to the cost of obtaining such insurance for a healthy individual of Employee’s age and gender.”

Life Insurance for the Benefit of Employee. Subsection 4(c)of 4(c) of the Original Agreement (Benefits) is hereby amended by adding “(i)” after the caption “Benefits.” and by the addition of the following as new subsection 4(c)(ii): “In addition to the foregoing Benefits, the Company shall, subject to the terms hereof, use its reasonable efforts to procure and maintain term life insurance on the life of Employee for a period of five (5) years. Such life insurance shall be in the amount of $900,0001,050,000. Employee shall be the owner of the term life insurance policy obtained by the Company, and shall have the absolute right to designate the beneficiaries thereunder. The premiums in respect of such policy shall be paid by the Company for the shorter of (i) the period of five (5) years commencing on the date the insurance goes into effect or (ii) the period Employee is employed by the Company hereunder; premiums in respect thereof shall thereafter be paid by Employee. Employee agrees to submit to any physical examination required by any prospective insurer, and will otherwise cooperate with the Company in connection with any life insurance on Employee’s life the Company may wish to obtain. In the event Employee is determined to be suffering from a congenital defect or other illness or condition which would preclude the Company from obtaining the insurance referred to in the preceding paragraph at a cost substantially equivalent to the cost of obtaining such insurance for a healthy individual of Employee’s age and gender, the Company shall, in lieu of purchasing the insurance in the amount set forth in the preceding paragraph, purchase the amount of insurance, if any, that can be purchased at a cost substantially equivalent to the cost of obtaining such insurance for a healthy individual of Employee’s age and gender.”

Life Insurance for the Benefit of Employee. Subsection 4(c)of the Original Agreement (Benefits) is hereby amended by adding “(i)” after the caption “Benefits.” and by the addition of the following as new subsection 4(c)(ii): “In addition to the foregoing Benefits, the Company shall, subject to the terms hereof, use its reasonable efforts to procure and maintain term life insurance on the life of Employee for a period of five (5) years. Such life insurance shall be in the amount of $900,0001,725,000. Employee shall be the owner of the term life insurance policy obtained by the Company, and shall have the absolute right to designate the beneficiaries thereunder. The premiums in respect of such policy shall be paid by the Company for the shorter of (i) the period of five (5) years commencing on the date the insurance goes into effect or (ii) the period Employee is employed by the Company hereunder; premiums in respect thereof shall thereafter be paid by Employee. Employee agrees to submit to any physical examination required by any prospective insurer, and will otherwise cooperate with the Company in connection with any life insurance on Employee’s life the Company may wish to obtain. In the event Employee is determined to be suffering from a congenital defect or other illness or condition which would preclude the Company from obtaining the insurance referred to in the preceding paragraph at a cost substantially equivalent to the cost of obtaining such insurance for a healthy individual of Employee’s age and gender, the Company shall, in lieu of purchasing the insurance in the amount set forth in the preceding paragraph, purchase the amount of insurance, if any, that can be purchased at a cost substantially equivalent to the cost of obtaining such insurance for a healthy individual of Employee’s age and gender.”