Document:

Exhibit 10.44

 

	
  DEFERRED
  COMPENSATION AGREEMENT

  
	
   

  
	
  BETWEEN

  
	
   

  
	
  COMBINED
  INSURANCE COMPANY OF AMERICA

  
	
   

  
	
  AND

  
	
   

  
	
  RICHARD M. RAVIN

  

 

This Deferred Compensation Agreement (Agreement)
entered into this 29th day of December, 1981 by and between Combined Insurance Company
of America, an Illinois insurance corporation located at 707 Skokie Blvd.,
Northbrook, Illinois (Combined), and Richard M. Ravin , who is employed by
Combined as Vice-President Divisional Manager, New Diamond Division of
Combined, residing at 3136 Hemlock Lane, Northbrook, Illinois  60062 (Employee),

 

WITNESSETH:

 

WHEREAS, the Employee desires to defer any bonus(es) he may become
eligible for during the year 1982 (other than Combined’s Christmas bonus), and

 

WHEREAS, Combined is agreeable to such deferral.

 

NOW THEREFORE, in consideration of the Employee’s future services for
Combined and other good and valuable consideration, Combined and the Employee
do hereby agree as follows;

 

1.    Amount Deferred. Subject to the limitation hereinafter set
forth in this paragraph, the Employee hereby agrees to defer receiving from
Combined any bonus(es) (other than Combined’s usual Christmas bonus) in the
amount of $2,000 or more which may become payable to the Employee during the
period from the date of this agreement to December 31, 1982 (Accumulation
Period).  The amount deferred hereunder
shall not exceed 20% of the Employee’s aggregate compensation paid to him on December 31,
1982 or $30,000, whichever limitation is reached first. In the event that the
Employee becomes entitled to receive a bonus(es) in excess of such limitation,
Combined shall release for payment to the Employee the excess portion of such
bonus(es). The amount deferred under this Agreement, is hereinafter referred to
as the “proceeds”.

 

2.    Interest.

 

a.    During
the Accumulation Period.   As of
December 31, 1982, interest shall be credited with respect to the amount
deferred under this Agreement for the number of full calendar months remaining
in the Accumulation Period after the date(s) on which the bonus(es) become
payable at the annual rate as determined by averaging the one year Treasury
bill yield as published monthly by the Federal Reserve Bank of St. Louis such
months comprising the Accumulation Period.

 

b.   After the
Accumulation Period.   Commencing on
January 1, 1983, the proceeds of this Agreement shall bear interest
compounded semi-annually at an annual rate determined as of July 1st and
January 1st of each year by averaging the one year Treasury bill yield as
published monthly by the Federal Reserve Bank of St. Louis for the last 6
months immediately prior thereto.

 

 

3.     Payment of Proceeds. 
The proceeds payable to the Employee personally shall be paid in a lump
sum.

 

The date of payment of the
proceeds shall be the first to occur of the following:

 

a.    January 1, 1986; (or
upon termination of employment with Combined if later;) or

 

b.    30 days following the death of the Employee.

 

Notwithstanding anything
herein contained to the contrary, the Executive Committee of the Board of
Directors of Combined shall have the right in its sole discretion to alter the
manner of payment or accelerate the date of payment.

 

4.   Beneficiary. The proceeds of this Agreement payable on the
death of the Employee or unpaid at the death of the Employee shall be paid in a
lump sum to the beneficiary designated in writing by the Employee, provided
such designation has been filed with Combined prior to the death of the
Employee.  If no beneficiary is so
designated, payment will be made to the employee’s estate. The Employee may
change the designated beneficiary of this Agreement by filing with Combined
notice of such change.

 

5.    Miscellaneous.

 

a.                    Nothing contained in this
Agreement shall be construed as conferring upon the Employee the right to
continue in the employ of Combined as an executiveor in any other capacity.

 

b.                   The proceeds of this
Agreement are to be paid from general corporate funds.

 

c.                    The right to receive payment
hereunder is personal, nonassignable andnontrans ferrable.

 

d.                   This Agreement shall be construed
in accordance with and governed by the laws of the State of Illinois.

 

IN
WITNESS WHEREOF, the parties on the date first above written have executed this Agreement.

 

COMBINED INSURANCE
COMPANY OF AMERICA

 

	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
  By
  

  	
  /s/
  illegible

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/Betsy
  Morgan

  	
   

  	
   

  
	
   

  	
  Assistant
  Secretary

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  Richard M. Ravin

  
	
   

  	
   

  	
  Richard
  M. RavinExhibit 10.45

 

DEFERRED COMPENSATION AGREEMENT

 

BETWEEN

 

COMBINED INSURANCE COMPANY OF AMERICA

 

AND

 

RICHARD M. RAVIN

 

This Deferred Compensation Agreement
(Agreement) entered into this 8th day of Jan 1983 by and between Combined
Insurance Company of America, an Illinois insurance corporation located at 707
Skokie Blvd., Northbrook, Illinois (Combined) and Richard M. Ravin, who is
employed by Combined as Vice-President Divisional Manager, New Diamond Division
of  Combined, residing at 3136 Hemlock
Lane, Northbrook, Illinois 60062 (Employee),

 

WITNESSETH:

 

WHEREAS, the Employee desires to defer any
bonus(es) and SIP renewals he may become eligible for during the year 1983
(other than Combined’s Christmas bonus and the first $10,000 of contractual
bonus(es)), and

 

WHEREAS, Combined is agreeable to such
deferral.

 

NOW THEREFORE, in consideration of the
Employee’s future services for Combined and other good and valuable
consideration, Combined and the Employee do hereby agree as follows:

 

1.                               Amount
Deferred.  Subject to the limitation
hereinafter set forth in this paragraph, the Employee hereby agrees to defer
receiving from Combined any bonus(es) (other than the first $10,000 of
contractual bonus(es) and Combined’s usual Christmas bonus) and any SIP
renewals, which may become payable to the Employee during the period from January 1,
1983 to December 31, 1983, (Accumulation Period), if the amount of such
bonus(es) and SIP renewals exceeds $2,000. 
The amount deferred hereunder shall not exceed 20% of the Employee’s
aggregate compensation paid to him on December 31, 1983.  In the event that the Employee becomes
entitled to receive a bonus(es) and SIP renewals in excess of such limitation,
Combined shall release for payment to the Employee the excess portion of such bonus(es)
and SIP renewals. The amount deferred under this Agreement is hereinafter
referred to as the “proceeds”.

 

2.                               Interest.

 

a.                  During the
Accumulation Period.   As of December 31,
1983, interest shall be credited with respect to the amount deferred under this
Agreement for the number of full calendar months remaining in the Accumulation
Period after the date(s) on which the bonus(es) and SIP renewals become
payable at an annual rate as determined by averaging the one year Treasury bill
yield as published by the Federal Reserve Bank of St. Louis on a bank discount
basis through the secondary market for such months comprising the Accumulation
Period.

 

b.                 After the
Accumulation Period.   Commencing on January 1,
1984, the proceeds of this Agreement shall bear interest compounded
semi-annually at an annual rate determined as of July 1st and January 1st
of each year by averaging the one year Treasury bill yield as published monthly
by the Federal Reserve Bank of St. Louis on a bank discount basis through the secondary
market for the last 6 months immediately prior thereto.

 

 

 

3.                              Payment
of Proceeds.  The proceeds payable to
the Employee personally shall be paid in a lump sum.

 

The date of payment of the proceeds shall be
the first to occur of the following:

 

a.                               January 1,
l988; (or upon termination of employment with Combined if later;) or

 

b.                               30
days following the death of the Employee.

 

Notwithstanding anything herein contained to
the contrary, the Executive Committee of the Board of Directors of Combined shall
have the right in its sole discretion to alter the manner of payment or
accelerate the date of payment.

 

4.                               Beneficiary
The proceeds of this Agreement payable on the death of the Employee or unpaid
at the death of the Employee shall be paid in a lump sum to the beneficiary
designated in writing by the Employee. 
If no beneficiary is so designated, payment will be made to the employee’s
estate. The Employee may change the designated beneficiary of this Agreement by
filing with Combined notice of such change.

 

5.         Miscellaneous.

 

a.                      Nothing
contained in this Agreement shall be construed as conferring upon the Employee
the right to continue in the employ of Combined as an executive or in any other
capacity.

 

b.                     The
proceeds of this Agreement are to be paid from general corporate funds.

 

c.                      The right to
receive payment hereunder is personal, nonassignable and nontransferrable.

 

d.                     This
Agreement shall be construed in accordance with and governed by the laws of the
State of Illinois.

 

IN WITNESS WHEREOF, the parties on the date
first above written have executed this Agreement.

 

COMBINED
INSURANCE COMPANY OF AMERICA

 

	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ ILLEGIBLE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Richard M. Ravin

  
	
   

  	
   

  	
  Richard M. Ravin

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