EXHIBIT 10.11
AMENDMENT TO
SPLIT DOLLAR LIFE INSURANCE AGREEMENT
This Amendment, made and entered into as of this _________ day of
______________________________________, 2002, by and between XXXXXX
MANUFACTURING COMPANY, a Delaware corporation (hereinafter referred to as the
"Corporation") and _________________ (hereinafter referred to as the
"Employee").
WITNESSETH:
WHEREAS the Corporation and the Employee entered into that certain
Split Dollar Life Insurance Agreement dated December 1, 2000 (the "Agreement")
and the parties, by mutual agreement, desire to modify and amend the Agreement.
NOW, THEREFORE, in consideration of these premises and of the mutual
promises contained herein, the parties hereto agree as follows:
1. Paragraph 4 of the Agreement is hereby amended to add the
following as the last sentence hereof:
"Notwithstanding any provision of the Agreement, effective as
of December 1, 2002, for the period from December 1, 2002,
until December 31, 2003, the amount of the premium to be paid
shall generally be the same amount as paid in the initial
year, except that the Corporation may chose, in its sole
discretion, to make no premium payment in cash in a particular
year."
2. Subparagraph a. of Paragraph 6 is hereby amended in its
entirety, effective as of December 1, 2002, to read as
follows:
"Except as otherwise provided herein, the Employee may sell,
assign, transfer, borrow against, surrender or cancel the
Policy, change the beneficiary designation thereof, in any
such case, only with the express written consent of the
Corporation provided that the Corporation has met its
obligations under the terms of this Agreement."
3. The following sentence shall be added at the end of paragraph
10 of the Agreement to read as follows:
"Notwithstanding any other provisions of this
Agreement, the Corporation and the Employee agree
that, effective as of December 1, 2002, the
failure of the Company to make any Policy premium
payments in cash prior to December 31, 2003, shall
not be an event of default under the terms of this
Agreement and the collateral assignment of the
Policy shall continue in full force and effect."
IN WITNESS WHEREOF, the parties hereto have executed this Agreement, in
duplicate, as of the day and year first above written.
XXXXXX MANUFACTURING COMPANY
By: ________________________________
______________________________ Print Name: ________________________________
Print Name: _____________ Print Title: ___________________
"Employee" "Corporation"
