[From: Free Document Downloads at TheSmallBusinessOwnersManual.com] This document should be used by the Board of Directors when authorizing a split-dollar insurance plan. The following text of this document should be reviewed and edited to fit your purposes. [Find, then fill-in, or delete text in brackets like this: “[NNN]” If there are dates in this document, they will automatically change to today’s date.
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BOARD OF DIRECTORS' RESOLUTION AUTHORIZING SPLIT-DOLLAR INSURANCE PLAN
Upon a duly made, seconded and unanimously adopted motion, the Board of Directors of this Corporation adopted the following resolution: WHEREAS, the Compensation Committee of the Board of Directors of this Corporation has made a written recommendation that the Corporation establish a Split-Dollar Insurance Program, and WHEREAS, the Board of Directors concludes that the establishment of such a program would enable the Corporation to attract and retain highly qualified, desirable employees, it is hereby: RESOLVED, that the Split-Dollar Insurance Program recommended by the Executive Committee, a copy of which the Secretary is directed to attach to the minutes of this meeting, be and hereby is approved, adopted and accepted by the Board of Directors of this Corporation, and it is FURTHER RESOLVED, That the President of this Corporation is hereby directed to do everything necessary to execute an agreement and bring into existence the Split-Dollar Insurance Program, a copy of which is appended to the minutes of this meeting. The undersigned, [N], certifies that I am the duly appointed Secretary of [COMPANY NAME] Corporation and that the above is a true and correct copy of a resolution duly adopted at a meeting of the Directors thereof, convened and held in accordance with law and the Bylaws of said Corporation on [DATE], and that such resolution is now in full force and effect. IN WITNESS THEREOF, I have affixed my name as Secretary of [COMPANY NAME] Corporation.
Dated: [DATE]
____________________ Secretary