Exhibit 10.87
[LETTERHEAD OF UNITEDGLOBALCOM, INC.]
April 17, 2003
Xx. Xxxx X. Xxxxxxxxx
UnitedGlobalCom, Inc.
0000 Xxxxx Xxxxxx Xxxxxx, Xxxxx 0000
Xxxxxx, XX 00000
Re: Split-Dollar Insurance Agreement
Dear Xx. Xxxxxxxxx:
Effective July 30, 2002, the Xxxxxxxx-Xxxxx Act of 2002 (the "Act") made it
illegal for any public company to make loans to any of its directors or
executive officers. UnitedGlobalCom, Inc. (the "Company") has been advised by
counsel that it cannot pay premiums on your behalf under that certain
Split-Dollar Agreement between you and the Company, dated February 15, 2001 (the
"Split-Dollar Agreement"), without violating the Act. Accordingly, I am writing
to advise you that, until further notice to you and except as otherwise provided
in this letter, the Company will make no further premium payments on Lincoln
policy number 4818556 and Xxxx Xxxxxxx policy number 020061875.
It is likely that the coverage provided to you under the policies will
remain in force for some time. Accordingly, each year that either or both of the
above-referenced policies remains in force, you should continue to reimburse the
Company in an amount equal to the "annual economic benefit" of this coverage.
For 2003, the combined annual economic benefit of the policies is $12,451. Once
the Company receives payment in this amount from you, it will forward these
funds to the insurance companies to be applied toward the policies. The
remainder of the premiums will be paid out of the cash value of the policy.
If at any time in the future the Company is able to fulfill its contractual
obligations and resume its payments under our split-dollar agreement without the
risk of violating federal or state laws, it will do so.
Sincerely,
/s/ XXXXX XXXXXXXX
Xxxxx Xxxxxxxx, Esq.
cc: Xxx Xxxxxx
