Examples of Key Man Policy in a sentence
If the Company elects to obtain and maintain such Key Man Policy, the Employee shall cooperate in all reasonable respects in order to effectuate such Key Man Policy and shall provide such consents as may be necessary to comply with Section 101(j) of the Internal Revenue Code of 1986, as amended (the “Code”).
Upon termination of the Employee’s employment with the Company for any reason whatsoever other than death, the Company will transfer ownership of any such Key Man Policy to the Employee or his designee who will accept full responsibility for the payment of any premiums due following the Termination Date.
Section 5.10 of the Existing Credit Agreement is hereby amended by deleting the reference to “and MSLO Key Man Policy are” and substituting with “is”.
The Executive acknowledges and accepts that the Company: (i) shall be the owner and beneficiary of the Key Man Policy; (ii) shall be solely responsible for paying the premiums thereon; and (iii) shall be entitled to determine the face amount of the Key Man Policy in the discretion of the Company’s Board of Directors.
Upon termination of the Employee’s employment with the Company for any reason whatsoever other than death, the Company will transfer ownership of any such Key Man Policy to the Employee or her designee who will accept full responsibility for the payment of any premiums due following the Termination Date.