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Document Preview Life Insurance Agreement |
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Title: |
Life Insurance Agreement |
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Entities: |
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Date: |
2006 |
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Size: |
Preview shows 14KB of 38KB total |
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Price: |
$45 |
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ID: |
#839391 |
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AMSOUTH BANCORPORATION
LIFE INSURANCE AGREEMENT
1. RECITALS
WHEREAS, C. Dowd Ritter (the Participant) has been and continues to be a valued key employee of AmSouth Bancorporation (the Company), and
WHEREAS, the Company has agreed to provide the Participant with an insurance death benefit payable on the death of the last survivor of the Participant and Susan B. Ritter, the Participants spouse (His Spouse); and
WHEREAS, in exchange for such death benefit, the Participant has agreed to waive his rights to participate in certain group term life insurance plans maintained by the Company; and
WHEREAS, the Participant has agreed that he and His Spouse will provide any medical history information to the insurance company or submit to any medical exams or tests as required by the insurance company for the coverage to be issued; and
WHEREAS, the Participant has agreed that the right to designate a beneficiary for such insurance death benefit, as well as the ability to assign such right, shall be irrevocably assigned from inception to William D. Ritter and Elaine B. Ritter (the Assignees).
NOW, THEREFORE, in consideration of the promises and representations of the parties as herein recited, and in recognition of other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the Participant, by and through his Assignees, and the Company hereby agree as follows, effective April 1, 1998.
2. DEFINITIONS
For purposes of this Agreement, the following terms have the meanings set forth below:
| 2.01 | ALTERNATIVE DEATH BENEFIT means a Company-paid death benefit paid by the Company to each Assignees beneficiary(ies) pursuant to an Alternative Death Benefit Election made by an Assignee under Section 7 of this Agreement. |
| 2.02 |
ALTERNATIVE DEATH BENEFIT AMOUNT means an amount that, after subtracting any Company federal, state, and local income tax savings resulting from the deductibility of the payment for corporate tax purposes, is equal to the Participants Coverage Amount. The |
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Alternative Death Benefit Amount shall be determined at the time the payment is to be made, based on the Companys federal, state and local income tax rate (calculated at the highest marginal tax rate then applicable to the Company, but net of any federal deduction for state and local taxes) at the time of the payment. |
| 2.03 | Alternative Death Benefit Election means an election made by the Assignees pursuant to Section 7 of the Agreement. |
| 2.04 | Assignee means, with respect to one-half of the Participants Coverage Amount, William D. Ritter, and with respect to the other one-half of the Participants Coverage Amount, Elaine B. Ritter, or the person or entity to which an Assignee assigns his or her interest under the Agreement. |
| 2.05 | Change in Control means a change in control of the Company, as such term is defined in the AmSouth Bancorporation Employment Agreement for C. Dowd Ritter, as in effect from time to time, or if none is in effect, the last such agreement in effect; |
| 2.06 | Company means AmSouth Bancorporation. |
| 2.07 | Company Death Benefit means the portion of the Policys death benefit payable to Company as provided in Section 6. |
| 2.08 | Effective Date means April 1, 1998. |
| 2.09 | His Spouse means Susan B. Ritter |
| 2.10 | Insurer means American General Life Insurance Company. |
| 2.11 | Participant means C. Dowd Ritter. |
| 2.12 | Participants Coverage Amount means the portion of the Policys death benefit payable to the beneficiary(ies) of the Assignees, which shall equal an aggregate of $3,339,795. |
| 2.13 | Policy means the life insurance policy acquired on the lives of the Participant and the Participants spouse which is subject to the terms of this Agreement, which is American General Life Insurance Company policy number [Policy Number]. |
| 2.14 | Policy Owner means the Company. |
| 2.15 | Premium means the amount the Company is obligated to pay to the Insurer with respect to the Policy. |
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3. AMOUNT AND TYPE OF COVERAGE
| 3.01 | Type of Policy and Coverage Amount. The Policy shall provide for a Participant Coverage Amount of $3,339,795. The Policy shall insure the Participant and His Spouse, with the death benefit payable at the death of the last survivor of the Participant and His Spouse. |
| 3.02 | Benefits Under Group Term Life Plan. In recognition of the insurance coverage provided under this Agreement, the Participants coverage under the group term life plan maintained by the Company shall be limited to $50,000, and shall be paid for by the Company. |
4. PAYMENT OF PREMIUMS
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