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HBI » Topics » 2.2 Acquisition of Insurance

This excerpt taken from the HBI 8-K filed Sep 5, 2006.

2.2 Acquisition of Insurance

The Participant agrees to cooperate in applying for and obtaining an insurance policy on his or her life. The selection of the life insurance policy used for this Plan shall be at the sole discretion of the Company. The Policy shall be issued in the name of the Participant as the sole and exclusive owner of the Policy. The Participant shall have the right to name the beneficiary of the Policy proceeds. At the sole discretion of the Committee, the Participant may designate a person or entity other than the Participant as the owner of the Policy, provided that such owner agrees to be bound to the terms and conditions of this Plan. In no event will a death benefit be payable to a Participant prior to the issuance of a Policy on the Participant’s life. A reduced amount of death benefit coverage may be provided to a Participant under any Policy issued on a rated basis.

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