Common use of Split Dollar Agreement Clause in Contracts

Split Dollar Agreement. The Company agrees to use all reasonable efforts to obtain life insurance on the life of the Executive and enter into either, at the option of the Company, a split dollar insurance agreement (the "Split Dollar Agreement") or another non-qualified plan for the Executive with respect thereto on terms and conditions and with benefits comparable to those applicable and available to similarly situated executives of the Company. If life insurance is utilized by the company, the Executive agrees to cooperate with the Company, its representatives and agents and any insurance companies and their respective agents and representatives, in order to execute such an agreement or plan and obtain such insurance. Notwithstanding the foregoing, the Company shall not be required to expend amounts in excess of 125 percent of the average premium cost for a person of the Executive's gender and age in order to obtain such insurance. Notwithstanding anything to the contrary contained herein, in the event a Split Dollar Agreement is entered into by the parties, the Company agrees to gross-up the compensation of the Executive in an amount determined by the Company's accountants as necessary to reimburse the Executive for (A) the sum of federal and Massachusetts income tax incurred by the Executive on account of the P.S.-58 benefit in the insurance policy described under a Split Dollar Agreement, and (B) the cost of any rider that the Executive purchases on the insurance policy described in such Split Dollar Agreement for the waiver of premiums in the event of his disability, and (C) the tax effect of the reimbursements set forth in (A) and (B) hereof, and to pay such amounts to the Executive in a lump sum payment no later than three (3) business days prior to the earliest date on which any federal or Massachusetts income taxes are due on account of such P.S.-58 benefit and/or the cost for the waiver of premiums. This clause (i) of Section 4 shall remain in full force and effect and shall survive any termination of this Agreement by reason of the disability of the Executive.

Split Dollar Agreement. The Company agrees to use all reasonable efforts to obtain life insurance on the life of the Executive and enter into either, at the option of the Company, a split dollar insurance agreement (the "Split Dollar Agreement") or another non-qualified plan for the Executive with respect thereto on terms and conditions and with benefits comparable to those applicable and available to similarly situated executives of the Company. If life insurance is utilized by the company, the The Executive agrees to cooperate with the Company, its representatives and agents and any insurance companies and their respective agents and representatives, in order to execute such an agreement or plan and obtain such insurance. Notwithstanding the foregoing, the Company shall not be required to expend amounts in excess of 125 percent of the average premium cost for a person of the Executive's gender and age in order to obtain such insurance. Notwithstanding anything to the contrary contained herein, in the event a Split Dollar Agreement is entered into by the parties, the Company agrees to gross-up the compensation of the Executive in an amount determined by the Company's accountants as necessary to reimburse the Executive for (A) the sum of federal and Massachusetts income tax incurred by the Executive on account of the P.S.-58 ▇.▇.- ▇▇ benefit in the insurance policy described under a Split Dollar Agreement, and (B) the cost of any rider that the Executive purchases on the insurance policy described in such Split Dollar Agreement for the waiver of premiums in the event of his disability, and (C) the tax effect of the reimbursements set forth in (A) and (B) hereof, and to pay such amounts to the Executive in a lump sum payment no later than three (3) business days prior to the earliest date on which any federal or Massachusetts income taxes are due on account of such P.S.-58 benefit and/or the cost for the waiver of premiums. This clause (i) of Section 4 shall remain in full force and effect and shall survive any termination of this Agreement by reason of the disability of the Executive.