Split Dollar Life Insurance Policy Sample Clauses

Split Dollar Life Insurance Policy. The Company shall take all reasonable and necessary actions to terminate, as of the Termination Date, any collateral assignment in favor of the Company with respect to the life insurance policy or policies on the life of the Executive and to cancel any obligation on the part of the Executive to repay any amount to the Company pursuant to the Split Dollar Agreement and to transfer to the Executive or his designee such life insurance policy or policies free of any encumbrances.
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Split Dollar Life Insurance Policy. You shall continue to maintain your “Executive’s Interest” in the Split Dollar Insurance Agreement, Policy No. 85998047 issued by Great West & Annuity Life Insurance Company, subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended.
Split Dollar Life Insurance Policy. Pursuant to resolutions of the Board adopted at its May 3, 1993 meeting, the Company purchased a one million dollar ($1,000,000) split-dollar life insurance policy with Executive as the insured. The Company agrees that it will continue to make any premium payments over a sixteen (16)-year period from the time of such policy's issuance based on the current dividend schedule with a guaranteed minimum benefit of one million dollars ($1,000,000); provided, however, that in the event of a Change in Control of the Company, the Company shall make a single premium payment equal to the present value of the remaining payments described above using a six percent (6%) discount rate, simple interest. Furthermore, the Company agrees that it will pay Executive an additional amount to offset fully any tax liability incurred by Executive during his lifetime with respect to such life insurance policy, including but not limited to any tax liability previously recognized by Executive in taxable years prior to 1998, such that the after-tax cost to Executive of maintaining this policy shall be zero dollars ($0). This obligation shall remain in effect even if this Agreement has terminated.
Split Dollar Life Insurance Policy. The Company shall have terminated the Xxxxxxx Split Dollar Agreement as set forth in Section 6.10.
Split Dollar Life Insurance Policy. In accordance with Article 9 of that certain split dollar life insurance agreement between you and the Bank, dated January 11, 1999 (the “Split-Dollar Agreement”), you will have thirty (30) days after the date of your termination of employment in which to repay the Company the amount which it has contributed toward payment of the premiums due on the Policy (as defined in the Agreement), at which time the Bank will release the collateral assignment of the Policy as set forth in Article 9 of the Split Dollar Agreement. If you do not repay such amount within such period, the Company may enforce any rights which it has under the Split-Dollar Agreement and the related collateral assignment. This Section is subject to the terms and conditions of the Split-Dollar Agreement and the related collateral assignment.
Split Dollar Life Insurance Policy. The Company will continue to pay, for so long as such payments are due, all premiums then due and payable on, but only to the extent relating to the whole-life portion of, the split-dollar life insurance policy obtained pursuant to Section 3(d) of the Employment Agreement; provided that the Company's obligation to pay under this Section 6(c) are conditioned upon Executive's payment of all premiums payable on, but only to the extent relating to the term life portion of, said split-dollar life insurance policy. Executive agrees to cooperate with the Company in verifying Executive's continuing satisfaction of the foregoing condition. The Company agrees to promptly notify Executive, and Executive agrees to promptly notify the Company, of any premium notice or other notice it or Executive receives from the insurer relating to the policy. In the event that the Company determines its obligation to make payments under this Section 6(c) has ceased by reason of Executive's nonpayment of premiums relating to the life insurance portion of said split-dollar life insurance policy, the Company shall provide Executive with thirty (30) days' written notice of its intent to terminate payments hereunder. Such notice shall identify specifically Executive's nonpayment of the term life insurance premium as the basis upon which the Company asserts its right to cease payments and shall provide Executive with a reasonable opportunity to cure.
Split Dollar Life Insurance Policy. In consideration of the performance of the Services rendered by Consultant pursuant to this Agreement, the Company agrees to purchase a split dollar survivorship universal life insurance policy that contains terms and conditions substantially as set forth below (the "Policy"). The parties agree to cooperate and use their reasonable best efforts to have the policy in place no later than 120 days after the date of this Agreement.
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Split Dollar Life Insurance Policy. (i) As soon as practicable after the Effective Date, the Company shall purchase or enhance a split dollar life insurance policy (the "SDLIP"). At the time that the SERP Payment becomes payable by the Company to the Executive under the terms of this Agreement, the SDLIP shall yield an annual payment equal to the value of the SERP Payment. The parties hereto agree that, under the terms of this Agreement and the SDLIP, the annual payment shall be paid directly to the Executive and the Company shall have no right to the annual payment or any portion thereof. The Company shall be required to make annual premium payments on the SDLIP. The SDLIP will be owned by the Executive but, subject to provisions set forth in Section 9(e) below, the SDLIP and this Agreement shall require the Executive to collaterally assign to the Company a portion of the SDLIP (the "Company Portion") equal to the aggregate value, at any time, of the premium payments paid by the Company plus interest on such premium payments which shall accrue at a rate of 3% per annum compounded annually. The Company and the Executive shall agree regarding the treatment of any value allocated to the Executive and his estate under the SDLIP at the time of the Executive's death and the terms of such agreement shall be set forth in the SDLIP.
Split Dollar Life Insurance Policy 

Related to Split Dollar Life Insurance Policy

  • Split Dollar Life Insurance The Company shall pay to the Executive a lump sum equal to the cost on the Termination Date of purchasing, at standard independent insurance premium rates, an individual

  • Retiree Life Insurance Employees who retire under the Monroe County Employees' Retirement System shall be eligible for $4,000.00 term life insurance. All employees hired by the Employer on or after October 1, 2007 shall not be eligible for Retiree Life Insurance.

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

  • Term Life Insurance The Employer will maintain and make available to full-time and part-time employees, the current term life insurance plan as set forth in the document "Summary of Health Benefits, Maryland State Employees."

  • Group Life Insurance Plan Section 1 - Eligibility Regular full-time and regular part-time employees who are on staff January 1, 1979 or who join the staff following this date shall, upon completion of the three-month probationary period, become members of the Group Life Insurance Plan as a condition of employment.

  • Key Man Life Insurance The Company may apply for and obtain and maintain a key man life insurance policy in the name of Executive together with other executives of the Company in an amount deemed sufficient by the Board, the beneficiary of which shall be the Company. Executive shall submit to physical examinations and answer reasonable questions in connection with the application and, if obtained, the maintenance of, as may be required, such insurance policy.

  • Group Life Insurance The Hospital shall contribute one hundred percent (100%) toward the monthly premium of HOOGLIP or other equivalent group life insurance plan in effect for eligible full-time employees in the active employ of the Hospital on the eligibility conditions set out in the existing Agreements.

  • Dependent Life Insurance In the event of the death of your spouse or dependent child from any cause whatsoever, while you and your dependents are insured under the plan, the insurance company will pay you $10,000 in respect of your spouse and $5,000 in respect of each insured dependent child. This applies to those employees with family health coverage only.

  • Life Insurance Benefits A. During the life of this Agreement, the basic life insurance benefit made available to Faculty members shall be calculated as 3 times base annual earnings, rounded to the next highest $1,000, but not more than $225,000. A separate additional benefit up to the amount of the life insurance will be paid for accidental death and dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment/Loss of Sight benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions.

  • Single-Premium Credit Life Insurance Policy In connection with the origination of any Mortgage Loan, no proceeds from any Mortgage Loan were used to finance a single-premium credit life insurance policy;

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