Split Dollar Insurance Clause Samples
A Split Dollar Insurance clause outlines an arrangement where two parties, typically an employer and an employee, share the costs and benefits of a life insurance policy. Under this clause, the employer may pay the premiums while the employee or their beneficiaries receive a portion of the policy’s benefits, with the employer recouping its contributions upon payout. This structure allows both parties to achieve specific financial or estate planning goals, such as providing employee benefits or funding buy-sell agreements, while clearly defining each party’s rights and obligations regarding the policy.
Split Dollar Insurance. If Karp's employment with t▇▇ ▇▇▇poration shall be terminated by him pursuant to Section 4.1C or by the Corporation, or if the Corporation shall terminate Karp's employment otherw▇▇▇ ▇▇an for cause, the Corporation shall continue to pay the premium for and maintain the Broad National Bank Split Dollar Life Insurance or comparable plan for and on behalf of Karp with coverage of $5▇▇,▇00 until such time as said policy is fully paid.
Split Dollar Insurance. If pursuant to Section 4.1C Dorman's employment with ▇▇▇ ▇▇▇porations following a Change in Control shall terminate, the Corporations shall continue to pay the premium for and maintain the Broad National Bank Split Dollar Life Insurance for and on behalf of Dorman with coverage of $▇▇▇,▇00 until such time as said policy is fully paid.
Split Dollar Insurance. The parties agree that all of ATAPCO's interests in the split dollar insurance Assets and the AFR loan receivable related to such split dollar insurance Assets will be allocated between New ATAPCO and ATRECO in accordance with the terms set forth on Schedule 4.5 and Schedule 1.1(d).
Split Dollar Insurance. The Company shall use its reasonable best efforts to cause the transfer to the Company of the split dollar life insurance policy under which the Executive is a beneficiary and as to which Executive's prior employer is the holder; provided, however, that the Company shall not be required to pay more than 110% of the cash value of such policy in order to effect such transfer. After such transfer, the Company shall continue to pay all premiums due on that policy during the Employment Period and shall reimburse the Executive for any taxes payable by the Executive because of the payment by the Company of such premiums and any such tax reimbursement payments.
Split Dollar Insurance. The Company has given notice to ---------------------- Executive of its election to terminate the Split-Dollar Agreement - Collateral Assignment By Executive/Owner, entered into on August 11, 1989 between the Executive and Monsanto Company, to which agreement the Company is successor-in-interest (the "Collateral Assignment Agreement"), pursuant to Article XIII, Section 2 thereof. Executive shall surrender to Connecticut General Life Insurance Company ("Connecticut General") life insurance policy number 5052671Z with the request that Connecticut General pay to the Company from the proceeds of such surrender an amount equal to the sum of the Company's Interest in each such Policy (as defined in the Collateral Assignment Agreement). Upon its receipt from Connecticut General of such amount, the Company will release its interest in the policy referenced in the preceding sentence. Its release of its interest in the policy shall constitute a discharge and satisfaction in full of any and all obligations to the Company under the Collateral Assignment Agreement.
Split Dollar Insurance. Notwithstanding Section 8 of the Split Dollar Agreement (the "Split Dollar Agreement") dated as of March 8, 1994 by and among the Company, Gree▇▇▇▇▇ ▇▇▇ Sanf▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇ trustee of a trust established under a trust agreement between Jay ▇▇▇▇▇▇▇▇▇, ▇▇ settlor, and Sanf▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇ trustees, the Company agrees to continue to pay premiums on the Policy (as defined in the Split Dollar Agreement) until payment of the twentieth annual Policy premium, subject to the other terms and provisions of the Split Dollar Agreement.
Split Dollar Insurance. Consultant shall be eligible, directly or indirectly through a designated owner, to receive benefits (including the right to designate one or more beneficiaries) under (i) Life Insurance Policy No. 8592938, from Massachusetts Mutual Life Insurance Company and any agreement or instrument between the Company and the designated owner of such policy with respect to such policy, (ii) Life Insurance Policy No. 67127330, from ▇▇▇▇ ▇▇▇▇▇▇▇ Mutual Life Insurance Company and any Split-Dollar Life Insurance Agreement and Assignment of Life Insurance Policy as Collateral between the Company and the designated owner of such policy with respect to such policy and (iii) any additional or substitute split-dollar insurance policy, plan or program hereafter obtained or established for, or made available to, officers or directors of the Company; provided, however, that at any time during the Consulting Term the terms of any such split-dollar insurance policies, plans or programs shall be equivalent to or exceed the terms, taken as a whole, of the policies described in clauses (i) and (ii) above, as currently in effect.
Split Dollar Insurance. The existing split-dollar life insurance policy for the benefit of ▇▇. ▇▇▇▇▇▇'▇ designated beneficiary (ies) shall continue in effect in accordance with its terms, subject to any limitations that may be imposed by statute or regulatory action.
Split Dollar Insurance. 5 7. SOURCE OF BENEFITS, INVESTMENT OF CONTRIBUTIONS.......................6 7.1 Benefits Payable from General Assets.........................6 7.2 Trust........................................................6 7.3 Investments to Facilitate Payment of Benefits................6
Split Dollar Insurance. 38 Mori▇▇▇▇ ▇▇▇ll have the right to request that the Surviving Corporation continue the premium payments on the existing split-dollar insurance policy provided, in each event, that such Mori▇▇▇▇'▇ ▇▇▇pensation under his employment agreement shall be reduced by the amount of such premium payments as they are made.