Life Insurance Premiums. Within five (5) business days of a Change in Control, the Corporation shall pay to the Executive a lump sum amount sufficient to pay a certain number of future annual premiums required with respect to the Policy described in Section 4(e). The number of future annual premiums referenced in the immediately preceding sentence of this Section 7(d)(iii) shall equal (1) ten, reduced by (2) the number of annual premium payments already made under such policy as of the date of the Change in Control. In addition, and at the time such payment is made to the Executive, the Corporation shall pay to the Executive an additional amount determined by the formula described in the second sentence of Section 4(e).
Life Insurance Premiums. The Corporation shall pay to the Executive a lump sum amount sufficient to pay a certain number of future annual premiums required with respect to the Policy described in Section 4(e). The number of future annual premiums referenced in the immediately preceding sentence of this subparagraph (vi) shall equal ten (10), reduced by the number of annual premium payments already made under such policy as of the date of the Executive’s termination of employment (including any amount paid under Section 7(d)(iii) of this Agreement). In addition, and at the time such payment is made to the Executive, the Corporation shall pay to the Executive an additional amount determined by the formula described in the second sentence of Section 4(e).
Life Insurance Premiums. Within twenty-one (21) days of the Effective Date, VeriSign will pay you a lump sum payment in the amount of Seven Hundred Ninety-Seven and 88/100 Dollars ($797.88) (the “Life Insurance Premium Payment”), which is intended for your use to cover monthly life insurance premiums for twelve (12) months.
Life Insurance Premiums. If the Executive qualifies for coverage, the Company agrees to reimburse the Executive up to $ 10,000 per year for life insurance premiums which the Executive may pay as premiums on any policy of life insurance he may purchase for the benefit of his designated beneficiary or beneficiaries.
Life Insurance Premiums. The Company agrees to pay all of the premiums for the following insurance policies that the Bank has required to be maintained pursuant to the terms of the Credit Agreement: (i) the insurance policy on the life of the Executive in the amount of $15,000,000 owned by the Company, (ii) the insurance policy on the life of the Executive in the amount of $5,000,000 owned by Terremark Worldwide, Inc., (iii) the insurance policy on the life of the Executive in the amount of $2,000,000 owned by the Company, and (iv) other insurance policies on the life of the Executive as the Bank may require from time to time.
Life Insurance Premiums. At or as soon as practical following the due date of each annual premium under each Policy, the Company shall pay to Xxxxxxx the full amount of the annual premium under such Policy. The payment or payments made to Xxxxxxx under this Section 1 are referred to individually as a “Premium Payment” and collectively as the “Premium Payments.”
Life Insurance Premiums. During the Employment Period, the Company shall pay the Executive $95,000 per year for premiums on life insurance policies owned by the Executive.
Life Insurance Premiums. The premium required to purchase coverage equal to three times salary shall be paid by Employer. Eligible dependents are spouse or common-law spouse and unmarried children under the age of twenty-one (21) or older if in full-time attendance at an educational institution. Dependent life insurance policy (included) shall be five thousand dollars ($5,000.00) for spouse and two thousand five hundred dollars (2,500.00) for each child. Accidental Death and Dismemberment coverage is also included. In the event of accidental death, beneficiary will receive the principal amount under the A. D. and
Life Insurance Premiums. From and after the Effective Time, Parent ----------------------- shall pay one half of all premiums on the life insurance policies insuring the life of Xx. XxXxxxxx which are listed on Schedule 7.8 hereto, conditioned upon ------------ Xx. XxXxxxxx paying the other half of such payments. Parent's payments of such premiums shall not exceed $120,000 and shall be made pro rata as and when Xx. XxXxxxxx makes such payments, provided that if Parent has not satisfied this obligation upon the termination of the Consulting Agreement referenced in Article 8 below, Parent shall place into escrow funds sufficient to satisfy the remaining balance of the foregoing obligation. Parent hereby acknowledge that neither Parent nor any affiliate of Parent is or shall be the beneficiary of such policies.
Life Insurance Premiums. The Corporation shall pay to the Executive a lump sum amount sufficient to pay a certain number of future annual premiums required with respect to the Policy described in Section 4(e). The number of future annual premiums referenced in the immediately preceding sentence of this subparagraph (vi) shall equal ten (10), reduced by the number of annual premium payments already made under such policy as of the date of the Executive’s termination of employment (including any amount paid under Section 7(d)(iii) of the Agreement).
