March 14, 2006Split Dollar Agreement • March 16th, 2006 • Wolverine Tube Inc • Rolling drawing & extruding of nonferrous metals
On July 30, 2002, the Sarbanes-Oxley Act became effective and now prohibits a public company from extending credit in the form of a personal loan to a director or executive officer. While the Securities and Exchange Commission has not provided any official guidance, our Company's interpretation and that of most public companies is that additional premium payments under life insurance policies subject to split dollar arrangements are likely to be characterized as new loans and thus prohibited by Sarbanes-Oxley. In view of this legal prohibition, we have not made additional premium payments under your Split Dollar Agreement since the enactment of Sarbanes-Oxley. Initially we were hopeful there would be a grandfathering of existing arrangements by the SEC but this now is considered very unlikely.
EXHIBIT 10.40 2002 CHANGE IN CONTROL, SEVERANCE AND NON-COMPETITION AGREEMENT AGREEMENT, dated as of July 12, 2002 and effective as of July 12, 2002 by and between Wolverine Tube, Inc., a Delaware corporation ("Wolverine" or "Company"), and Garry K....Severance and Non-Competition Agreement • March 16th, 2006 • Wolverine Tube Inc • Rolling drawing & extruding of nonferrous metals
