SPLIT DOLLAR INSURANCE AGREEMENT
Exhibit 10.8
THIS
AGREEMENT made this 28th of July 2006,
by and between XX-XXX STORES, INC., an Ohio corporation (the “Company”) and Xxxxx Xxxxxxxx (the
“Employee”),
(a) To the Employee’s beneficiary or beneficiaries designated in accordance
with paragraph 4 hereof, the amount of Six Hundred Thousand ($600,000) Dollars.
(b) To the Company, an amount equal to the balance, if any, of the proceeds of
the Policies, and of any paid-up additional insurance purchased through dividend
reinvestment, if any, after payment of the applicable amount to the Employee’s
beneficiary or beneficiaries pursuant to subparagraph (a) of this
paragraph 3.
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(a) provide adequate notice in writing to any beneficiary whose claim for
benefits has been denied, setting forth the specific reasons for such denial,
written in a manner calculated to be understood by such beneficiary; and
(b) afford a reasonable opportunity to any beneficiary whose claim for benefits
has been denied for a full and fair review by the appropriate named fiduciary of the
decision denying the claim.
14. Revocation of Prior Agreement. Upon execution of the Agreement all split dollar
insurance agreements entered into by the parties hereto prior to the date hereof, if any, shall be
null and void and the rights thereunder shall be extinguished.
XX-XXX STORES, INC. |
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By: | /s/ Xxxxxxx Xxxx | /s/ Xxxxx Xxxxxxxx | |||
Xxxxxxx Xxxx, Chairman of the Board, | Employee | ||||
President and Chief Executive Officer | |||||
By: | /s/ Xxxxx Xxxxxxxx | ||||
Xxxxx Xxxxxxxx | |||||
Senior Vice President, General Counsel and Secretary |
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