AMD 1994 Annual Report Download - page 163

9.7 Headings, etc. Not Part of Agreement.
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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.
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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
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Policies.
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(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 5 of the Split-Dollar Life Insurance Agreement,
so that the Participant becomes entitled to exercise rights under that section
free from the Company's security interest, or the Company's security interest is
otherwise released for a reason other than the Participant's death, the value of
those benefits shall constitute an offset to any benefits otherwise payable
under this Plan. 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. The Offset Value shall then be compared
to the Participant's Accounts, and the amounts credited to the Accounts shall be
reduced, but not to less than zero, by the Offset Value; provided, however, that
any portion of the Accounts which is attributable to Compensation deferred
during Plan Years in which the Company did not pay premiums on the Policy shall
not be reduced by the Offset Value, and the Committee shall maintain subaccounts
of a Participant's Accounts to the extent necessary to determine that portion of
each Account
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Source: ADVANCED MICRO DEVIC, 10-K, March 07, 1995