270 Legal [Sample Agreements]

KEY EXECUTIVE LIFE INSURANCE PLAN

1. Purpose

The purpose of the Mattel, Inc. Key Executive Life Insurance Plan (the “Plan”) is to create a plan under which Mattel, Inc. (“Mattel”) can assist certain of its Executives in acquiring life insurance coverage.

2. Definitions

For purposes of this Plan, the following terms have the meanings set forth below:

Section 2.01 Agreement means the Agreement executed by a Participant implementing the terms of this Plan.

Section 2.02 Alternative Death Benefit Amount means, with respect to a Participant, an amount that, after subtracting any Mattel federal, state, and local income tax savings resulting from the deductibility of the payment for corporate tax purposes, is equal to the Participant’s Coverage Amount. The Alternative Death Benefit Amount shall be determined at the time the payment is to be made, based on Mattel’s federal, state and local income tax rate (calculated at the highest marginal tax rate then applicable to Mattel, net of any federal deduction for state and local taxes) at the time of the payment, and shall be determined by Mattel.
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