Term Life Insurance Policy. A. Term Life insurance in the amount of $50,000 with full cost paid by the Board shall be provided for each Unit IV employee
Term Life Insurance Policy. During the Employment Period, the Company shall provide a term life insurance policy with a principal amount equal to the lesser of (i) two million dollars ($2,000,000) and (ii) the maximum amount that may be purchased with a premium of $20,000 per year, to be owned by any one or more members of Employee’s immediate family or by a trust for the primary benefit of Employee’s immediate family. The owner of the policy shall have the power to designate the beneficiary and to assign any rights under the policy. The Company shall pay the premiums required under the policy up to a maximum of $20,000 per year.
Term Life Insurance Policy. Employer shall use its commercial best efforts to obtain a term life insurance policy on the life of Employee providing for a death benefit of at least $3,000,000 payable to a beneficiary or beneficiaries designated by the Employee. The premiums for such policy will be paid by the Employer for so long as Employee serves as an employee, officer, director or consultant of Employer or any of its subsidiaries. Upon the termination of Employee’s service, Employer agrees to transfer the policy to a party designated by Employee, subject to applicable laws or regulations. EXHIBIT B List of Competitors Agilent Technologies, Inc. Applera Corp. / Applied Bio Becton Dxxxxxxxx & Co. Bio Rad Labs, Inc. Bxxxxxx Biosciences Corp. Invitrogen Corp. Millipore Corp. Mxxxxxx Toledo International Pxxxxx Xxxxx, Inc. Qiagen N V Sigma Axxxxxx Corp. VWR Varian, Inc. Waters Corp.
Term Life Insurance Policy. The School Board will pay the premium for a Term Life Insurance policy in an amount equal to the employee’s Annual Earnings for all newly-hired employees. The newly-hired employee will also have the option to purchase additional life insurance up to one, two or three time Annual Earnings. Additional life insurance amounts in excess of $300,000 will require evidence of insurability and approval by the life insurance provider. Any requests for additional life insurance after the employee receives their first payroll deduction will require evidence of insurability and approval by the life insurance provider. Employees hired before April 1, 2012, will have their School Board-paid two-times Annual Earnings life insurance benefit reduced to a School Board-paid one times Annual Earnings amount. These employees shall be allowed to purchase the additional life insurance premium for the School Board-reduced one-times Annual Earnings benefit amount lost during a special one-time enrollment period to be held during the months of February/March 2012 without evidence of insurability. Any requests for additional life insurance up to one, two, or three times Annual Earnings, after this special one-time enrollment period, will require evidence of insurability and approval by the life insurance provider. Life insurance premiums are expressed in Appendix “F.”
Term Life Insurance Policy. Valeant shall use its reasonable commercial best efforts to transfer to Mx. Xxxxxxx, or otherwise permit Mx. Xxxxxxx to continue in effect at his own expense, the $10 million term life insurance policy provided by the Jxxx Hxxxxxx Life Insurance Company that Valeant currently maintains on his life. The intent of this Section is to allow Mx. Xxxxxxx to continue such policy and the death benefit coverage thereunder in effect without interruption at his own expense.
Term Life Insurance Policy. From the date upon which both parties hereto have signed this Agreement until the earlier of (1) the four year anniversary of the CEO Employment Commencement Date, or (ii) Executive's termination of employment, the Company agrees to either (i) pay 100% of the premiums on a $20 million life insurance policy covering Executive, or (ii) self-insure Executive's life for $20 million; provided, however, that with respect to any such self-insurance, (A) it shall not cover Executive's suicide, and (B) Executive represents to the Company that he is not aware of any life-threatening condition to which he is subject.
Term Life Insurance Policy. During the Term: (a) so long as Executive remains employed by Fxxxxxx Mac, Fxxxxxx Mac shall maintain, at its cost, term life insurance on the life of Executive for the benefit of his beneficiaries with a face amount equal to $7,000,000, and (b) provided that Executive remains employed by Fxxxxxx Mac through both the Scheduled Termination Date and attainment of age 60, upon the later to occur of termination of Executive’s employment or Executive’s attainment of age 60, Fxxxxxx Mac shall deliver to Executive a fully paid-up permanent life insurance policy with a face amount equal to $2,800,000. In each case, Fxxxxxx Mac’s obligation to provide such term life insurance and permanent life insurance to Executive shall be subject to the provision by Executive of proof of Executive’s insurability at standard rates.
Term Life Insurance Policy. The Employee will be reimbursed for the premiums paid by the Employee in order to obtain a term life insurance policy with up to a $5,000,000 benefit; provided, however, that the Company shall not be required to pay aggregate premiums for any year in excess of $10,000. The Company acknowledges that if the Company is no longer required to reimburse the Employee for such premiums, the Employee shall be entitled, at his option and at his sole expense, to continue to maintain such term life insurance policy, subject to the provisions thereof.
Term Life Insurance Policy. The Company’s payment of the premiums for the term life insurance policy with a death benefit of $2,000,000 provided to the Individual by the Company during his employment shall cease on the Resignation Date. At his election, the Individual shall have the right to (i) have the Company cancel the insurance policy; or (ii) accept assignment or transfer from the Company of the policy and begin paying the premiums to the insurance company himself. The Individual must indicate his election by placing an “X” in the appropriate box: o he elects to cancel the policy; or X he elect to accept assignment or transfer of the policy and continue the policy himself. If the Individual elects to continue the policy himself, he shall be solely responsible for all policy premiums upon assignment or transfer of the policy. Regardless of his election, the parties agree to cooperate and work together in good faith to take all actions reasonably necessary to effectuate the intent of this subparagraph. The parties further agree that any unearned premiums or other cash benefits payable under the policy resulting from the Individual’s election shall be payable to the Company.
Term Life Insurance Policy. If the Executive is determined to be insurable by an insurance company of the Bank’s choosing, the Bank shall, on the Executive’s behalf, both obtain and pay the premiums of a term-life insurance policy until the Executive’s death. Such policy shall pay a death benefit in an amount that is no less than an amount equal to the death benefit that would have been payable on the death of the Executive pursuant to the life insurance plan maintained by the First National Bank of Georgia immediately prior its acquisition by WGNB less the death benefit payable under the life insurance plan maintained by the Bank (the “Policy Amount”). In the event that the insurance company determines that the Executive is not insurable, the Bank will pay to the Executive an amount equal to the premiums necessary to obtain term life insurance coverage for the above Policy Amount and continue such coverage in effect until the Executive’s death, payable in accordance with the Bank’s normal payroll procedures.
