Exhibit 10.47
This MODIFICATION TO AGREEMENT, dated as of this 23rd day of January, 2002,
by and between (the "Employee") and LANDAMERICA
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FINANCIAL GROUP, INC., a Virginia corporation (the "Employer").
Recitals
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The Employee and the Employer entered into a Split-Dollar Agreement on
(the "Agreement"). [The Employee and the Employer then
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entered into a Modification to said Agreement dated . OR The
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Employee and the Employer then entered into a Modification to said Agreement
dated and an additional Modification to said Agreement dated
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.] The Employer wishes to remove the vesting requirement set
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forth in Section 4 of the Agreement. The Employee consents to the modification
and reaffirms his desire to participate in this program to the extent provided
in the Agreement, as modified, and in this Modification to Agreement.
NOW, THEREFORE, in consideration of the foregoing, the Employee and the
Employer agree as follows:
1. Employer's Interest in Policy. Section 4 of the Agreement, is hereby
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deleted in its entirety and the Agreement is modified to include the following
in place of the deleted language:
4. Employer's Interest in Policy. In the case of the Employee's
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death while this Agreement is in effect, the Employer's interest in the
Policy (the "Employer's Interest in the Policy") shall be equal to the
total premiums theretofore paid on the Policy by the Employer, reduced by
any loans made or charged against the Policy by the Employer. In all cases
other than the Employee's death: (a) during the first ten years following
the date of this Agreement, the Employer's Interest in the Policy shall be
equal to the total premiums theretofore paid on the Policy by the
Employer, reduced by any loans made or charged against the Policy by
the Employer; or (b) after the expiration of ten years from the date
of this Agreement, the Employer's Interest in the Policy shall be
equal to the lesser of (i) the cash surrender value of the Policy at
the time such amount is to be determined, or (ii) the total premiums
theretofore paid on the Policy by the Employer, reduced by any loans
made or charged against the Policy by the Employer.
2. Miscellaneous.
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(a) This Modification to Agreement shall bind the Employer, its
successors and assigns, the Employee, his or her transferee and any Policy
beneficiary.
(b) This Modification to Agreement may be altered, amended or
modified by written agreement signed by the Employer and the Employee, or
his or her transferee. The laws of the Commonwealth of Virginia shall
govern this Modification to Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement in
more than one counterpart, each of which is an original.
LANDAMERICA FINANCIAL GROUP, INC.
By:
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Its: Chief Executive Officer
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[EMPLOYEE]
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LANDAMERICA FINANCIAL GROUP, INC.
Schedule to Modification Agreement
Named Executive Officers
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Xxxxxxx X. Xxxxxx, Xx.
Xxxxx X. Xxxxxx
Xxxxxxxx X. Xxxxxxxx, Xx.
G.Xxxxxxx Xxxxx
Xxxxx X. Xxxxxxx
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