AMD 1994 Annual Report Download - page 166

EXHIBIT 10.31
SPLIT-DOLLAR LIFE INSURANCE AGREEMENT
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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 The Manufacturers Life Insurance Company of America (the "Insurance
Company") to issue policy number ___________________ (the "Policy") on the life
of Employee. The first annual 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.
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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, 1995