EXHIBIT 10.4
ASSIGNMENT
WHEREAS, Xxxxxxx X. Xxxxxx ("Xxxxxx") and Nortek, Inc.
("Nortek") entered into Confirmatory Split Dollar Agreement No. 1
as of December 31, 1996 (the "Agreement"), which relates to New
York Life Insurance Policies No. [Policy Numbers Redacted] (the
"Policies"); and
WHEREAS, the Agreement provides that Nortek will continue to
own the Policies, but the death benefit payable upon Xxxxxx'x
death in excess of Nortek's Interest in the Policies (as defined
in the Agreement) (hereinafter the "Net Death Benefit") shall be
paid to the one or more beneficiaries designated by Xxxxxx or his
assignee; and
WHEREAS, paragraph 12 of the Agreement provides that Xxxxxx
"shall have the right to assign any part or all of [his] interest
in this Agreement and any of the Policies to any person, entity
or trust by execution of a written assignment delivered to Nortek
and a new designation of beneficiary to [New York Life Insurance
Company]."; and
WHEREAS, Xxxxxx wishes to assign all of his interest in the
Agreement;
NOW THEREFORE, Xxxxxx hereby irrevocably assigns all of his
interest in and rights under the Agreement and all of his
interest in and rights to the Policies to Xxxxxxxx X. Xxxxx, Xx.,
or his successor (the "Trustee"), as trustee of The Xxxxxxx X.
Xxxxxx 1996 Irrevocable Trust dated December 20, 1996. Xxxxxx
intends by this Assignment to make an irrevocable transfer to the
Trustee of all of his interest in the Agreement, including all
incidents of ownership he has over the Policies. Xxxxxx is
executing simultaneously herewith a new designation of
beneficiary confirming that the Net Death Benefit shall be
payable to the beneficiary named by the Trustee or his successor.
SIGNED in two original counterparts this 15th day of
September, 1997.
/s/Xxxxx X. Xxxxxxxx /s/Xxxxxxx X. Xxxxxx
Witness Xxxxxxx X. Xxxxxx
The undersigned hereby acknowledges receipt of the foregoing
Assignment and agrees to be bound by the terms of the Agreement,
all as of the date last above written.
/s/ Xxxxxxxx X. Xxxxx, Xx.
Xxxxxxxx X. Xxxxx, Xx.,
as trustee of The Xxxxxxx
X. Xxxxxx 1996
Irrevocable Trust, and
not individually
The undersigned hereby acknowledges receipt of the foregoing
Assignment.
NORTEK, INC.
By: /s/ Xxxxx X. Xxxxxxxx
Its: Vice President,
duly authorized
