Document:

Second Amendment to Split-Dollar Agreement

 

Exhibit
10.45

SECOND AMENDMENT TO SPLIT-DOLLAR AGREEMENT BETWEEN

MASTEC, INC. AND AUSTIN SHANFELTER

DATED NOVEMBER 1, 2002

     This Amendment made and entered into this 6th day of January, 2006, effective as of January 1,
2005, by and between MasTec, Inc., a Florida corporation, with principal offices and place of
business in the State of Florida (the “Corporation”) and the Austin Shanfelter Irrevocable Trust
(the “Assignee”).

     WHEREAS, the Corporation and Austin Shanfelter, an individual residing in the state of Florida
(the “Employee”), entered into a Split-Dollar Agreement on November 1, 2002 (the “Agreement”) to
govern the rights and obligations of the parties with respect to that certain life insurance policy
issued by John Hancock Variable Life Insurance Company (the “Policy”), insuring the life of the
Employee and his wife, Pam Shanfelter (collectively the “Insureds”), which Policy is described in
Exhibit A of the Agreement;

     WHEREAS, on December 1, 2002, in accordance with paragraph 11 of the Agreement, the Employee
absolutely and irrevocably assigned all of his right, title and interest in and to the Agreement to
the Assignee; and

     WHEREAS, in accordance with paragraph 13 of the Agreement, the parties desire to amend the
Agreement to modify certain of their respective rights and obligations with respect to such Policy;

     NOW, THEREFORE, in consideration of the premises and of the mutual promises contained herein,
the parties hereto hereby amend the Agreement, as follows, effective as of January 1, 2005.

     1. Paragraph 7b is amended by deleting the first sentence thereof, and substituting the
following in lieu thereof:

 

 

Upon the death of the survivor of the Insureds, the Corporation shall have the unqualified
right to receive a portion of such death benefit equal to the greater of (i) the total
amount of the premiums paid by it hereunder plus 4% compounded annually, or (ii) the
aggregate cash value of the Policy (excluding surrender charges or other similar charges or
reductions) immediately before the death of the survivor of the Insureds (the “Corporation’s
Death Benefit”).

     2. Paragraph 8(a) is amended by deleting the paragraph in its entirety, and substituting the
following in lieu thereof:

     8. Termination of the Agreement During the Employee’s Lifetime. This Agreement
shall terminate, during the Employee’s lifetime, without notice, upon the occurrence of any
of the following events: (i) the Corporation’s (A) bankruptcy (with the approval of a
bankruptcy court pursuant to 11 U.S.C. Section 503(b)(1)(A)), or (B) dissolution taxed under
Section 331 of the Internal Revenue Code of 1986, as amended (“Code”); or (ii) the six (6)
year anniversary of this Agreement.

     3. The second sentence of paragraph 9a is amended by deleting the sentence in its entirety,
and substituting the following in lieu thereof:

The purchase price for the Policy shall be the greater of (i) the total amount of the
premiums paid by the Corporation hereunder plus 4% compounded annually, or (ii) the then
aggregate cash value of the Policy (excluding surrender charges or other similar charges or
reductions).

     4. Except as herein amended, the parties hereby ratify and confirm the Agreement in all
respects, effective as of January 1, 2005.

	 	 	 	 	 
	 	MASTEC, INC.

 	 
	 	By /s/ C. Robert Campbell
 	 
	 	C. Robert Campbell, CFO 	 
	 	"Corporation" 	 
	 

	 	 	 	 	 
	 	Attest

 	 
	 	/s/ Alberto de Cardenas
 	 
	 	Secretary 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	/s/ Austin Shanfelter
 	 
	 	Trustee, Austin Shanfelter Irrevocable Trust

“Assignee”	 
	 	

	 
	 

2First Amendment to Split-Dollar Agreement

 

Exhibit 10.46

FIRST AMENDMENT TO SPLIT-DOLLAR AGREEMENT BETWEEN

MASTEC, INC. AND JORGE MAS

     WHEREAS, MasTec, Inc., a Florida corporation, with principal offices in the State of Florida
(the “Corporation”), and Jorge Mas, an individual residing in the State of Florida (the
“Employee”), entered into a Split-Dollar Agreement on December 1, 2002, effective as of September
13, 2002 (the “Agreement”) to govern the rights and obligations of the parties with respect to that
certain life insurance policy issued by John Hancock Variable Life Insurance Company insuring the
life of the Employee (the “Policy”);

     WHEREAS the parties hereto wish to amend the Agreement to provide that $60,000,000 of the
$80,000,000 face amount of the Policy will be subject to the Agreement;

     NOW THEREFORE, in consideration of the premises and of the mutual promises contained herein,
the parties hereto hereby amend the Agreement, as follows:

     1. Section 2 of the Agreement is hereby deleted in its entirety and the following is
substituted therefor:

          “2. Purchase of Policy. The Corporation has purchased the Policy from the Insurer in
the Face Amount of Insurance (as such term is defined in the Policy) of $80,000,000 and Death
Benefit Option A (as such term is defined in the Policy). Three-fourths of the Policy is subject
to this Agreement, the balance of the Policy is key person insurance, owned by and payable to the
Corporation; all references herein to the Policy shall be to the portion thereof which is subject
hereto. The parties hereto have taken all necessary action to cause the Insurer to issue the
Policy, and shall take any further action which may be necessary to cause the Policy to conform to
the provisions of this Agreement. The parties hereto agree that the Policy shall be subject to
the terms and conditions of this Agreement and of the endorsement to the Policy filed with the
Insurer.”

 

 

     2. Section 7.b. of the Agreement is hereby deleted in its entirety and the following is
substituted therefor:

          “b. Upon the death of the Employee, the Corporation shall have the unqualified right to
receive a portion of such death benefit equal to the total amount of the premiums paid by it
hereunder, plus 4%, compounded annually. The next $60,000,000 of the death benefit provided under
the Policy shall be paid directly to the beneficiary or beneficiaries designated by the Corporation
at the direction of the Employee, in the manner and in the amount or amounts provided in the
beneficiary designation provision of the Policy. The Corporation shall have the unqualified right
to receive the balance, if any, of the death benefit provided under the Policy. In no event shall
the amount payable to the Corporation hereunder exceed the Policy proceeds payable at the death of
the Employee. No amount shall be paid from such death benefit to the beneficiary or beneficiaries
designated by the Corporation at the direction of the Employee, until the full amount due the
Corporation for the return of its premiums plus interest hereunder has been paid. The parties
hereto agree that the beneficiary designation provision of the Policy shall conform to the
provisions hereof.”

     3. Section 8.a. of the Agreement is hereby deleted in its entirety and the following is
substituted therefor:

          “a. This Agreement shall terminate, during the Employee’s lifetime, without notice, upon the
occurrence of any of the following events: (a) total cessation of the Corporation’s business; (b)
bankruptcy, receivership or dissolution of the Corporation; or (c) at any time that the collective
voting securities of the Corporation owned directly or indirectly by Jose Ramon Mas Holdings I
Limited Partnership, Jorge Mas Holdings I Limited Partnership, Mas Family Foundation, Inc., a
Florida not-for-profit corporation, Juan Carlos Mas Holdings I Limited Partnership, Jorge L Mas
Canosa Holdings I Limited Partnership, Jorge L. Mas, Jorge Mas, Juan Carlos, Juan Ramon Mas, and
their respective ancestors and descendants, are less than 38% of the outstanding voting securities
of the Corporation (a “Change in Control”).

2

 

     4. Exhibit A of the Agreement is hereby deleted in its entirety and the following is
substituted therefor:

	 	 	 
	“Exhibit A
	 	 
	 
	 	 
	Insurer:

	 	John Hancock Variable Life Insurance Company
	 
	 	 
	Insured:

	 	Jorge Mas
	 
	 	 
	Policy Number:

	 	59 416 001
	 
	 	 
	Face Amount:

	 	$60,000,000 of the $80,000,000 face

amount of the Policy
	 
	 	 
	Death Benefit Option:

	 	Option A
	 
	 	 
	Date of Issue

	 	August 27, 2002”

3

 

     5. Except as herein amended, the parties hereby ratify and confirm the Agreement in all
respects.

     IN WITNESS WHEREOF, the parties hereto have executed multiple original copies of this First
Amendment to Split-Dollar Agreement this 4th day of May, 2003.

	 	 	 	 	 
	 	MASTEC, INC.

 	 
	 	By:  	/s/ Austin Shanfelter
 	 
	 	 	Austin Shanfelter,        President 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	ATTEST:

 	 
	 	/s/
Cristina Canales
 	 
	 	Assistant Secretary 	 
	 	 	 
	 

	 	 	 	 	 
	 	“Corporation”

 	 
	 	/s/ Jorge Mas
 	 
	 	JORGE MAS 	 
	 	"Employee" 	 
	 

4Amendment to Split-Dollar Agreement

 

Exhibit 10.47

FIRST AMENDMENT TO SPLIT-DOLLAR AGREEMENT BETWEEN

MASTEC, INC. AND JORGE MAS

DATED DECEMBER 1, 2002

     This Amendment made and entered into this 15th day of September, 2003, effective as of
September 13, 2002, by and between MasTec, Inc. a Florida corporation, with principal offices and
place of business in the State of Florida (the
“Corporation”) and the Assignee (identified below) and Jorge Mas, an individual residing
in the state of Florida (the “Employee”).

     WHEREAS the Corporation and the Employee entered into a Split-Dollar Agreement on December 1,
2002, effective as of September 13, 2002, (the “Agreement”) to govern the rights and obligations of
the parties with respect to that certain life insurance policy issued by John Hancock Variable Life
Insurance Company, insuring the life of the Employee (the “Policy”), which Policy is described in
Exhibit A of the Agreement.

     WHEREAS, on December 1, 2002, in accordance with Paragraph 11 of the Agreement, the Employee
absolutely and irrevocably assigned all of his right, title and interest in and to the Agreement,
to the Jorge Mas Irrevocable Trust u/a dated January 15, 1996 (the “Assignee”).

     WHEREAS, in accordance with paragraph 13 of the Agreement, the parties desire to amend the
Agreement to clarify their respective rights and obligations with respect to such Policies;

     NOW THEREFORE, in consideration of the premises and of the mutual promises contained herein,
the parties hereto hereby amend the Agreement, as follows, effective as of September 13, 2002.

1. Paragraph 2 of the Agreement is amended by deleting the second sentence in its entirety.

 

 

2. The first sentence of paragraph 4 is amended by deleting the phrase “On or before the
Anniversary Date of the Policy”, and substituting in lieu thereof: “On or before the due date of
each Policy premium”.

3. The last sentence of paragraph 4 is amended by deleting the phrase “for federal and state income
tax purposes” and substituting in lieu thereof: “for any federal, state or local taxes, as
applicable.”

4. The last sentence of paragraph 5b is amended by adding the following to the end of such
sentence: “, except as provided in paragraph 9b hereof.”

5. Paragraph 7b is deleted in its entirety and the following substituted in lieu thereof:

"(b) Upon the death of the Employee, the Corporation shall have the unqualified right to receive a
portion of such death benefit equal to the greater of (i) the total amount of premiums paid by it
hereunder plus 4% compounded annually, or (ii) the aggregate cash surrender value of the Policies
immediately before the death of the Employee; (the “Corporation’s Death Benefit”). In no event
shall the Corporation’s Death Benefit exceed the Policy proceeds payable at the death of the
Employee. Upon payment in full of the Corporation’s Death Benefit, the beneficiary or
beneficiaries designated by the Corporation at the direction of the Employee, shall be paid death
benefits from the Policy equal in the aggregate to the lesser of (i) Sixty Million Dollars
($60,000,000) or (ii) any remaining Policy death benefit, in the manner and in the amount or
amounts provided in the beneficiary designation of the Policy. In the event that a Policy death
benefit remains under the Policy after payment of the Corporation’s Death Benefit and the full
amount due each beneficiary as provided hereunder, the Corporation shall have the unqualified right
to such remaining balance. The parties hereto agree that the beneficiary designation of the Policy
shall conform to the provisions hereof.”

7. Paragraph 8a is amended by deleting sub-part (c) in its entirety, and substituting the following
in lieu thereof:

(c) “At any time the voting securities of the Corporation owned in the aggregate directly or
indirectly by Jose Ramon Mas Holdings I Limited Partnership, Jorge Mas Holdings I Limited

2

 

Partnership, Mas Family Foundation, Inc., a Florida not-for-profit corporation, Juan Carlos Mas
Holdings I Limited Partnership, Jorge L Mas Canosa Holdings I Limited Partnership, and the
respective ancestors and descendants of Jose Ramon Mas, Jorge Mas, Juan Carlos Mas, and Jorge L Mas
Canosa constitute less than 38% of the then outstanding voting securities of the Corporation (a
“Change in Control”).”

8. The second sentence of paragraph 9a is deleted in its entirety, and the following substituted in
lieu thereof:

“The purchase price for the Policy shall be the greater of (i) the total amount of the premiums
paid by the Corporation hereunder plus 4% compounded annually, or (ii) the then aggregate cash
surrender value of the Policy.”

9. Paragraph 9b is amended by deleting the paragraph in its entirety, and substituting the
following in lieu thereof:

“If the Employee or his assignee fails to exercise such option within such sixty (60) day
period, then the Corporation shall be vested with all ownership rights under the Policy; without
limitation, the Corporation may maintain, cancel or surrender the Policy at any time. In
connection with any cancellation or surrender of the Policy, the Corporation may retain all cash
surrender values and other sums payable to the owner of the Policy; in connection with any payment
of death proceeds under the Policy if maintained, the Corporation may retain all of the same; the
Corporation may name itself and/or its designees as beneficiary under the Policy; the Corporation
shall enjoy all other ownership rights in the Policy even if not herein specifically enumerated;
none of the Employee, any co-insured party, or the heirs or assigns or designated beneficiaries of
any of them, or any person claiming by or through any of the foregoing, shall have any further
interest in and to the Policy whether under the terms hereof or under the terms of such Policy.

Notwithstanding any other provision hereof, the repayment to the Corporation hereunder shall
be made solely from the cash surrender value of the Policy if this Agreement is terminated during
the lifetime of the Insured; in no event shall the Insured have any personal liability to repay the
Corporation any amount in excess of the then cash surrender value of the Policy on termination of
this Agreement during the Insured’s lifetime.”

10. Paragraph 12(c) is modified by substituting “subparagraph c” and “subparagraph d,” for

“Subsection C” and “Subsection D,” respectively, therein.

3

 

11. Exhibit A of the Agreement is hereby deleted in its entirety and the following is substituted
in place thereof:

	 	 	 
	Exhibit A
	 	 
	 
	 	 
	Insurer:

	 	John Hancock Variable Life Insurance Company
	 
	 	 
	Insured:

	 	Jorge Mas
	 
	 	 
	Policy Number:

	 	59 416 001
	 
	 	 
	Face Amount

	 	$80,000,000 face amount of the Policy
	 
	 	 
	Death Benefit Option:

	 	Option A
	 
	 	 
	Date of Issue

	 	August 27, 2002

12. Except as herein amended, the parties hereby ratify and confirm the Agreement in all respects,
effective as of September 13, 2002.

This
instrument supersedes any other amendments of the Agreements dated
September 15, 2003, or prior thereto.

	 	 	 	 	 
	 	 	 
	 	MasTec,
Inc.
 	 
	 		 
	 		 

	 	 	 
	 	                                               By /s/ Austin Shanfelter
 	 
	 	Austin Shanfelter, President 	 
	 	"Corporation" 	 
	 

	 	 	 	 	 
	 	Attest:

 	 
	 	/s/ Cristina Canales
 	 
	 	Secretary 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
/s/ Jose Mas
 	 
	 	Trustee, Jorge Mas Irrevocable Trust 	 
	 	"Assignee" 	 
	 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00096-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00096-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00096-of-00352.parquet"}]]