Form of Executive Life Insurance Plan

EXHIBIT - 10.8


FORM OF EXECUTIVE LIFE INSURANCE PLAN


-1-


EXECUTIVE LIFE INSURANCE PLAN THIS AGREEMENT is made the _________ day of ______________, 19__, by and between JOHN H. HARLAND COMPANY ("Corporation") and __________________, ("Employee").


INTRODUCTION


Corporation has purchased a life insurance policy on the life of Employee. As specified below, the ownership of the policy is vested entirely in Corporation; however, the death proceeds are divided between Corporation and Employee. Corporation does hereby retain all ownership rights to the policy, but acknowledges that Employee has rights in the death proceeds as set forth and delineated in this agreement.


AGREEMENT


NOW, THEREFORE, Corporation and Employee agree as follows:


ARTICLE I. POLICY


The life insurance policy with which this Agreement deals is Policy Number 5185846 ("Policy") issued by Confederation Life Insurance Company ("Insurer"), on the life of the Employee.


ARTICLE II. SPLIT DOLLAR VARIATION


With respect to the subject policy, the Corporation and the Employee agree that each premium on the Policy shall be paid by the Corporation as it becomes due; however, in the event of Employee's death, while employed by Corporation or after retiring as an employee of Corporation following Employee's vesting of benefits under the now deleted Article 2 of the "Agreement" (as defined in Section 3.2(b)(ii), below), the death proceeds shall be payable as set forth in Article III below.


ARTICLE III. OWNERSHIP OF LIFE INSURANCE POLICY and RIGHTS IN
DEATH PROCEEDS


The Corporation, or its transferee, owns the entire Policy and may exercise all ownership rights granted to the owner of the Policy; provided however, that the Corporation may not, during the employ of Employee, or following the vesting of benefits by employee under the deleted Article 2 of the "Agreement", cancel the policy or otherwise reduce the death proceeds below Employee's portion as set forth in Article 3.2 below.


Notwithstanding and other provision hereof, it is the express intention of


-2-


EXHIBIT 10.8 continued


the parties to reserve to each of them all rights in and to the death proceeds portion of the Policy in the following manner:


3.1 CORPORATION'S PORTION. The Corporations's portion of the death proceeds of the Policy is that part not owned by the Employee pursuant to Article 3.2 below. 3.2 EMPLOYEE'S PORTION.


a. The Employee's shall own no portion of the cash surrender value of
the policy.


b. The Employee's portion of the death benefit of the Policy, which
portion shall, in no event, exceed the total death proceeds paid on the
Policy, is equal to the sum of


(i) the difference between (a) 1.5 times Employee's annual base
salary at the date of his death, minus (b) $50,000 (but in no event
shall said difference exceed $475,000), plus


(ii) the present value, computed using a six (6%) interest rate, of
the death benefits previously provided by Article 2 of the Deferred
Compensation Agreement (the "Agreement") attached hereto and made a
part hereof, which would have been unpaid as of the date of
Employee's death had the Agreement not been amended to delete
Article 2 in its entirety.


c. For purposes of this Article, if Employee terminates service as an
employee of Company for any reason or reasons other than his death
before reaching either his normal or early retirement date, as defined
in the Agreement, then for purposes of calculating the benefits to which
employee is entitled under sub-subsection 3.2(b)(i), above, his base
salary shall be deemed to be $0.00.


d. Notwithstanding any other provision of this Agreement to the
contrary, if Employee has retired as an employee of Compa ...