Split Dollar Sample Clauses
POPULAR SAMPLE Copied 1 times
Split Dollar. The Company shall purchase life insurance on the life of the Employee having a face value in such amount as is available for an annual premium payment of approximately Twenty-five Thousand Dollars ($25,000.00) under a split-dollar arrangement with the Employee. The Employee will be entitled to designate the beneficiary to receive any and all insurance proceeds under such policy. The Company and Employee shall cooperate and use its/his best efforts in obtaining such policy.
Split Dollar. The Qualifying Termination shall not constitute a termination of the Split Dollar Agreement between the Company and the Executive (or the split dollar agreement between a successor company and the Executive), and the Executive shall be deemed to have retired upon such Qualifying Termination for purposes of such Split Dollar Agreement (or the split dollar agreement between a successor company and the Executive).
Split Dollar. LIFE INSURANCE Berkshire will continue to pay split-dollar life insurance premiums under the terms of the Split-Dollar Agreements during the Severance Pay Period. The Split-Dollar Agreements include the following four policies: Security Life of Denver (Policy No. 1544997); Security Life of Denver (Policy No. 1550180); Nationwide Life (Policy No. N100380990); and Nationwide Life (Policy No. 101217940).
Split Dollar. Second-To-Die Life Insurance Contracts. On the Distribution date, ▇▇▇▇▇▇▇ shall relinquish all rights under any Split-Dollar Second-To-Die Life Insurance policies currently insuring the lives of any Agribusiness Employees and their spouses, including but not limited to, rights to any portion of the cash value or death benefits under such policies, created in accordance with the terms of the Split Dollar Agreement and Collateral Assignment between ▇▇▇▇▇▇▇ and such employee regarding such policies, and will take all reasonable steps necessary to assign such rights to Agribrands. Prior to the Distribution date, ▇▇▇▇▇▇▇ shall perform any and all obligations required of it under the terms of such Split Dollar Agreement and Collateral Assignment with respect to such policies.
Split Dollar. Second-To-Die Life Insurance Contracts. On the Distribution date, Ralston shall relinquish all rights und▇▇ ▇▇▇ Split-Dollar Second-To-Die Life Insurance policies currently insuring the lives of any Agribusiness Employees and their spouses, including but not limited to, rights to any portion of the cash value or death benefits under such policies, created in accordance with the terms of the Split Dollar Agreement and Collateral Assignment between Ralston and such employee regarding ▇▇▇▇ policies, and will take all reasonable steps necessary to assign such rights to Agribrands. Prior to the Distribution date, Ralston shall perform any and all obli▇▇▇▇▇▇▇ required of it under the terms of such Split Dollar Agreement and Collateral Assignment with respect to such policies.
Split Dollar. Executive, at Executive=s option, has a one time election to reduce the supplemental retirement payment provided under Section 3.9. Such election must be made by January 1, 1999. If Executive makes such an election prior to January 1, 1999, Company shall fund an amount equal to the actual equivalent of the retirement benefit in the form of premium advances on a split dollar life policy on the life of the Executive, or on the joint lives of the Executive and his spouse. Under the terms of the split dollar coverage, Company will be repaid, either by loan on the policy or from policy proceeds, for all premiums advanced by the Company.
Split Dollar. Executive shall be entitled to participate in executive split dollar life insurance program in the amount of $150,000 if he is insurable.
Split Dollar. Notwithstanding anything to the contrary in this Article, a death benefit may be provided according to the terms of a separate Split Dollar Agreement entered into by the Company and the Executive.