Executive Term Life Insurance Plan for David J. Vander Zanden between School Specialty, Inc. and David J. Vander Zanden
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Summary
School Specialty, Inc. has established a term life insurance plan for its President and CEO, David J. Vander Zanden. The plan provides $20 million in life insurance coverage, split between two policies. One policy names School Specialty, Inc. as the beneficiary for $10 million, while the other allows Mr. Vander Zanden to designate beneficiaries for the remaining $10 million. The company funds both policies. This arrangement was approved by the company's Board of Directors on November 5, 2002.
EX-10.1 3 dex101.txt EXECUTIVE TERM LIFE PLAN FOR DAVID J. VANDER ZANDEN Exhibit 10.1 EXECUTIVE TERM LIFE INSURANCE PLAN On November 5, 2002, the Board of Directors of School Specialty, Inc. approved an Executive Term Life Insurance Plan (the "Plan"). The Plan provides for $20 million of term life insurance coverage on the life of David J. Vander Zanden, President and Chief Executive Officer of School Specialty, Inc. The Plan, funded by School Specialty, Inc., provides coverage under two separate policies. The first policy provides for $10 million of coverage, with School Specialty, Inc. designated as the beneficiary. The second policy provides for $10 million of coverage, with beneficiaries designated by David J. Vander Zanden.
