Document:

Exhibit 10.83

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

OF AMENDED AND RESTATED SPLIT-DOLLAR LIFE

INSURANCE

 

This Assignment and Assumption Agreement of

Amended and Restated 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

Amended and Restated 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 Whole Life Policy with Supplemental Insurance Option, Policy Number

8592938 (the “Policy”) issued by Massachusetts 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

 

Amended and Restated Split-Dollar Life

Insurance Agreement

 

	

  Insurer:

  	

   

  	

  Massachusetts

  Mutual Life Insurance Company

  
	

   

  	

   

  	

   

  
	

  Policy:

  	

   

  	

  Whole Life

  Policy with Supplemental Insurance Option, Policy Number 8592938

  
	

   

  	

   

  	

   

  
	

  Insured:

  	

   

  	

  James H.

  Clark, Jr.

  
	

   

  	

   

  	

   

  
	

  Owner:

  	

   

  	

  James Howard

  Cullum Clark

  
	

   

  	

   

  	

   

  
	

  Employer:

  	

   

  	

  Vari-Lite

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

  
	

   

  	

   

  	

   

  
	

  Effective

  Date:

  	

   

  	

  December 12,

  1990

  

 

 

This Assignment and Assumption Agreement of Split-Dollar Life Insurance

was recorded by Insurer on

                            ,

2002.

 

 

	

   

  	

  MASSACHUSETTS

  MUTUAL LIFE 

  
	

   

  	

  INSURANCE

  COMPANY

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  
					

 

3Exhibit 10.84

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

OF AMENDED AND RESTATED SPLIT-DOLLAR LIFE

INSURANCE

 

This Assignment and Assumption Agreement of

Amended and Restated 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 John D. Maxson 1995 Irrevocable

Trust, dated October 11, 1995 (the “Owner”), and John D. Maxson (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 Amended and Restated 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 Flexible Premium Adjustable Life Policy, Policy Number A10137201L (the

“Policy”), issued by American General 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 John D. Maxson 1995 Irrevocable

  Trust, dated October 11, 1995

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  John D.

  Maxson

  
						

 

3

 

Amended and Restated Split-Dollar Life

Insurance Agreement

 

	

  Insurer:

  	

   

  	

  American

  General Life Insurance Company

  
	

   

  	

   

  	

   

  
	

  Policy:

  	

   

  	

  Flexible

  Premium Adjustable Life Policy, Policy Number A10137201L

  
	

   

  	

   

  	

   

  
	

  Insured:

  	

   

  	

  John D.

  Maxson

  
	

   

  	

   

  	

   

  
	

  Owner:

  	

   

  	

  Brown

  Brothers Harriman Trust Company of Texas, as Trustee of the John D. Maxson 1995

  Irrevocable Trust, dated October 11, 1995

  
	

   

  	

   

  	

   

  
	

  Employer:

  	

   

  	

  Vari-Lite

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

  

 

 

This Assignment and Assumption

Agreement of Split-Dollar Life Insurance was recorded by Insurer on

                         ,

2002.

 

 

	

   

  	

  AMERICAN

  GENERAL 

  LIFE INSURANCE COMPANY

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  
					

 

4

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