Split Dollar concept will be used. The Employee will be responsible for taxes due in relation to the term cost or PS-52 table, whichever is less.
Split Dollar. Insurance Policy on the life of the Employee.
Split Dollar. Insurance Policy on the life of the Employee in accordance with the terms of a Split Dollar Insurance Agreement And Assignment Of Life Insurance Policy As Collateral dated 26th day of June, 1996 between the Company and the Employee.
Examples of Split Dollar in a sentence
Any notice, consent or demand required or permitted to be given under the provisions of this Split Dollar Agreement by one party to another shall be in writing, shall be signed by the party giving or making the same, and may be given either by delivering the same to such other party personally, or by mailing the same, by United States certified mail, postage prepaid, to such party, addressed to his or her last known address as shown on the records of the Company.
The funding policy for this Split Dollar Plan shall be to maintain the subject policy in force by paying, when due, all premiums required.
Where the Bank and the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject Split Dollar policy, then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to the terms of this Agreement.
As Named Fiduciary and Plan Administrator, the Bank shall be responsible for the management, control, and administration of this Split Dollar Plan as established herein.
The Bank may replace the Policy with a comparable insurance policy to cover the benefit provided under this Agreement, in which case the Bank and the Executive shall execute a new Split Dollar Policy Endorsement for the comparable insurance policy.
More Definitions of Split Dollar
Split Dollar. POLICY ENDORSEMENT UNITED NATIONAL BANK & TRUST CO. SPLIT DOLLAR AGREEMENT Policy No. _____________________ Insured:_________________________ Supplementing and amending the application for insurance to ___________________ ("Insurer") on May 18, 2001 (the application date), the applicant requests and directs that: BENEFICIARIES
Split Dollar. PLAN Company shall commence funding a portion of the premiums due on two life insurance policies issued on September 1, 1995, by New York Life Insurance Company insuring, in one policy, the lives of Executive and his wife, Jodi X. Xxxxxxx xxx, in the other, the life of Executive, pursuant to two separate written "Split Dollar" agreements in the form executed by the two separate trusts administered for the benefit of Mr. Xxxxxxx'x xxxily, each of which is an owner of one of the insurance policies, and Company, as same may be amended from time to time."
Split Dollar insurance comes from a concept of the Employer and the Employee sharing the premium payment on a life insurance policy on the employee. At age 65 or if later, 15 years from the date of issuance of the policy, the Company's aggregate premiums are returned from a "special" cash value built into the policy expressly for this purpose. Should you die before the Company's aggregate premiums are returned, death benefit payments are made to both the Company and your beneficiary. However, the benefit the Company receives does not reduce the death benefit paid to your beneficiary. After the Company's aggregate premiums are returned, the Company no longer has an interest in the policy. At that time you will have a "paid up" permanent life insurance policy with a cash value that can be made available to you at your option. Sample Senior Manager's Program* Current Age 50 Annual Premium Cash Value Attained Death Senior Senior Age Benefit Manager Company Manager Company --- ------- ------- ------- ------- ------- 50 $200,000 $ 880 $17,090 0 $ 14,350 55 280,500 1,740 16,232 $ 15,700 101,000 60 393,400 4,092 13,878 85,350 178,500 64 515,700 5,364 12,606 195,700 231,000 65# 515,700 0 0 203,800 0 * This example is for illustrative purposes only and assumes a 7% annual growth in death benefit (assumed annual salary) and an 8% yield on investment for the cash value. The yield on investment is not guaranteed. # At normal retirement the death benefit becomes constant, premiums cease, the Company's aggregate premiums are returned and your cash value may continue to grow. Premium Period SMILIP is designed for premiums to be extended over a period of time to ease the impact on cash flow to both you and the Company. This period is normally from the time of your enrollment until you reach age 65, however, premiums must be paid for a minimum of 15 years. Therefore, if you enroll in the program after age 50, you and the Company will continue premium contributions until the 15 year minimum is reached.
Split Dollar. AGREEMENT shall mean the Split-Dollar Agreements contemplated by Section 2.9 of the Asset Purchase Agreements.
Split Dollar. PLAN PREPARED FOR REGIS INC. Xxxxxxx Xxxxxxxxxxx Age 55 Page 1 Xxxx X. Xxxxxxxxxxx Age 55 $5,000,000 Joint CompLife Plan - ES $100,000.00 Initial Contract Premium $3,000,000 Basic Amount Incl. $33,000.00 Additional Premium $1,500,000 Additional Protection Based on dividend interest rates which changes and are less than or equal to the current dividend interest rate Dividends initially used to purchase paid-up additions This illustration assumes payment of all premiums when due. Policy paid-up at age 100.
Split Dollar. Life Insurance in the face amount of Five Hundred Fifty Thousand ($550,000) Dollars, insuring the life of the Employee. The proceeds of such insurance shall be payable to the estate of the Employee (excluding benefits required to be paid to the Company pursuant to the split dollar plan for the premiums paid). Once such insurance is fully paid, the Company will apply for an additional aggregate Five Hundred Fifty Thousand ($550,000) Dollars of similar "Split Dollar" Life Insurance insuring the Employee's life and will maintain such additional insurance during his employment by the Company. (c) The Company shall lease and insure, under the Company's policy, an automobile for the benefit of the Employee. The Company shall be responsible for maintenance, gasoline, repair and all other such costs but only to the extent such expenses relate to business use of the automobile. At the end of the lease
Split Dollar. Life Insurance insuring the Employee's life and will maintain such additional insurance during his employment by the Company. (c) The Company shall lease and insure, under the Company's policy, an automobile for the benefit of the Employee. The Company shall be responsible for maintenance, gasoline, repair and all other such costs but only to the extent such expenses relate to business use of the automobile. At the end of the lease