SPLIT DOLLAR INSURANCE AGREEMENT. The Executive, the Company and the Insurer (as defined in the Split Dollar Insurance Agreement) shall execute a Split-Dollar Insurance Agreement whereby the Company and the Executive shall agree to "split" the premiums and benefits under a life insurance policy. Pursuant to the Split-Dollar Insurance Agreement, the Company shall procure a ten year life insurance policy naming the Executive as Owner and as the Insured. The Company shall pay to the Insurer the premiums for such insurance policy, subject to repayment by the Executive in accordance with the terms of the Split-Dollar Insurance Agreement. The Executive shall have the option to pay additional During the period beginning at the end of the Vesting Period and ending on the termination date of the Split Dollar Agreement, portions of the cash surrender value of the life insurance policy shall be included in Executive's form W-2 as compensation for services. The Company shall provide Executive an additional cash bonus in order to compensate Executive for additional income tax liability resulting from the inclusion of the cash surrender value of the life insurance policy in Executive's form W-2.
SPLIT DOLLAR INSURANCE AGREEMENT. The Executive, the Company and the Insurer (as defined in the Split Dollar Insurance Agreement) shall execute a Split-Dollar Insurance Agreement whereby the Company and the Executive shall agree to "split" the premiums and benefits under a life insurance policy. Pursuant to the Split-Dollar Insurance Agreement, the Company shall procure a ten year life insurance policy naming the Executive as Owner and as the Insured. The Company shall pay to the Insurer the premiums for such insurance policy, subject to repayment by the Executive in accordance with the terms of the
SPLIT DOLLAR INSURANCE AGREEMENT. The Executive shall have the option to pay additional amounts as premiums. As security for the repayment of the premiums by the Company, the Executive shall execute the Split-Dollar Collateral Assignment whereby the Executive shall grant the Company a security interest in the life insurance policy. Executive hereby agrees that all premiums paid on Executive's behalf, and all additional contributions made by Executive, during the period ending on January 1, 2004 (such period being referred to as the "VESTING PERIOD"), shall be forfeited to the Company in the event Executive is no longer employed or engaged with the Company, provided, however, that if during the Vesting Period (A) an event constituting a Change of Control (as defined herein) of the Company occurs and (B)(i) the Executive's employment is terminated without Cause (as defined herein) or (ii) the Executive terminates his employment with Good Reason (as defined herein), in either case where such termination occurs within one (1) year of the date of Change of Control takes place, then Executive shall be entitled to receive all premiums paid and all additional contributions made with respect to such Split-Dollar Agreement. During the period beginning at the end of the Vesting Period and ending on the termination date of the Split Dollar Agreement, portions of the cash surrender value of the life insurance policy shall be included in Executive's form W-2 as compensation for services. The Company shall provide Executive an additional cash bonus in order to compensate Executive for additional income tax liability resulting from the inclusion of the cash surrender value of the life insurance policy in Executive's form W-2.
SPLIT DOLLAR INSURANCE AGREEMENT. As Xxxxxxx’x anticipated level of service will remain as of the Effective Date above 20% of the Average Trailing 36-Month Level, he will not have a “separation from service” as such term is defined, for purposes of Code Section 409A, in the Split Dollar Insurance Agreement between Xxxxxxx and Interface (the “Split Dollar Agreement”), such that such agreement shall continue in effect after the Effective Date and until such agreement terminates pursuant to its terms following Xxxxxxx’x separation from service under that agreement.
SPLIT DOLLAR INSURANCE AGREEMENT. The Bank and the Executive have entered into a Split- Dollar Insurance Agreement dated as of October 1, 2001. Unless the Split-Dollar Insurance Agreement explicitly provides otherwise, whether benefits are properly payable to the Executive's beneficiary(ies) under the Split-Dollar Insurance Agreement shall be determined solely by reference to the agreement, as the same may be amended.
SPLIT DOLLAR INSURANCE AGREEMENT. Executive shall be entitled to the benefits of the Split Dollar Insurance Agreement between the Company and Executive dated March 13, 1991 with respect to Policy No. 3478406 issued by the Guardian Life Insurance Company, which agreement remains in full force and effect.
SPLIT DOLLAR INSURANCE AGREEMENT. 9.1 The Company and Executive entered into the Split-Dollar Insurance Agreement, dated as of January 1, 1993 (the "Insurance Agreement"), in order to provide a life insurance policy (the "Policy")
SPLIT DOLLAR INSURANCE AGREEMENT. As of the Effective Date of this Agreement, the Split Dollar Insurance Agreement, dated January 19, 1993, by and between the Company and Stewart (the "Split Dollar Agreement") is hereby terminated and shaxx xx xonger have any force or effect. In accordance with subsection 4(a)(2) of the Split Dollar Agreement, Stewart hereby gives noxxxx xx the Company of his intention to terminate the Split Dollar Agreement. In addition, in accordance with subsection 4(b)(2) of the Split Dollar Agreement, the Company hereby assigns its interest in the Policy (as defined in the Split Dollar Agreement) to Stewart and shall execute any other documents that may be necessary xx xxxectuate such assignment, and, in exchange, Stewart hereby agrees to pay to the Company Four Hundred Seventy Onx Xxxxxrs and Eighty Eight Cents ($471.88) (the "Unearned Premium"), which represents the unearned portion of the premium paid on the Policy by the Company for 1999 as of the date of the assignment. The Company and Stewart each also hereby acknowledge and agree that the Unearned Prxxxxx xhall be satisfied in full by reducing the first semi-annual installment payable to Stewart by the Company pursuant to Section 2.1 of the Consulting Agxxxxxxx by the amount of the Unearned Premium.
SPLIT DOLLAR INSURANCE AGREEMENT. Buyer acknowledges that the Company is a party to a Split Dollar Insurance Agreement, dated December 24, 1992, between the Company and Farmers Trust Company, Trustee, a copy of which Agreement is attached as Exhibit 16(a). Pursuant to the Split Dollar Insurance Agreement, the Company agrees to pay the annual premium (which Buyer acknowledges that the Company has been paying in quarterly installments). Buyer covenants that it shall cause the Company to continue to meet all obligations under the Split Dollar Insurance Agreement, including but not limited to the payment of all premium amounts for the policy on a quarterly basis before the expiration of the grace period for the payment. In the event that Company defaults on any of its obligations after notice and an opportunity to cure by the person declaring such default, Buyer agrees that the Trustee's obligations under the Split Dollar Insurance Agreement, including but not limited to the obligation to return the amount of premiums advanced by the Company on behalf of Xxxxxxx, shall cease.
SPLIT DOLLAR INSURANCE AGREEMENT. Executive and Pinacor entered into a Split-Dollar Insurance Agreement, dated as of August 1, 1998 (the "Split-Dollar Agreement"). Pinacor has paid the premium payments on the Policy (as such term is defined in the Split-Dollar Agreement) through August 24, 2000. By March 15, 2000, Executive may elect to retain the Policy by paying Pinacor an amount equal to Pinacor's security interest in the Policy ($38,266.08). If Executive does not elect to retain the Policy, Pinacor's obligations under the Split-Dollar Agreement will terminate and Executive will transfer the Policy to Pinacor pursuant to the Policy Change of Ownership attached hereto as Exhibit D. Executive agrees to sign Exhibit D at the same time Executive signs this Agreement. Pinacor will not cause the Policy to be transferred to Pinacor unless Executive has not paid Pinacor the security interest in the Policy by March 16, 2000.
