Split Dollar vs. Bonusing Shares for Succession Plan

[dv13]

Privately held corporation with stock split between the company, a father and a son as owners. Non-familial COO and CFO. Company is discussing options for a succession plan in the event both shareholders die. They are considering using an endorsement split dollar arrangement on the life of the shareholders with key employees (COO and CFO) listed as beneficiaries as a way to fund the key employees' purchase of the deceased shareholder's stock. Another option would be to bonus out shares of stock to those key employees.

Any thoughts on using split dollar versus bonusing shares?