Common use of SPLIT DOLLAR INSURANCE AGREEMENT Clause in Contracts

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 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 amounts 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-2compensation for services.