Exhibit 10.25
TERMINATION OF SPLIT DOLLAR
LIFE INSURANCE AGREEMENT
This Termination of Split Dollar Life Insurance Agreement (the
"Termination"), is effective September 17, 2004, between AUTOCAM CORPORATION, a
Michigan corporation, of 0000 Xxxx Xxxxx Xxx., Xxxxxxxx, Xxxxxxxx 00000
("Company"), and Xxxxxx X. Xxxxxxx ("Owner").
BACKGROUND
A. On one or more dates prior to the date here of Company and Owner have
executed one or more Split Dollar Life Insurance Agreements (the "Plans").
B. The Plans were intended to qualify as a life insurance employee
benefit plan as described in Rev. Rule 64-328.
C. Company and Owner now desire to terminate all of the Plans.
AGREEMENT
The parties agree as follows:
1. Distribution of Amounts Due. Pursuant to the employment agreement
all of the Plans are terminated and company has release and distributed to
Owner all amounts due to Company under the Plans ($215,279.39).
2. Notice of Termination. This Termination serves as written notice of
termination of all of the Plans.
3. Acknowledgement of Termination. Owner and Executive acknowledge
release of the amounts due under the Plans and this Termination.
4. Future Premiums. Company shall continue to pay the premiums on each
of the policies and the premiums paid will be compensation to the Owner as
agreed upon pursuant to an employment agreement between Owner and Company.
5. Effective Date. This Termination is effective as of the date set
forth above.
AUTOCAM CORPORATION, a
Michigan Corporation
/s/ Xxxx X. Xxxxxxx /s/ Xxxxxx X. Xxxxxxx
By ______________________________________ _________________________________
Xxxx X. Xxxxxxx, President Xxxxxx X. Xxxxxxx
