AMD 1994 Annual Report Download - page 175

any notice prepared by the Company requesting a withdrawal or non-recourse loan
in an amount equal to the amount to which the Company is entitled under Sections
5, 6 or 12 of this Agreement.
15. Employee's beneficiary rights and security interest.
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(a) The Company and Employee intend that in no event shall the Company
have any power or interest related to the Policy or its proceeds, except as
provided herein and in the Collateral Security Assignment. In the event that the
Company ever receives or may be deemed to have received any right or interest in
the Policy or its proceeds beyond the limited rights described herein and in the
Collateral Security Assignment, such right or interest shall be held in trust
for the benefit of Employee and be held separate from the property of the
Company.
(b) In order to further protect the rights of the Employee, the Company
agrees that its rights to the Policy and proceeds thereof shall serve as
security for the Company's obligations as provided in this Agreement to
Employee. The Company grants to Employee a security interest in and
collaterally assigns to Employee any and all rights the Company has in the
Policy, and products and proceeds thereof whether now existing or hereafter
arising pursuant to the provisions of the Policy, this Agreement, the Collateral
Security Assignment or otherwise, to secure any and all obligations owed by the
Company to Employee under this Agreement. In no event shall this provision be
interpreted to reduce Employee's rights to the Policy or expand in any way the
rights or benefits of the Company under this Agreement, the Policy or the
Collateral Security Assignment. This security interest granted to Employee from
the Company shall automatically expire and be deemed waived if Employee
terminates employment with Employer prior to a Qualifying Event. Nothing in
this provision shall prevent the Company from receiving its share of the death
benefits under the Policy as provided in Section 4 of this Agreement.
16. Amendment of Agreement.
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Except as provided in a written instrument signed by the Company and
Employee, this Agreement may not be cancelled, amended, altered, or modified.
17. Notice under Agreement.
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Any notice, consent, or demand required or permitted to be given under the
provisions of this Agreement by one party to another shall be in writing, signed
by the party giving or making it, and may be given either by delivering it to
such other party personally or by mailing it, by United States
10
Source: ADVANCED MICRO DEVIC, 10-K, March 07, 1995