Exhibit 10.20
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RECIPROCITY AGREEMENT BY AND BETWEEN
TORCHMARK CORPORATION AND
XXXXXXX & XXXX FINANCIAL, INC.,
ON BEHALF OF THE
TORCHMARK CORPORATION PENSION PLAN,
THE XXXXXXX & XXXX FINANCIAL, INC. RETIREMENT INCOME PLAN,
THE TORCHMARK CORPORATION SAVINGS AND INVESTMENT PLAN, AND
THE XXXXXXX & XXXX FINANCIAL, INC. SAVINGS AND INVESTMENT PLAN
Recitals:
Xxxxxxx & Xxxx Financial, Inc. and its affiliates (collectively, "W&R
Financial") employ individuals who were formerly employed by Torchmark
Corporation and its affiliates (collectively, "Torchmark") and who accrued
benefits under the Torchmark Corporation Pension Plan (the "Torchmark
Pension Plan") and the Torchmark Corporation Savings and Investment Plan
(the "Torchmark Thrift Plan").
Torchmark employs individuals who were formerly employed by Xxxxxxx &
Xxxx Financial or its predecessor, Xxxxxxx & Xxxx, Inc. and its affiliates
(collectively, "W&R") and who accrued benefits under the Xxxxxxx & Xxxx
Financial, Inc. Retirement Income Plan (the "W&R Financial Pension Plan")
and the Xxxxxxx & Xxxx Financial, Inc. Savings and Investment Plan (the
"W&R Financial Thrift Plan").
In connection with the initial public offering of Class A common stock
of W&R Financial, the parties hereto desire for the plans identified herein
to transfer certain assets and liabilities among and between said plans.
NOW, THEREFORE, the parties hereto hereby agree as follows:
1. The W&R Financial Thrift Plan shall transfer to the Torchmark Thrift Plan
assets and liabilities related to the following classes of employees:
(a) Existing and former employees of United Investors Life Insurance
Company;
(b) Existing sales persons of Xxxxxxx & Xxxx Asset Management Company;
and,
(c) Former employees of W&R or W&R Financial who are current employees of
Torchmark.
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2. The Torchmark Thrift Plan shall transfer to the W&R Financial Thrift Plan
assets and liabilities related to the following classes of employees:
(a) Former employees of Torchmark who are current employees of W&R
Financial.
3. The W&R Financial Pension Plan shall transfer to the Torchmark Pension
Plan assets and liabilities related to the following classes of employees:
(a) Existing sales persons of Xxxxxxx & Xxxx Asset Management Company;
and,
(b) Former employees of United Investors Real Estate Company.
4. The Torchmark Pension Plan shall transfer to the W&R Financial Pension
Plan assets and liabilities related to the following classes of employees:
(a) Former employees of Torchmark who are current employees of W&R
Financial; and,
(b) Former employees of Torch Energy Advisors Incorporated.
5. The transfers of assets and liabilities provided for herein shall take
place no sooner than the filing of appropriate Forms 5310-A with the Internal
Revenue Service, the Department of Labor, and the Pension Benefit Guaranty
Corporation unless a regulatory exemption for the filing of such forms exists.
6. The parties hereto may amend this agreement at any time pursuant to a
writing signed by both parties.
DONE as of this the 3rd day of March, 1998.
Torchmark Corporation, as sponsor and plan
administrator of the Torchmark Corporation Pension
Plan and the Torchmark Corporation Savings and
Investment Plan
By: /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
Vice President and Treasurer
ATTEST:
/s/ Xxxxx X. XxXxx
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Xxxxxxx & Xxxx Financial, Inc., as sponsor and plan administrator of the
Xxxxxxx & Xxxx Financial, Inc. Retirement Income Plan and the Xxxxxxx & Xxxx
By: /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
ATTEST:
/s/ Xxxxxx X. Xxxxxx
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