EXECUTIVE LIFE INSURANCE BONUS AGREEMENT
This Executive Life Insurance Bonus Agreement (the “Agreement”) is made and entered into as of __________, 20 ___, by and
between__________ (“Executive”) and Media General, Inc. (“Company”).
NOW, THEREFORE, in consideration of the foregoing, and the mutual agreements and covenants set forth below, the Company
and the Executive agree as follows:
DEFINITIONS AND CONSTRUCTION
A. The Company will annually provide the Executive with special bonus compensation in recognition of the Executive’s
ongoing valuable contribution to the success of the Company and as an inducement for the Executive’s continued
employment in the future;
B. The Company and the Executive desire to have the specifics of the annual bonus compensation and the criteria pursuant
to which such compensation will be paid reduced to a written agreement.
1.1 Definitions. For purposes of this Agreement, unless otherwise clearly apparent from the context, the following phrases
or items shall have the following indicated meanings:
(a) “ Actual Policy ” shall mean the actual registered corporate variable universal life insurance product (policy
number __________), issued by the Insurer and owned by the Executive or the Executive’s designee, for which
the Company shall remit Premium to the Insurer on the Executive’s behalf and which shall reflect the Executive’s
actual allocation of policy values.
(b) “ Base Compensation ” shall mean: (i) the Executive’s annual base salary, excluding bonuses, commissions,
overtime, director fees and other fees, paid to the Executive for employment services rendered to the Company,
before reduction for compensation deferred pursuant to all qualified, non-qualified and Code Section 125 plans of
the Company. For purposes of determining the Executive’s Base Compensation for every year up to and including
the year in which such Executive terminates or retires, the Base Compensation e