Document:

Exhibit 10.81

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

OF SPLIT-DOLLAR LIFE INSURANCE

 

This Assignment and Assumption Agreement of

Split-Dollar Life Insurance, dated as of June 30, 2002, is by and between

Vari-Lite International, Inc. (the “Company”), Brown Brothers Harriman Trust

Company of Texas, trustee of the Harry R. Brutsché III Insurance Trust, dated

October 6, 1995 (the “Owner”), and Harry R. Brutsché III (the “Director”).

 

W I T N E S S E T H:

 

WHEREAS, the Company (formerly known as

Vari-Lite Holdings, Inc.), the Owner, and the Director entered into that

certain Split-Dollar Life Insurance Agreement, dated as of October 12, 1995

(the “Split-Dollar Agreement”); and

 

WHEREAS, the Owner is the owner of that

certain Modified Premium Whole Life Policy, Policy Number 67151530 (the

“Policy”), issued by John Hancock Mutual Life Insurance Company (the “Insurer”)

to Director, acquired pursuant to the terms of the Split-Dollar Agreement; and

 

WHEREAS, the Policy is assigned to the

Company pursuant to that certain Assignment of Life Insurance Policy as

Collateral, dated October 12, 1995 by and between the Company and the Owner

(the “Collateral Assignment”) as security for the repayment of the amounts

which the Company made on the premiums due on the Policy on behalf of the

Owner; and

 

WHEREAS, the

Company has suffered a decline in its financial performance and management and

the Board of Directors of the Company have reviewed and made recommendations

for reducing expenses of the Company in order to improve the Company’s

financial performance; and

 

WHEREAS, the Compensation Committee of the

Board of Directors of the Company (the “Compensation Committee”) has determined

that it is in the best financial interest of the Company to assign all of the

Company’s rights, obligations, duties and liabilities under the Split-Dollar

Agreement accruing after the date hereof to the Director; and

 

WHEREAS, the Director is a significant

stockholder of the Company and agrees that it is in the best financial interest

of the Company to assume all of the Company’s rights, obligations, duties and

liabilities accruing after the date hereof under the Split-Dollar Agreement;

 

NOW, THEREFORE, in consideration of the

foregoing and other good and valuable consideration, the receipt and

sufficiency of which are hereby acknowledged, the parties hereto, intending to

be legally bound, hereby covenant and agree as follows:

 

1.                                       Assignment.  The Company hereby assigns, transfers and

conveys to Director the Split-Dollar Agreement and all of the Company’s rights,

title and interest in, under and to the Split-Dollar Agreement.

 

 

2.                                       Assumption.  The Director hereby accepts the assignment

of the Split-Dollar Agreement and assumes and agrees to perform, discharge and

satisfy all of the Company’s obligations, duties and liabilities accruing under

the Split-Dollar Agreement, including, but not limited to, the obligation to

pay to the Insurer the annual premium for the Policy (it being understood that

Director shall not have any obligation to perform, discharge or satisfy any

obligations, duties or liabilities of the Company arising or accruing on or

before the date of this Assignment).

 

3.                                       Termination

of Collateral Assignment.  The

Collateral Assignment is hereby released and shall be of no further force or

effect.

 

4.                                       Further

Assurance.  The Company and Director

hereby agree to execute any and all further documents and to take any and all

further actions as either of them may reasonably request in order to effectuate

fully the provisions of this Agreement.

 

5.                                       Entire

Agreement.  This Agreement

represents the entire agreement between the Company and Director concerning the

subject matter hereof and supersedes all prior agreements or understandings,

written or oral, with respect thereto.

 

6.                                       Applicable

Law.  This Agreement shall be

governed by and construed in accordance with the laws of the State of

Texas.  The parties acknowledge and

agree that this Agreement and the obligations and undertakings of the parties

hereunder will be performable in Dallas, Dallas County, Texas.

 

7.                                       Counterparts.  This Agreement may be executed in

counterparts, each of which shall constitute an original, but all of which

shall constitute one agreement.

 

2

 

IN WITNESS WHEREOF, the parties hereto have

executed this Agreement as of the date first above written.

 

 

	

   

  	

  VARI-LITE

  INTERNATIONAL, INC.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  T. Clay

  Powers, President

  
	

   

  	

   

  
	

   

  	

   

  
	

     

  	

  BROWN

  BROTHERS HARRIMAN

  
	

   

  	

  TRUST

  COMPANY OF TEXAS, as trustee

  
	

   

  	

  of the Harry

  R. Brutsché III Insurance Trust,

  
	

   

  	

  dated

  October 6, 1995

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  Harry R.

  Brutsché III

  
					

 

3

 

Split-Dollar Life Insurance Agreement

 

	

  Insurer:

  	

   

  	

  John Hancock

  Mutual Life Insurance Company

  
	

   

  	

   

  	

   

  
	

  Policy:

  	

   

  	

  Modified

  Premium Whole Life Policy, Policy Number 67151530

  
	

   

  	

   

  	

   

  
	

  Insured:

  	

   

  	

  Harry R

  Brutsché III

  
	

   

  	

   

  	

   

  
	

  Owner:

  	

   

  	

  Brown

  Brothers Harriman Trust Company of Texas, as Trustee of the Harry R. Brutsché

  III Insurance Trust, dated October 6, 1995

  
	

   

  	

   

  	

   

  
	

  Employer:

  	

   

  	

  Vari-Lite

  International, Inc. (formerly Vari-Lite Holdings, Inc.)

  
	

   

  	

   

  	

   

  
	

  Effective

  Date:

  	

   

  	

  October 12,

  1995

  

 

 

This Assignment and Assumption Agreement of Split-Dollar Life Insurance

was recorded by Insurer on

                    ,

2002.

 

 

	

   

  	

  JOHN HANCOCK

  MUTUAL LIFE 

  
	

   

  	

  INSURANCE

  COMPANY

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  
					

 

4Exhibit 10.82

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

OF SPLIT-DOLLAR LIFE INSURANCE

 

This Assignment and Assumption Agreement of

Split-Dollar Life Insurance, dated as of June 30, 2002, is by and between

Vari-Lite International, Inc. (the “Company”), James Howard Cullum Clark (the

“Owner”), and James H. Clark, Jr. (the “Director”).

 

W I T N E S S E T H:

 

WHEREAS, the Company (formerly known as

Vari-Lite Holdings, Inc.), the Owner, and the Director entered into that

certain Split-Dollar Life Insurance Agreement, dated as of October 12, 1995

(the “Split-Dollar Agreement”); and

 

WHEREAS, the Owner is the owner of that

certain Modified Premium Whole Life Insurance Policy, Policy Number 67127330

(the “Policy”), issued by John Hancock Mutual Life Insurance Company (the

“Insurer”) to Director, acquired pursuant to the terms of the Split-Dollar

Agreement; and

 

WHEREAS, the Policy is assigned to the

Company pursuant to that certain Assignment of Life Insurance Policy as

Collateral, dated October 12, 1995 by and between the Company and the Owner

(the “Collateral Assignment”) as security for the repayment of the amounts

which the Company made on the premiums due on the Policy on behalf of the

Owner; and

 

WHEREAS, the Company has suffered a decline

in its financial performance and management and the Board of Directors of the

Company have reviewed and made recommendations for reducing expenses of the

Company in order to improve the Company’s financial performance; and

 

WHEREAS, the Compensation Committee of the

Board of Directors of the Company (the “Compensation Committee”) has determined

that it is in the best financial interest of the Company to assign all of the

Company’s rights, obligations, duties and liabilities under the Split-Dollar

Agreement accruing after the date hereof to the Director; and

 

WHEREAS, the Director is a significant

stockholder of the Company and agrees that it is in the best financial interest

of the Company to assume all of the Company’s rights, obligations, duties and

liabilities accruing after the date hereof under the Split-Dollar Agreement;

 

NOW, THEREFORE, in consideration of the

foregoing and other good and valuable consideration, the receipt and

sufficiency of which are hereby acknowledged, the parties hereto, intending to

be legally bound, hereby covenant and agree as follows:

 

1.                                       Assignment.  The Company hereby assigns, transfers and

conveys to Director the Split-Dollar Agreement and all of the Company’s rights,

title and interest in, under and to the Split-Dollar Agreement.

 

2.                                       Assumption.  The Director hereby accepts the assignment

of the Split-Dollar Agreement and assumes and agrees to perform, discharge and

satisfy all of the Company’s 

 

 

obligations, duties and liabilities accruing

under the Split-Dollar Agreement, including, but not limited to, the obligation

to pay to the Insurer the annual premium for the Policy (it being understood

that Director shall not have any obligation to perform, discharge or satisfy

any obligations, duties or liabilities of the Company arising or accruing on or

before the date of this Assignment).

 

3.                                       Termination

of Collateral Assignment.  The

Collateral Assignment is hereby released and shall be of no further force or

effect.

 

4.                                       Further

Assurance.  The Company and Director

hereby agree to execute any and all further documents and to take any and all

further actions as either of them may reasonably request in order to effectuate

fully the provisions of this Agreement.

 

5.                                       Entire

Agreement.  This Agreement

represents the entire agreement between the Company and Director concerning the

subject matter hereof and supersedes all prior agreements or understandings,

written or oral, with respect thereto.

 

6.                                       Applicable

Law.  This Agreement shall be

governed by and construed in accordance with the laws of the State of Texas.  The parties acknowledge and agree that this

Agreement and the obligations and undertakings of the parties hereunder will be

performable in Dallas, Dallas County, Texas.

 

7.                                       Counterparts.  This Agreement may be executed in

counterparts, each of which shall constitute an original, but all of which

shall constitute one agreement.

 

IN WITNESS WHEREOF, the parties hereto have

executed this Agreement as of the date first above written.

 

 

	

   

  	

  VARI-LITE

  INTERNATIONAL, INC.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  T. Clay

  Powers, President

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  James Howard

  Cullum Clark

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  James H.

  Clark, Jr.

  

 

2

 

Split-Dollar Life Insurance Agreement

 

	

  Insurer:

  	

   

  	

  John Hancock

  Mutual Life Insurance Company

  
	

   

  	

   

  	

   

  
	

  Policy:

  	

   

  	

  Modified

  Premium Whole Life Insurance Policy, Policy Number 67127330

  
	

   

  	

   

  	

   

  
	

  Insured:

  	

   

  	

  James H.

  Clark, Jr.

  
	

   

  	

   

  	

   

  
	

  Owner:

  	

   

  	

  James Howard

  Cullum Clark

  
	

   

  	

   

  	

   

  
	

  Employer:

  	

   

  	

  Vari-Lite

  International, Inc. (formerly Vari-Lite Holdings, Inc.)

  
	

   

  	

   

  	

   

  
	

  Effective

  Date:

  	

   

  	

  October 12,

  1995

  

 

This Assignment and Assumption Agreement of Split-Dollar Life Insurance

was recorded by Insurer on

                       ,

2002.

 

	

   

  	

  JOHN HANCOCK

  MUTUAL LIFE 

  
	

   

  	

  INSURANCE

  COMPANY

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  
					

 

3

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