{"id":39185,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-gillette-co-and-alfred-m-zeien.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-gillette-co-and-alfred-m-zeien","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-gillette-co-and-alfred-m-zeien.html","title":{"rendered":"Employment Agreement &#8211; Gillette Co. and Alfred M. Zeien"},"content":{"rendered":"<pre>\n[The Gillette Company LOGO]\n\n\n\nMay 27, 1999\n\nMr. Alfred M. Zeien\n4900 Prudential Tower Building\nBoston, MA 02199\n\nRe: ESTATE PRESERVATION PLAN II\n    ---------------------------\n\nDear Al:\n\nPursuant to resolutions adopted by this Company's Board of Directors at its\nApril 15, 1999 meeting, I am please to extend this offer to you, under the terms\nand conditions described below, to purchase a life insurance policy with a death\nbenefit payable following the deaths of both Joyce and you.\n\nUnder this arrangement, the Company will agree to make stated payments to an\ninsurance company over a five-year period in order to fund the annual premium\ncost of the death benefit coverage under the policy. The Company's cumulative\npayments will be returned to the Company, without interest, at the end of the\nfifteenth (15th) policy year or, if sooner occurring, following the deaths of\nJoyce and you. The trust designated as the owner of the policy will be\nresponsible for the annual cost of the life insurance protection as well as any\nadditional cost of the insurance coverage following the 15th policy year. As a\ncondition to the issuance of the policy, you and the policyowner will execute a\nSplit-Dollar Agreement and Collateral-Assignment (in the forms annexed hereto)\nwhich documents shall establish the respective rights of the Company and the\npolicyowner with respect to the death benefit proceeds and cash value (including\ninvestment direction, loans and withdrawals) under the policy. Other terms and\nconditions of this life insurance arrangement are set forth on the Term Sheet\nannexed hereto.\n\nIn consideration of the aforementioned life insurance arrangement, you agree to\nforego and waive irrevocably your right to any benefits otherwise payable under\nthe Company's Supplemental Savings Plan. Your waiver of these benefits will\nresult in certain cash and financial cost savings to the Company, from which\nsavings the Company will obtain the funding for the purchase of the life\ninsurance policy. For the purposes of determining the amount of life insurance\ncoverage to be purchased, the value of your benefit under the Company's\nSupplemental Savings Plan will been calculated as of the close of the business\nday today and increased by the amount that otherwise would be credited to your\n\n\n\n\n\n                                      -2-\n\n\nSupplemental Savings Plan accounts (without earnings), at your current savings\ncontribution and salary rates, until your retirement date.\n\nBy signing where indicated below, you accept this offer and signify your\nagreement to forego and waive irrevocably the Supplemental Savings Plan benefits\nspecified above, to have executed the Split-Dollar Agreement,\nCollateral-Assignment and such other documents as may be necessary or desirable\nto implement your coverage under the life insurance policy, and to do such\nfurther actions (including a medical examination for underwriting purposes) as\nmay be necessary or desirable to effectuate the purposes of this arrangement.\nJoyce also must sign below agreeing to the above-described actions related to\nthe purchase of the life insurance policy.\n\nYou are further acknowledging that there are certain tax considerations to be\nevaluated in accepting this offer and that you have had the opportunity to\nreview these tax issues with your personal tax advisor before accepting this\noffer. You agree to be fully responsible for the tax consequences of your\nparticipation in this arrangement, and acknowledge that the Company reserves the\nright to seek reimbursement from you if the Company is charged with the\nobligation to pay any of your income or employment taxes in respect of this\narrangement.\n\nThis arrangement may be modified only by written agreement between you and an\nauthorized representative of the Company. This arrangement shall inure to the\nbenefit of, and shall be binding upon, you and your heirs, personal\nrepresentatives, successors and assignees, and upon the Company and its\nofficers, directors, employees, shareholders and their successors and assignees.\n\nThis arrangement shall be construed and enforced under the laws of the\nCommonwealth of Massachusetts.\n\nPlease return one copy of this letter, signed where indicated below, to indicate\nyour agreement to the foregoing terms by the close of the business day on June\n4, 1999.\n\n\nVery truly yours,\n\n\n\/s\/ Robert E. DiCenso\n\nRobert E. DiCenso\nSenior Vice President - Personnel and Administration\n\n\n\n\n\n\n                                      -3-\n\n\n\nACCEPTANCE OF OFFER:\n\nI hereby accept the Company's offer and agree to the terms and conditions of the\narrangement set forth above and contained in the documents annexed hereto.\n\n\n\n\/s\/ Alfred M. Zeien\n-----------------------------\nAlfred M. Zeien\n\n\n\n\/s\/ Joyce Zeien\n-----------------------------\nJoyce Zeien\n\n\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7640],"corporate_contracts_industries":[9395],"corporate_contracts_types":[9539,9544],"class_list":["post-39185","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-gillette-co","corporate_contracts_industries-consumer__cleaning","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39185"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39185"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39185"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}