AMD 1993 Annual Report Download - page 340

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EXHIBIT 10.31
SPLIT-DOLLAR LIFE INSURANCE AGREEMENT
This Agreement is entered into as of __________, 19__ by
and between Advanced Micro Devices, Inc. (the "Company") and
_______________________ ("Employee") in reference to the following facts:
1. Employee is a valued employee of __________
_______________________.
2. The Company has simultaneously with the
execution of this Agreement caused Manufacturer's Life Insurance Company (the
"Insurance Company") to issue policy number ___________________ (the "Policy")
on the life of Employee. Employee is the owner of the Policy. The first
three-month premium has been paid by the Company as of the date of this
Agreement.
3. For purposes of this Agreement, the Company
and its subsidiaries shall constitute the "Employer." For this purpose, a
subsidiary is a corporation of which the Company owns, directly or indirectly,
more than 50% of such corporation's outstanding securities. If Employee is
employed by a corporation which, as a result of a sale or other corporate
reorganization, ceases to be a subsidiary, such sale or other corporate
reorganization shall be treated as a termination of Employee by Employer
without Cause (as defined in Section 8) unless immediately following the event
and without any break in employment the Employee remains employed by the
Company or another corporation which is a subsidiary.
NOW THEREFORE, in consideration of the facts set forth
above and the various promises and covenants set forth below, the parties to
this Agreement agree as follows:
1. Ownership of Policy.
The Company acknowledges that Employee is the owner of the Policy and
that Employee is entitled to exercise all of his or her ownership rights
granted by the terms of the Policy, except to the extent that the power of the
Employee to exercise those rights is specifically limited by this Agreement.
Except as so limited, it is the expressed intention of the parties to reserve
to Employee all rights in and to the Policy granted to its owner by the terms
thereof, including, but not limited to, the right to change the beneficiary of
that portion of the proceeds to which the Employee is entitled under Section 4
of the Agreement and the right to exercise settlement options.
Source: ADVANCED MICRO DEVIC, 10-K, March 07, 1994