EXHIBIT 10(b)
WD-40 COMPANY
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SUPPLEMENTAL DEATH BENEFIT PLAN
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WD-40 COMPANY, a California corporation (hereinafter called "Company") and
________________ (hereinafter called "Employee") hereby agree as follows:
1. Employee is presently employed by the Company and it is contemplated
that such employment will continue until ________________ (Employee's normal
retirement date); Company or Employee may, however, terminate Employee's
employment at any time and nothing herein shall be construed as a contract for
continued employment for any specified period of time.
2. If Employee dies before attaining sixty-five (65) years of age
while employed, Company shall pay to Employee's designated beneficiary an amount
equal to Employee's then current base salary as such amount shall last have been
determined by the Company's Board of Directors. The Death Benefit shall be paid
within sixty (60) days of Employee's death.
3. The beneficiary of the aforesaid payment to be made after Employee's
death shall be _________________ or such other person or persons as the Employee
shall hereafter designate in writing to Company. If no designated beneficiary
survives Employee, such payment shall be made to the Employee's estate.
4. If the Company shall elect to purchase a life insurance contract to
provide Company with funds to make payment
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hereunder, Company shall at all times be the sole and complete owner and
beneficiary of any such contract and shall have the unrestricted right to use
all amounts and exercise all options and privileges thereunder; neither Employee
nor beneficiary nor any other person shall have any right, title or whatsoever
in or to any such life insurance contract.
5. The designated beneficiary or any other person or persons having any
claim or right to payment hereunder shall rely solely on the unsecured promise
of the Company set forth herein and nothing in this agreement shall be construed
to give the Employee, beneficiary or any other person or persons any right,
title, interest or claim in or to any specific asset, fund, reserve, account or
property of any kind whatsoever owned by the Company. The designated
beneficiary or other person or persons shall have the right to enforce his claim
against the Company in the same manner as an unsecured creditor.
6. This agreement may be amended at any time upon the written agreement
of the parties.
7. Neither Employee nor any designated beneficiary nor any other person
entitled to payment hereunder shall have the right to transfer, assign, pledge
or otherwise encumber any such payment hereunder nor shall any such payment be
subject to seizure for the payment of any debt or judgment, or be transferable
by operation of law in the event of bankruptcy or insolvency.
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In the event of any attempted transfer, assignment or other encumbrance or
levy, the Company shall have no liability hereunder.
IN WITNESS WHEREOF, the undersigned have executed this agreement this
_____ day of _______________, 19__.
Company: WD-40 COMPANY
By ______________________________
Xxxxxx X. Xxxxxxx, President
Attest:
_________________________________
Xxxxxx X. Xxxxxxx, Secretary
Employee: _________________________________
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