TERMINATION AGREEMENT
Exhibit 10(g)
This Termination Agreement (“Termination”) is made as of , 200 by and between Xxxxxx-Xxxxxxxx Corporation, an Ohio corporation (“Xxxxxx”) and (the “Executive”).
RECITALS
X. Xxxxxx and the Executive are parties to an Executive Life Insurance Agreement dated as of (the “Agreement”).
X. Xxxxxx and the Executive mutually desire to terminate this Agreement on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the foregoing, and the mutual agreements and covenants set forth below, Xxxxxx and the Executive agree as follows:
1. Definitions. All initially capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Agreement.
2. Termination. Effective on the Termination Date (as hereinafter defined), the Agreement, and all rights and obligations of Xxxxxx and the Executive under the Agreement, shall terminate and each party hereby releases the other party from any and all liability under the Agreement. As used herein, “Termination Date” shall mean the date following execution and delivery hereof that Xxxxxx requests payment of the Cash Surrender Value of the Policy to Xxxxxx as described in Section 3 below.
3. Cash Surrender Value. As of the Termination Date, Xxxxxx shall be entitled to receive the entire Cash Surrender Value of the Policy. Executive agrees to cooperate with Xxxxxx in authorizing the Insurer to pay the Cash Surrender Value of the Policy to Xxxxxx.
4. Collateral Interest. Xxxxxx agrees to execute and file with the Insurer a release of its Collateral Interest in the Policy promptly following receipt by Xxxxxx of the Cash Surrender Value of the Policy.
5. New Plan. As of , 200 , the Executive shall become a participant in Xxxxxx’x Officer Life Insurance Plan, subject to all of the terms and conditions of such Plan.
IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the date first written above.
| XXXXXX-XXXXXXXX CORPORATION | ||
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| Signature of Executive | ||
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