PLAN OF INSURANCEInsurance Agreement |
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MOTOROLA INC. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Search Insurance Agreement by:
Exhibit 10.22
[GRAPHIC]
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Policyholder Name: |
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Motorola, Inc. |
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Policy Number: |
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T5MP-BT-34130 |
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PLAN OF INSURANCE |
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Revised |
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Term of Coverage: |
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January 1, 2004 to January 1, 2005 |
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Aggregate Limit: |
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None |
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Eligibility: |
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Active full-time Employees, working a minimum of 30 hours per week, who are Motorola U.S. Vice Presidents including U.S. based VP Expatriates. |
Effective Date of Individual Insurance:
Each eligible person becomes an Insured on the later of:
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(a) |
January 1, 1999; or |
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the date the person becomes eligible to be included within a class of persons eligible for coverage under this policy. |
Individual Terminations: Insurance for any Insured shall end on the first of the following dates:
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(a) |
the date the Insured’s assignment outside the United States or Canada ceases; |
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the date the Insured ceases to be eligible; |
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the date any premium is due and unpaid, subject to the grace period; or |
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(d) |
the date this policy is terminated. |
Notwithstanding anything above to the contrary, Insureds on approved leaves of absence (including disability leaves) will continue to be covered, provided premium payments are also continued.
Change in Coverage: Each Insured is covered under the Insuring and Benefit Provisions applicable to the class in which he or she qualifies:
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(a) |
beginning on the date the person becomes eligible to be included in the class; and |
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ending on the date the person ceases to be eligible to be included in the class. |
Benefits:
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A. Class |
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Insuring Provision(s) Applicable |
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Benefit Provision(s) Applicable |
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All |
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5886M Business & Pleasure Coverage |
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6653M AD & Specific Loss |
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9051M Permanent Total Disability |
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B. The amount of benefits for each Benefit Provision shown above is as follows:
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Accidental Death & Specific Loss |
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Rider 6653M |
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Principal Sum |
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Two (2) times Insured’s annual salary,* rounded to the next highest $1,000.00 if not an even multiple |
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Maximum Benefit Amount |
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$600,000.00 |
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Loss Period |
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Loss within 365 Days of Injury |
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* The term “Annual Salary” shall mean the annual base salary including overtime, excluding bonus and commission. |
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Permanent Total Disability Benefit |
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Rider 9051M |
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• For Insureds under age 75 on the date of accident: |
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Benefit Amount |
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100% of Insured’s Principal Sum |
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Loss Period |
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Within 180 days from date of accident |
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Benefit Period |
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One Month (Lump Sum) |
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• For Insureds whose coverage took effect prior to age 75 and who are between the ages of 75 and79 on the date of accident: |
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Benefit Amount |
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1% of Insured’s Principal Sum |
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Loss Period |
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Within 180 days from date of accident |
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Benefit Period |
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24 Months |
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• For Insureds whose coverage took effect prior to age 75 and who are 80 years of age or older on the date of accident: |
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Benefit Amount |
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1% of Insured’s Principal Sum |
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Loss Period |
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Within 180 days from date of accident |
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Benefit Period |
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12 Months |
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• For Insureds whose coverage took effect after age 75 but prior to age 80 and who are between the ages of 75 and 79 on the date of accident: |
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Benefit Amount |
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2% of Insured’s Principal Sum |
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