Term Life Insurance. During the Employment Term, and in addition to any other benefits to which Executive shall be entitled, the Company agrees to pay the premiums on a term life insurance contract covering the Executive that pays a death benefit of at least $906,000. The Company in its discretion shall select the term life insurance contract on which it will pay the premiums; but, the Executive shall be the owner of such contract and will be or will designate the beneficiary of such contract. The Company (i) will include and report such premium payments in the Executive’s taxable income to the extent required under applicable law and (ii) also will pay to the Executive an additional payment in an amount such that after payment by the Executive of all taxes imposed on the additional payment, the Executive retains an amount of the additional payment equal to the taxes imposed upon the Executive with respect to the Company’s payment of the premiums on the term life insurance contract. The amount of the additional payment shall be determined based on the Executive’s likely effective rates of federal, state and local income taxation for the calendar year in which the additional payment is to be made, net of the likely reduction in federal income taxes that is obtained from any deduction of state and local taxes. Executive agrees, for purposes of calculating the amount of the additional payment, to provide the Company such information as the Company may reasonably request to determine the amount of the additional payment and to cooperate with the Company in good faith in order to effectively make such determination. The Company shall hold all such information secret and confidential and shall not, without the prior written consent of the Executive or as otherwise may be required by law or legal process, communicate or divulge such information to anyone other than the Company and those in need of such information for purposes of determining the amount of the additional payment. Notwithstanding any other provision of this Agreement, in the event the term life insurance contract described herein extends beyond the termination of Executive’s employment with the Company, the Executive, and not the Company, shall be obligated to pay the premiums on such term life insurance contract accruing after the Executive’s termination of employment with the Company.
Term Life Insurance. The Corporation shall purchase term life insurance on the life of the Employee having a face value of four times the Employee’s Salary (to be changed as salary adjustments are made) or the face value of life insurance that can be purchased based upon the Employee’s health history with the Corporation paying the standard premium rate for term insurance under its then current insurance program at the Employee’s age and assuming good health, whichever amount is lesser; provided further that, such insurance can be obtained by the Corporation in a manner which meets the requirements for deductibility by the Corporation under Section 79 of the Internal Revenue Code of 1986, or as hereafter amended.
Term Life Insurance. Effective July 1, 2015, full-time employees shall be provided with group term life insurance of $50,000. In addition, the Employer shall make available employee paid optional life insurance coverage at 1x, 2x, 3x, and 4x base annual salary. Voluntary selection of the first 1x base annual salary is not subject to evidence of insurability.
Term Life Insurance. The Board shall pay the annual premium for the Principal for term life and accidental death and dismemberment insurance from an insurer selected by the Board equal to two times the base annual salary set forth in paragraph 4 above, provided the Principal meets the ordinary insurability requirements of the insurer.
Term Life Insurance. In addition to any term life insurance provided to other senior executives of the Company, the Company shall purchase a term life insurance policy in the amount of $1,000,000 on the life of the Executive, commencing as soon as practicable following the Effective Date. Except as provided in Section 4 below, the policy shall remain in effect for the Employment Period. The obligation of the Company to purchase such policy shall be conditioned on Executive's successful completion of any required medical examination(s) such that the policy can be bought at standard rates. The Executive shall, in his sole discretion, name the beneficiaries of the policy.
Term Life Insurance. The Board shall provide and pay the premiums for a term life insurance policy for the Administrator during the term of this Agreement in the amount of One Hundred Thousand Dollars ($100,000.00). The Board shall assign the ownership of the term life insurance policy to a person or trust designated by the Administrator, and upon termination of this Agreement shall allow the owner to continue the life insurance at the Administrator’s own expense, provided the assignment is permitted by the insurance carrier. It is understood and agreed that the Administrator is not entitled to obtain the cash equivalent of this policy in lieu of receiving the policy.
Term Life Insurance. The Company shall have the right from time to time to purchase, modify or terminate insurance policies on the life of the Executive for the benefit of the Company in such amount as the Company shall determine in its sole discretion. In connection therewith the Executive shall, at such time or times and at such place or places as the Company may reasonably direct, submit himself to such physical examinations and execute and deliver such documents as the Company may deem necessary or desirable; provided, however, that the eligibility of the Executive for, or the availability of, such insurance shall not be deemed to be a condition of continued employment hereunder. The Executive makes no representation to the Company as to his current or future eligibility for insurance.
Term Life Insurance. The Company shall purchase and provide with term life insurance coverage after six months of employment, in the amount of $1,000,000: the beneficiary, or beneficiaries, shall be named by the Executive. The Executive agrees to permit the Company to purchase “Key man” term life insurance coverage for the benefit of the Company at its sole discretion.