ex10-j




EXHIBIT 10j


SPLIT DOLLAR LIFE INSURANCE AGREEMENT


     THIS AGREEMENT is entered into as of this 31st day of May, 2001, by and
between ABRAMS INDUSTRIES, INC., a Georgia corporation (hereinafter the
“Corporation”), J. ANDREW ABRAMS (also known and referred to as JAMES A. ABRAMS)
(hereinafter the “Employee”), and JAMES A. ABRAMS, as owner of the Policy
(hereinafter, with any subsequent assignee or owner of the Policy, the “Owner”).


     WHEREAS, the Employee is an employee of the Corporation; and


     WHEREAS, the Corporation wishes to assist the Employee in his efforts
to obtain funds which will be used to purchase one or more life insurance
policies.


     NOW, THEREFORE, in consideration of the premises and of the mutual
promises contained herein, the parties agree as follows:


     1.      Policy. The life insurance policy on the life of JAMES A.
ABRAMS (hereinafter referred to as the “Insured”) with which the Agreement deals
is listed in Exhibit “A” attached hereto (the life insurance policy, along with
any supplementary contracts issued in connection therewith, are collectively
referred to as the “Policy,” and the issuer of the Policy is collectively
referred to as the “Insurer”).


     2.      Premiums. Each premium on the Policy shall be paid by the
Corporation, on behalf of the Corporation and the Owner, as it becomes due. The
Corporation shall annually furnish the Employee with a statement of the amount
of income reportable by the Employee for Federal and state income tax purposes
as a result of the insurance protection provided to the Employee (the “Economic
Benefit”). The “Economic Benefit” shall be equal to the lesser of (i) the P.S.
58 cost, and (ii) the Insurer’s current published premium for annually renewable
term insurance for standard risks, plus such “other benefits” relating to the
Policy provided to the Employee, all determined in accordance with the
guidelines set out in Rev. Rul. 64-328, 1964-2 C.B. 11, and Rev. Rul. 66-110,
1966-1 C.B. 12. For purposes of this Agreement, the Employee shall be deemed to
have paid to the Insurer the portion of each premium equal to the Economic
Benefit.


     3. 
    Application of Dividends. Any annual dividends attributable to
the Policy shall be utilized in such manner as the Corporation and the Owner
shall from time to time agree. Without limitation, the dividends may be (i) paid
out; (ii) used, in whole or in part, to reduce premiums on the Policy, to
purchase paid-up additional life insurance or to purchase one-year term
insurance; or (iii) accumulated until the parties direct how the dividends shall
be applied or paid out.


     4.      Security Interest and Collateral Assignment. To secure the
repayment to the Corporation of the amount of the Corporation’s Current Policy
Interest, as defined herein, the Owner has executed a collateral assignment of
the Policy to the Corporation (hereinafter the “Collateral Assignment”).


     5.      Death Benefit. In the event the Policy becomes a claim by
reason of the death of the Insured, the Corporation shall have an interest in
the proceeds of the Policy equal to the









“Corporation’s Current Policy Interest,” as defined herein. The balance, if any,
of the proceeds of the Policy in excess of the Corporation’s Current Policy
Interest shall be paid directly by the Insurer to the designated beneficiary
under the Policy. In no event shall the amount payable to the Corporation
hereunder exceed the proceeds payable due to the death of the Insured, and no
amount shall be paid from such death benefit to the designated beneficiary until
the full amount due the Corporation hereunder has been paid. Notwithstanding
anything in this paragraph 5 to the contrary, if, for any reason whatsoever, no
death benefit is payable under the Policy upon the death of the Insured and, in
lieu thereof, the Insurer refunds all or any part of the premiums paid under the
Policy, the Corporation and the Owner shall have the unqualified right to share
such refund based on their respective cumulative contributions (deemed or
actual) thereto.


     6. 
    Corporation’s Interest.


     (a)  In the event the Policy becomes a claim by reason of the death
of the Insured, the “Corporation’s Current Policy Interest” shall be equal to
the greater of:



		
	 	     (i) the cumulative premiums paid by the Corporation under
the Policy, reduced by (aa) the amount of any policy dividends, or
interest thereon, paid in cash to the Corporation, if any; and (bb) any
Policy loans, including accrued interest, to the Corporation, if any;
provided, however, the foregoing amount shall not include premiums for
any extra benefit riders or agreement other than those providing
additional life insurance coverage on the Insured and shall not include
premiums waived pursuant to the terms of any disability waiver of
premiums rider; or




		
	 	     (ii) total amounts payable on the Policy by reason of the
death of the Insured minus One Million Dollars ($1,000,000.00).



     (b)  In the event the Policy becomes a claim by reason of
termination of this Agreement, as provided in paragraph 7 hereof, the
Corporation’s Current Policy Interest shall be equal to the greater of:



		
	 	     (i) the cumulative premiums paid by the Corporation under
the Policy, reduced by (aa) the amount of any policy dividends, or
interest thereon, paid in cash to the Corporation, if any; and (bb) any
Policy loans, including accrued interest, to the Corporation, if any;
provided, however, the foregoing amount shall not include premiums for
any extra benefit riders or agreement other than those providing
additional life insurance coverage on the Insured and shall not include
premiums waived pursuant to the terms of any disability waiver of
premiums rider; or




		
	 	     (ii) cash surrender value (the cash value of the Policy,
as determined under the terms of the Policy, less any Policy loans, if
any) of the Policy at the time of termination of this Agreement, as
provided in paragraph 7 below, minus One Million Dollars
($1,000,000.00).



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     7.      Termination. This Agreement shall be terminated, subject to
the provisions in paragraphs 8 and 9 below, when, prior to the death of the
Insured, any of the following events occurs:


     (a)  Written agreement of the Employee and the Corporation, with a
copy delivered to the Owner;


     (b)  Cessation of the Corporation’s business;


     (c)  Bankruptcy, receivership or dissolution of the Corporation; or


     (d)  The Owner’s repayment of the Corporation’s Current Policy
Interest and the Corporation’s release of its rights under the Collateral
Assignment on the Policy.


     8.      Repayment upon Termination. In the event of termination of
this Agreement as provided in paragraph 7 above, the Owner shall have the option
for sixty (60) days after the termination to repay the Corporation an amount
equal to the Corporation’s Current Policy Interest and obtain the release and
termination of the Collateral Assignment on the Policy to the Corporation. Upon
receipt of such amount, the Corporation shall release the Collateral Assignment
on the Policy, by the execution and delivery of an appropriate instrument of
release.


     9.      Transfer upon Termination. If the Owner fails to exercise such
option to repay the Corporation’s Current Policy Interest to the Corporation
within sixty (60) days of the date of the termination of this Agreement pursuant
to the provisions of paragraph 8 above, the Corporation has the following
options:


     (a)  The Corporation may choose to have ownership of the Policy
transferred to the Corporation. The Owner shall execute any and all instruments
that may be required to vest ownership of the Policy in the Corporation.
Thereafter, the Owner shall have no further interest in the Policy; or


     (b)  The Corporation may enforce its right to be paid the
Corporation’s Current Policy Interest from the cash surrender value of the
Policy under the Collateral Assignment of the Policy; provided that in the event
the cash surrender value of the Policy exceeds the Corporation’s Current Policy
Interest, such excess shall be paid to the Owner. The Owner shall execute any
and all instruments that may be required to surrender the Policy for its cash
value.


     10.      Plan Management.


     (a)  Management. For the purposes of the Employee Retirement Income
Security Act of 1974, as amended, the Corporation will be the “Named Fiduciary”
and Plan Administrator of the split-dollar life insurance plan (the “Plan”) for
which this Agreement is hereby designated the written plan instrument. The
Corporation’s Board of Directors may authorize a person or group of persons to
fulfill the responsibilities of the Corporation as Plan Administrator.


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     (b)  Agents. The Named Fiduciary or the Plan Administrator may
employ others to render advice with regard to its responsibilities under this
Plan.


     (c)  Fiduciary Duties. The Named Fiduciary may also allocate
fiduciary responsibilities to others and may exercise any other powers necessary
for the discharge of its duties to the extent not in conflict with the Employee
Retirement Income Security Act of 1974, as amended.


     11.      Claims Procedure.


     (a)  Filing Claims. The Insured, beneficiary or other individual
(hereinafter “Claimant”) entitled to benefits under the Plan or under the Policy
shall file a claim request with the Plan Administrator with respect to benefits
under the Plan and with the Insurer, with respect to benefits under the Policy.
The Plan Administrator shall, upon written request of Claimant, make available
copies of any claim forms or instructions provided by the Insurer or advise the
Claimant where such forms or instructions may be obtained.


     (b)  Notification to Claimant. If a claim request is wholly or
partially denied, the Plan Administrator will furnish to the Claimant a notice
of the decision within ninety (90) days in writing and in a manner calculated to
be understood by the Claimant, which notice will contain the following
information:



		
	 	     (1) The specific reason or reasons for the denial;
	 
	 	     (2) Specific reference to pertinent Plan provisions upon
which the denial is based;
	 
	 	     (3) A description of any additional material or
information necessary for the Claimant to perfect the Claim and an
explanation of why such material or information is necessary; and
	 
	 	     (4) An explanation of the Plan’s claims review procedure
describing the steps to be taken by a Claimant who wishes to submit his
or her claim for review.



     In the case of benefits which are provided under the Policy, the
initial decision on the claims shall be made by the Insurer.


     (c)  Review Procedure. If a claim request is wholly or partially
denied, a Claimant or his or her authorized representative may with respect to
any denied claim:



		
	 	     (1) Request a review upon written application filed
within sixty (60) days after receipt by the Claimant of written notice
of the denial of his or her claim;




		
	 	     (2) Review pertinent documents; and




		
	 	     (3) Submit issues and comments in writing.



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     Any request or submission shall be in writing and shall be directed to
the Named Fiduciary (or its designee). The Named Fiduciary (or its designee)
shall have the sole responsibility for the review of any denied claim and shall
take all steps appropriate in the light of its findings.


     (d) Decision on Review. The Named Fiduciary (or its designee) will
render a decision upon review of a denied claim within sixty (60) days after
receipt of a request for review. If special circumstances (such as the need to
hold a hearing or any matter pertaining to the denied claim) warrant additional
time, the decision shall be rendered as soon as possible, but not later than one
hundred twenty (120) days after receipt of a request for review. Written notice
of any such extension shall be furnished to the Claimant prior to the
commencement of the extension. The decision on review shall be in writing and
shall include specific reasons for the decision, written in a manner calculated
to be understood by the Claimant, as well as specific references to the
pertinent provisions of the Plan on which the decision is based. If the decision
on review is not furnished to the Claimant within the time limits prescribed
above, the claim shall be deemed denied on review.


     12.      Binding Effect. This Agreement shall bind the Corporation and
its successors and assigns, the Employee and his heirs, executors,
administrators and assigns, the Owner and its successors and assigns and any
other Policy beneficiary.


     13.      Governing Law. This Agreement shall be construed in accordance
with the laws of the State of Georgia.


     14.      Entire Agreement. This Agreement represents the entire
agreement and understanding of the parties hereto with respect to the subject
matter hereof. This Agreement may only be altered or amended by a written
instrument signed by the parties hereto.


     15.      Counterparts. This Agreement may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, and
such counterparts together shall constitute but one and the same contract, which
shall be sufficiently evidenced by any such original counterparts.


[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]


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     IN WITNESS WHEREOF, the parties have signed and sealed this Agreement
as of the date and year first above written.



	 	 	 	 
			
Corporation:
	 
			
ABRAMS INDUSTRIES, INC.
	 
	/s/ Diane Silverhawk		By:	
/s/ Alan R. Abrams
	
			


	Witness			
Co-Chairman, President & CEO
	 
	/s/ Carolyn Purvis		
Attest:	
/s/ Melinda S. Garrett
	
			


	Witness			
Secretary
	 
			Employee:
	 
	/s/ Diane Silverhawk		
/s/ James A. Abrams                                   (SEAL)
	
		

	Witness		
JAMES A. ABRAMS
	 
	/s/ Carolyn Purvis

	
		
	
	
	
	

	Witness
	 
			
Owner:
	 
	/s/ Diane Silverhawk		
/s/ James A. Abrams                                   (SEAL)
	
		

	Witness		
JAMES A. ABRAMS
	 
	/s/ Carolyn Purvis

	
		
	
	
	
	

	Witness



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EXHIBIT “A”


POLICIES ISSUED IN CONNECTION WITH

SPLIT DOLLAR INSURANCE AGREEMENT



	 	 	 	 	 	 	 	 	 	 	 	 	 
	Insured		Insurer		Policy Number
	
		
		

	James A. Abrams		
Pruco Life Insurance Company

A Subsidiary of the Prudential Insurance Company of America
		              V1  002  361




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