Split Dollar. The Company shall purchase life insurance on the life of the Employee having a face value in such amount as is available for an annual premium payment of approximately Twenty-five Thousand Dollars ($25,000.00) under a split-dollar arrangement with the Employee. The Employee will be entitled to designate the beneficiary to receive any and all insurance proceeds under such policy. The Company and Employee shall cooperate and use its/his best efforts in obtaining such policy.
Appears in 3 contracts
Sources: Employment Agreement (Gateway American Properties Corp), Employment Agreement (Gateway American Properties Corp), Employment Agreement (Gateway American Properties Corp)