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EXHIBIT 10(vi)
AMENDMENT TO
LIFE INSURANCE SPLIT-DOLLAR AGREEMENT
AGREEMENT by and between AMERICAN PRECISION INDUSTRIES INC., a Delaware
corporation with its principal office at 0000 Xxxxxx Xxxxxx, Xxxxxxx, Xxx Xxxx
00000 (the "Company"), and XXXX XXXXXXXXXXX ("Executive"), residing at 000
Xxxxxxxxxx Xxxx, Xxxx Xxxxxx, Xxx Xxxx 00000, dated as of July 1, 1994.
W I T N E S S E T H
- - - - - - - - - -
WHEREAS, the Company and the Executive enter into an agreement entitled
the Life Insurance Split-Dollar Agreement, dated as of August 26, 1992; and
WHEREAS, the Board of Directors of the Company has authorized the following
amendment to the Life Insurance Split-Dollar Agreement, and the Executive has
agreed to the amendment
NOW, THEREFORE, the Life Insurance Split-Dollar Agreement is amended as
follows, effective July 1, 1994:
1. Paragraph 3 of the Life Insurance Split-Dollar Agreement is amended to
read as follows:
3. PAYMENT OF PREMIUMS. On or before the due date of each annual premium on
the Policy, or within the grace period allowed by the Policy or the Insurer for
the payment of such annual premium, and for so long as the Executive is employed
by the Company before attaining the age of 65, the Company shall pay a portion
of the annual premium on the Policy. The portion of each such annual premium to
be paid by the Company shall be determined by the Company in its discretion
from year to year. The Executive shall pay the balance of each such annual
premium, on or before its due date or within the grace period allowed by the
Policy or the Insurer for the payment of such annual premium.
IN WITNESS WHEREOF, the Executive had executed this Agreement, and the
Company pursuant to the authorization of its Board of Directors, has caused this
Agreement to be executed, as of the day and year first above written.
AMERICAN PRECISION INDUSTRIES INC.
By /s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx,
Vice President - Finance and Treasurer
By /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx, Secretary
/s/ Xxxx Xxxxxxxxxxx
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Xxxx Xxxxxxxxxxx, individually
