AMD 1993 Annual Report Download - page 337

14
9.7 - Headings, etc. Not Part of Agreement.
Headings and subheadings in this Plan are inserted for
convenience of reference only and are not to be considered in the construction
of the provisions hereof.
9.8 - Limitation on Participants' Rights.
Participation in this Plan shall not give any Eligible
Employee the right to be retained in the Company's employ or any right or
interest in the Plan other than as herein provided. The Company reserves the
right to dismiss any Eligible Employee without any liability for any claim
against the Company, except to the extent provided herein.
ARTICLE X
BENEFIT OFFSET
10.1 - Offset for Certain Benefits Payable Under Split-Dollar Life
Insurance Policies.
(a) Notwithstanding anything contained herein to
the contrary, any benefits payable under this Plan shall be offset by the value
of benefits received by the Participants under certain life insurance policies
as set forth in this Section. Participants in this Plan may own life insurance
policies (the "Policies") purchased on their behalf by the Company. The
exercise of ownership rights under these Policies by each Participant is,
however, subject to certain conditions (set forth in a "Split-Dollar Life
Insurance Agreement" between each Participant and the Company pursuant to which
the Company holds a security interest on the Policy) and, if the Participant
fails to meet the conditions set forth in the Split-Dollar Life Insurance
Agreement, the Company may exercise its security interest in the Policy and
cause the Participant to lose certain benefits under the Policy. In the event
that a Participant satisfies the conditions specified in Section 4 or 5 of the
Split-Dollar Life Insurance Agreement, so that the Participant or his or her
beneficiary becomes entitled to exercise rights under one of those sections
free from the Company's security interest, the value of those benefits shall
constitute an offset to any benefits otherwise payable under this Plan. As the
case may be, this offset (the "Offset Value") shall be equal to the value of
benefits payable under the Split- Dollar Life Insurance Agreement, that is, the
cash surrender value of the Policy or, in the case of the Participant's death,
the death benefit payable to the beneficiary under the Policy as limited by the
Split Dollar Agreement. The Offset Value shall then be compared to the
Participant's Accounts, and the amounts credited to the Accounts shall be
14
Source: ADVANCED MICRO DEVIC, 10-K, March 07, 1994