Split Dollar Policy Clause Samples

Split Dollar Policy. During the term of this Agreement, the Employer shall provide a Split Dollar Term life insurance policy on the Employee's life with a death benefit, in the amount of $2,000,000 in proceeds payable to beneficiaries designated by Empioyee. Employer shall be designated as the owner of this policy. If Employee's employment by Employer terminates for any reason other than death, then upon the written request by Employee within 30 days of such termination, any such life insurance policy existing pursuant to the provisions of this paragraph shall be assigned to Employee provided that Employee and the carrier each provide the Employer with reasonably satisfactory releases from all obligations and liabilities pursuant to, and with respect to, the policy. In addition, as a condition precedent to such assignment, Employee shall reimburse Employer for any amounts paid with respect to the policy subsequent to termination of Employee's employment.

Split Dollar Policy. The Company shall (i) during the Employment Period, continue to pay the annual premium, at the same annual rate and in the same month as paid by the Company in 1997, on the individual "split dollar" life insurance policy issued with respect to the Executive ("Policy"), and (ii) notwithstanding the assignment of the Policy to the Company as collateral heretofore executed by the Executive ("Collateral Assignment"), not take any action to reduce the annual premium, borrow against the cash surrender value of the Policy or endanger in any way any benefit available to the Executive and shall not be entitled to be repaid to the extent of its interest in the Policy until the earlier of the death of the insured under the Policy or the surrender of the Policy by the Executive.