EXHIBIT 10(v)
HEALTH INSURANCE RETIREMENT BENEFIT AGREEMENT
AGREEMENT MADE January 1, 1996, between BADGER PAPER XXXXX, INC.
("Badger") and XXXXXX X. XXX XXXXX ("Van Hefty").
1. Recitals.
X. Xxx Xxxxx has provided exemplary service to Badger
throughout his years of employment.
X. Xxx Xxxxx'x services have assisted the development and
expansion of Badger's business with conspicuous success.
X. Xxxxxx wishes to recognize the value of Van Hefty's
services by providing comprehensive major medial benefits after his
retirement, provided retirement occurs after he has attained the age of 55
years.
2. Comprehensive Major Medical Benefits.
Upon the effective date set forth below, Badger shall furnish to
Van Hefty and his spouse the same comprehensive major medical benefits
plan then offered to Badger's full-time employees. The plan shall be
furnished without residency requirements. Badger shall provide the plan
to Van Hefty and his spouse until Van Hefty's date of death. Upon Van
Hefty's death, his surviving spouse shall receive the same comprehensive
major medical benefits plan until her death or remarriage, whichever first
occurs.
3. Effective Date.
Badger shall provide Van Hefty a comprehensive major medical
benefits plan upon Van Hefty's retirement, provided retirement occurs
after he has attained the age of 55 years.
4. Premium Payment.
Van Hefty is responsible for the annual premium as established
by Badger, and payable at least as frequently as once a month in advance.
Upon Badger receiving the total annual premium payment, Badger will then
reimburse Van Hefty.
5. Tax Consequences.
Van Hefty understands the provision of this comprehensive major
medical benefits plan to him is a taxable event. Van Hefty will receive
an IRS for 1099 from badger for each tax year. Van Hefty shall be
responsible for payment of any taxes due as a result of his receipt of
this comprehensive major medical benefits plan.
6. Survival of Agreement.
If Badger shall at any time be merged or consolidated into or
with any other corporation, or if substantially all of Badger's assets are
transferred to another corporation, the provisions of this Agreement shall
be binding upon and inure to the benefit of the corporation resulting from
such merger or consolidation or to which such assets shall be transferred.
This provision shall apply in the event of any subsequent merger,
consolidation or transfer.
7. Non-assignability.
Van Hefty's rights and benefits under this Agreement are
personal to him, and no such right or benefit shall be subject to
voluntary or involuntary alienation, assignment or transfer.
8. Entire Agreement.
This Agreement supersedes all other agreements previously made
between other parties relating to its subject matter. There are no other
understandings or agreements.
9. Non Waiver.
No delay or failure by either party to exercise any right under
this Agreement, and no partial or single exercise of that right, shall
constitute a waiver of that or any other right.
10. Headings.
Headings in this Agreement are for convenience only and shall
not be used to interpret or construe its provisions.
11. Governing Law.
This Agreement shall be construed in accordance with and
governed by the laws of the State of Wisconsin.
IN WITNESS WHEREOF the parties have signed this Agreement.
BADGER PAPER XXXXX, INC.
By: /s/ X. X. Xxxxx, Xx.,
X. X. Xxxxx, Xx., Chairman
By: /s/ Miles X. Xxxxx, Xx.
Miles X. Xxxxx, Xx.
Vice President/Administration,
Corporate Secretary & Treasurer
By: /s/ Xxxxxx X. Xxx Xxxxx
Xxxxxx X. Xxx Xxxxx
