EXHIBIT 10.15
FIRST AMENDMENT TO
SPLIT DOLLAR INSURANCE AGREEMENT
This Agreement is made this 4/th/ day of September, 1996 between
XXXXXXXX INDUSTRIES, INC. ("Employer") and XXXXXXX X. BIGGER, JR., Successor
Trustee of the Xxxxxx X. Xxxxxxxx Irrevocable Trust dated January 1976
("Trustee").
W I T N E S S E T H:
WHEREAS, the parties made an Agreement dated January 15, 1992, relating
to an insurance policy held by the Trustee insuring the life of Xxxxxx X.
Xxxxxxxx ("Employee"); and
WHEREAS, the insurance policy covered the original Split Dollar
Agreement has been surrendered by the Trustee, and replaced by Phoenix Home Life
Insurance Company Policy #U015277; and
WHEREAS, the parties desire to subject this new policy to the original
Split Dollar Insurance Contract, in place of the insurance policy described in
the original Split Dollar Insurance Agreement;
NOW THEREFORE, in consideration of the premises, the parties agree that
paragraph 1 of the Agreement dated January 15, 1992 is hereby changed to refer
to Phoenix Home Life Insurance Company Policy #U015277 on the life of the
Employee in the face amount of Two Million Dollars ($2,000,000.00), which policy
is described on the attached Schedule A.
Except as modified herein, the original Split Dollar Insurance
Agreement dated January 15, 1992 remains in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first above written, pursuant to authority duly given.
XXXXXXXX INDUSTRIES, INC.
(CORPORATE SEAL)
By: /s/ Xxxxxx X. Xxxxxxxx
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President
ATTEST:
/s/ Xxxxx Xxxxx
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Secretary
/s/ Xxxxxxx X. Bigger, Jr. (Trustee)
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Xxxxxxx X. Bigger, Jr., Trustee
I consent to this Agreement and insurance covering my life owned by Trustee.
/s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx
SCHEDULE A
It is agreed, pursuant to the foregoing Split Dollar Life Insurance
Agreement dated January 15, 1992, as amended 4 September, 1996, that the
following described policy of life insurance will be subject to the provisions
of said Agreement:
Policy #U015277 issued by Phoenix Home Life Insurance Company on June
15, 1996, insuring the life of Xxxxxx X. Xxxxxxxx.
COLLATERAL ASSIGNMENT
ASSIGNMENT made 4 September, 1996 by XXXXXXX X. BIGGER, JR., Successor
Trustee under Agreement of XXXXXX X. XXXXXXXX dated January 16, 1976,
("Assignor"), to XXXXXXXX INDUSTRIES, INC. ("Assignee").
FOR VALUE RECEIVED, the Assignor hereby assigns to the Assignee
Insurance Policy #U015277 issued by Phoenix Home Life Insurance Company on the
life of Xxxxxx X. Xxxxxxxx, as collateral security to the extent of the
indebtedness of the Assignor to the Assignee.
The Assignee shall have the right to reassign its interest but only to
the Assignor. The Assignee will not have the right to surrender the policy for
its cash value.
Except as specifically herein granted to the Assignee, the Assignor
will retain all incidents of ownership in the policy.
/s/ Xxxxxxx X. Bigger, Jr., (Trustee)
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Xxxxxxx X. Bigger, Jr.
Successor Trustee under Agreement of Xxxxxx X.
Xxxxxxxx, dated January 16, 1976.
ASSIGNOR
Dated: 4 September 1996
XXXXXXXX INDUSTRIES, INC.
By: /s/ Xxxxx Xxxxx
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Title: VP - Finance
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Dated: 4 September 1996
