Assignment of Interest in Split Dollar Agreement and Life Insurance Policies by Richard L. Bready to Trustee of The Richard L. Bready 1996 Irrevocable Trust

Summary

Richard L. Bready assigns all his rights and interests under a split dollar agreement and related life insurance policies to Douglass N. Ellis, Jr., as trustee of The Richard L. Bready 1996 Irrevocable Trust. Nortek, Inc., the policy owner, acknowledges the assignment. The trustee will now control the beneficiary designation for the net death benefit under the policies. This assignment is irrevocable and effective as of September 15, 1997.

EX-10.4 6 0006.txt EXHIBIT 10.4 ASSIGNMENT WHEREAS, Richard L. Bready ("Bready") and Nortek, Inc. ("Nortek") entered into Confirmatory Split Dollar Agreement No. 1 as of December 31, 1996 (the "Agreement"), which relates to New York Life Insurance Policies No. [Policy Numbers Redacted] (the "Policies"); and WHEREAS, the Agreement provides that Nortek will continue to own the Policies, but the death benefit payable upon Bready's death in excess of Nortek's Interest in the Policies (as defined in the Agreement) (hereinafter the "Net Death Benefit") shall be paid to the one or more beneficiaries designated by Bready or his assignee; and WHEREAS, paragraph 12 of the Agreement provides that Bready "shall have the right to assign any part or all of [his] interest in this Agreement and any of the Policies to any person, entity or trust by execution of a written assignment delivered to Nortek and a new designation of beneficiary to [New York Life Insurance Company]."; and WHEREAS, Bready wishes to assign all of his interest in the Agreement; NOW THEREFORE, Bready hereby irrevocably assigns all of his interest in and rights under the Agreement and all of his interest in and rights to the Policies to Douglass N. Ellis, Jr., or his successor (the "Trustee"), as trustee of The Richard L. Bready 1996 Irrevocable Trust dated December 20, 1996. Bready intends by this Assignment to make an irrevocable transfer to the Trustee of all of his interest in the Agreement, including all incidents of ownership he has over the Policies. Bready is executing simultaneously herewith a new designation of beneficiary confirming that the Net Death Benefit shall be payable to the beneficiary named by the Trustee or his successor. SIGNED in two original counterparts this 15th day of September, 1997. /s/Donna Z. Laflamme /s/Richard L. Bready Witness Richard L. Bready The undersigned hereby acknowledges receipt of the foregoing Assignment and agrees to be bound by the terms of the Agreement, all as of the date last above written. /s/ Douglass N. Ellis, Jr. Douglass N. Ellis, Jr., as trustee of The Richard L. Bready 1996 Irrevocable Trust, and not individually The undersigned hereby acknowledges receipt of the foregoing Assignment. NORTEK, INC. By: /s/ Kevin W. Donnelly Its: Vice President, duly authorized