Annual Report — [x] Reg. S-K Item 405 — Form 10-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 10-K405 The Seagram Company Ltd. 71 414K
2: EX-3.A Articles of Amalgamation 2 17K
3: EX-10.A Amended & Restated Stockholders' Agreement 87 289K
10: EX-10.AA Senior Executive Basic Life Insurance Agreement 6 23K
4: EX-10.B Amended & Restated Stockholders' Agreement 49 227K
11: EX-10.BB Retirement Salary Continuation Plan 5 19K
5: EX-10.C Stockholders' Agreement Dated 12/9/98 47 220K
12: EX-10.CC Benefit Equalization Plan 7 23K
6: EX-10.D Subscription & Redemption Agreement 13 36K
13: EX-10.DD Senior Executive Group Life 14 53K
14: EX-10.EE Personal Excess Liability Insurance Policy 9 47K
15: EX-10.FF Flexible Perquisite Program for Senior Executives 9 24K
16: EX-10.GG Senior Executive Disability Salary Continuation 1 9K
17: EX-10.HH Post Retirement Consulting Plan 5 24K
18: EX-10.II Canadian Executive Pension Plan 9 31K
19: EX-10.MM Letter to Brian Mulligan 21 91K
7: EX-10.T Management Incentive Plan 11 39K
20: EX-10.VV Agreement Effective 6/15 With Edgar Bronfman Jr. 11 53K
21: EX-10.WW Agreement Effective 6/16 With Samuel Bronfman Ii 12 55K
8: EX-10.X 1988 Stock Option Plan 10 40K
9: EX-10.Y 1992 Stock Incentive Plan 10 53K
22: EX-12.A Statement of Ratios: the Seagram Company Ltd. 1 12K
23: EX-12.B Statement of Ratios:Joseph E. Seagram & Sons, Inc. 1 13K
24: EX-21 List of Subsidiaries 12 94K
25: EX-23 Consent of Pricewaterhousecoopers LLP 1 11K
26: EX-24 Power of Attorney 2 19K
27: EX-27 Financial Data Schedule 1 13K
EXHIBIT 10(dd)
SUN LIFE ASSURANCE COMPANY OF CANADA
will pay the benefits provided under this policy to the persons entitled to
receive them. The policy took effect on August 1, 1986 (Effective Date). This
policy is amended January 1, 1989 (Amendment Date) and replaces the previous
policy.
The policy is issued by Sun Life Assurance Company of Canada (Company) on the
basis of the Application of
*JOSEPH E. SEAGRAM & SONS, INC.*
(Policyholder), and in consideration of the payment of the premiums as herein
provided. The premiums will be due and payable to the Company monthly on the
first day of each month in every year while the policy remains in force, the
first premium under the amended policy being due and payable on the Amendment
date.
State of Issue - Michigan.
On and after January 1, 1989, policy anniversaries will be the first day of
January in each year and policy years will be determined from that date.
All payments under the policy will be made in Dollars, lawful money of the
United States of America.
The provisions printed or written by the Company on this and the following pages
form part of the contract.
Signed at Wellesley Hills, Massachusetts on November 6, 1989 on behalf of the
Company.
Group Policy
No. 48001-G.
[SIG]
President
[SIG]
Secretary
[SIG]
Ex. Countersigned
GROUP TERM INSURANCE POLICY INCLUDING,
LIFE INSURANCE BENEFIT
ANNUAL EXPERIENCE RATING
Form No. 85-1890 (A) - Seagram Exec. Life
Amended Policy No. 5
January 1, 1989
INDEX
[Download Table]
Page
Amount of Insurance 4
Benefit Provisions Life Insurance Benefit 12
Changes in Amount of Insurance 6
Commencement of Insurance 4
Computation of Premiums 8
Contract 10
Definitions 3
Eligibility for Insurance 3
Endorsements 14
Experience Rating 9
Incontestability 11
Individual Certificates 6
Individual Terminations 6
Payment of Premiums 8
Premium Adjustments 9
Self-Administration Data 10
Termination of Policy 7
Workers' Compensation 11
48001-G
SUN LIFE ASSURANCE COMPANY OF CANADA
Page 2
Amended Policy No. 3
January 1, 1989
GENERAL PROVISIONS
I. DEFINITIONS.
"Employer" means Joseph E. Seagram & Sons, Inc.
"Employee" means a person who is classified as either a Senior Executive or an
Executive by the Employer. An Employee of a United States Associated and/or
Affiliated Company of the Employer is considered to be an Employee provided all
other conditions of this definition are met.
"Retired Employee" means a person who, while insured under this policy or under
Group Policy No. 16320-G. as an Employee, retires under the Employer's Pension
Plan.
"Illness" means bodily injury, sickness, disease, Pregnancy, nervous disorder or
mental infirmity.
"Pregnancy" includes pregnancy, childbirth, miscarriage, abortion and conditions
which result directly or indirectly from any of these.
"Service" means service with the Employer.
II. ELIGIBILITY FOR INSURANCE.
The eligibility of Employees or Retired Employees for insurance is determined as
follows:
1. Employee Insurance
(a) Any Employee insured on the date prior to the Amendment Date is
eligible on the Amendment Date.
(b) Any person not eligible on the Amendment Date will become eligible
on the date he is classified as an Employee.
(c) Any person not actively at work on the date he would otherwise
become eligible will be eligible on the date he returns to active
work.
2. Retired Employee Insurance
Any Employee who becomes a Retired Employee will become eligible on the date of
retirement.
48001-G
SUN LIFE ASSURANCE COMPANY OF CANADA
Page 3
Amended Policy No. 3
January 1, 1989
GENERAL PROVISIONS (Continued)
III. COMMENCENT OF INSURANCE.
Insurance on any Employee or Retired Employee will commence on the date on which
the Employee or Retired Employee becomes eligible for the insurance.
IV. AMOUNT OF INSURANCE.
The amount of each Employee's or Retired Employee's insurance is determined by
the applicable Insurance Benefit provision and by the classification of the
Employee or Retired Employee in accordance with the following schedule:
[Download Table]
SCHEDULE OF AMOUNT OF INSURANCE
Insurance Benefit Classification Amount of Insurance
----------------- -------------- -------------------
Basic Employee or Retired (a) Senior Executives - An amount, determined
Employee Life Insurance Active or Retired for each Employee or
Retired Employee by the
Employer's pension plan
actuary, using a benefit
formula that is mutually
agreeable to the Company
and to the Employer.
Such amount is rounded
to the next higher $100,
if not already a
multiple thereof. The
minimum amount of
insurance is $25,000.
The maximum amount of
insurance is $2.5
million.
(b) All Executives or An amount equal to two
Senior Executives - times the Employee's
Active annual total compensation
(c) All Executives - As per Insurance Formula
Retired which follows:
For the purposes of this policy, the amount of insurance determined in (b) above
shall be reduced by any insurance payable on the life of the Employee under the
Employer's Split-Dollar Life Insurance Plan.
The Employee's annual total compensation means the result of combining the
Employee's annual base salary plus the highest bonus previously awarded, as
determined by the Employer.
48001-G
SUN LIFE ASSURANCE COMPANY OF CANADA
Page 4
4/92
Amended Policy No. 3
January 1, 1989
Modified January 1, 1990
GENERAL PROVISIONS (Continued)
The maximum amount of Employee Life insurance including the combined amounts
under Section IV. (b) and (c) of this Policy and under Group Policy No. 48004-G
shall not exceed $1,700,000 for any employee.
An Employee will be required to furnish evidence of insurability satisfactory to
Sun Life before becoming covered for Employee Life insurance under this Policy
when:
(a) The Amount of Employee Life Insurance under this Policy alone or in
combination with Employee Life Insurance under Group Policy No.
48004-G exceeds $500,000.
(b) The Amount of Insurance under this Policy is increased more than one
times the Employee's total compensation.
(c) The Employee applies for Employee Life Insurance under this Policy
as a late entrant more than 31 days after the date of the Employee's
eligibility for Employee Life insurance.
With respect to items (a) and (b) above, only amounts in excess of $500,000 will
be subject to evidence of insurability.
At the time of open enrollment for the employee benefit plan, an Employee must
be actively at work in order to increase the Amount of Insurance.
INSURANCE FORMULA
The amount of insurance of any Retired Employee under (c) above will be
determined as follows:
1. during the first year of retirement - 85% of the amount of life
insurance in force immediately prior to the date of retirement;
2. during the second, third and fourth years of retirement a further
reduction of 15% for each year of retirement of the amount of life
insurance in force immediately prior to the date of retirement;
3. commencing with the fifth year of retirement and thereafter - 25% of
the amount of life insurance in force immediately prior to the date
of retirement.
The changes in amount of insurance will occur initially on the date of
retirement and on each subsequent anniversary thereof.
An Employee will be required to furnish evidence of insurability before
becoming covered for a combined amount of Basic Employee or Retired Employee
Life Insurance and any Supplemental Employee Life Insurance under Group Policy
No. 48004-G. in excess of $500,000 and the Company may require evidence of his
insurability for subsequent increases in order to determine an appropriate
premium charge.
48001-G
SUN LIFE ASSURANCE COMPANY OF CANADA
Page 5
4/92
Amended Policy No. 3
January 1, 1989
GENERAL PROVISIONS (Continued)
V. CHANGES IN AMOUNT OF INSURANCE.
Subject to the terms of paragraph 3 below:
1. The amount of insurance as described in (a) of the Schedule of Amounts of
Insurance will be redetermined and will take effect on each first day of
August in every year, or on the date the Employer is notified that an
Employee or Retired Employee has a change of beneficiary that affects
such amount of insurance.
2. Any increase in the amount of insurance arising from a change in earnings
will take effect on the date on which the change in earnings takes
effect. If an Employee's earnings decrease, the Employee will continue to
be insured for the amount of insurance in effect immediately prior to the
decrease in earnings.
3. An Employee who is not actively at work on full time on the date an which
he would otherwise become insured for an increased amount of insurance
will not be so insured until the date of his subsequent return to active
work on full time.
VI. INDIVIDUAL CERTIFICATES.
The Company will issue to the Employer, for delivery to each Employee or Retired
Employee insured hereunder, an individual certificate setting forth the
essential features of the insurance, to whom the benefits are payable and the
terms of the Conversion provision.
VII. INDIVIDUAL TERMINATIONS.
Except as provided in the Employee and Retired Employee Life Insurance Benefit
Provision:
1. Employee Insurance
Insurance on any Employee insured hereunder will terminate at the earliest
of the following dates:
(a) the last day of the month in which termination of the Employee's
Service occurs,
(b) the date of cessation of premium payments for Employee Insurance in
respect of the Employee, while in Service,
(c) the date of termination of the policy,
(d) the date the Employee otherwise ceases to be eligible.
48001-G
SUN LIFE ASSURANCE COMPANY OF CANADA
Page 6
Amended Policy No. 3
January 1, 1989
GENERAL PROVISIONS (Continued)
VII. INDIVIDUAL TERMINATIONS. (Continued)
Termination of an Employee's Service shall, for the purposes of the
policy be deemed to occur on the date a person ceases to qualify under
the definition of Employee for any reason, other than retirement on
pension, except that the Employer, acting in such a manner as to preclude
individual selection, may deem Service to continue during any period the
Employee is absent from work due to Illness, or during any period the
Employee is on approved leave of absence.
2. Retired Employee Insurance
Insurance on any Retired Employee insured hereunder will terminate at the
earliest of the following dates:
(a) the date of cessation of premium payments for Retired Employee
Insurance in respect of the Retired Employee;
(b) the date of termination of the policy;
(c) the date the Retired Employee otherwise ceases to be eligible.
VIII. TERMINATION OF POLICY.
1. The Policyholder may terminate the policy:
(a) on any premium due date if prior notice in writing is given the
Company; or
(b) during the grace period of any unpaid premium if notice in writing
is given the Company prior to the expiration of such grace
period, in which event termination of the policy will occur on
the date of the receipt of the notice by the Company or on a
date within the grace period, specified by the Policyholder in
such notice, whichever is the later.
2. The Company may, upon giving the Policyholder at least 31 days' notice:
(a) terminate the policy on any premium due date, if on such date the
number of Employees or Retired Employees insured hereunder is less
than ten or less than 100% of those eligible for insurance, or if
the Policyholder has not complied with the terms of the policy;
(b) terminate this policy on the date Group Policy No. 48000-G
terminates.
48001-G
SUN LIFE ASSURANCE COMPANY OF CANADA
Page 7
Amended Policy No. 3
January 1, 1989
GENERAL PROVISIONS (Continued)
IX. COMPUTATION OF PREMIUMS.
The amount of the premium due on each premium due date will be the aggregate of
the amounts payable in respect of each Employee or Retired Employee and the
amounts so payable in respect of each Employee or Retired will be determined by
multiplying the total amount of life insurance then in force for each Employee
or Retired Employee by the following premium rates:
[Download Table]
Classification (a) All Ages $6.77 per $1,000 of such insurance.
Classification (b) Age
0 - 34 .06 per $1,000 of such insurance.
35 - 39 .09
40 - 44 .16
45 - 49 .26
50 - 54 .44
55 - 59 .71
60 - 64 .93
65 - 69 1.50
70 - 74 2.22
75 - 79 3.44
80 - 84 5.12
Classification (c) All Ages 3.18 per $1,000 of such insurance.
The Company may, upon giving the Employer at least thirty-one day's notice,
change the premium rate.
X. PAYMENT OF PREMIUMS.
All premiums, including adjustments thereof, if any, are payable in advance by
the Employer to the Company at its Head Office or at one of its Branch Offices
in the United States of America.
The Company is not required to receive payment of any premium other than in one
sum and from the Employer. The Company is not required to see that any amounts
referred to as contributions by Employees are, in fact, contributed by the
Employees, nor to see that all or any amounts so contributed are applied to the
payment of premiums.
A grace period of 31 days without interest charge is allowed for the payment of
every premium during which period the policy will remain in force. If any
premium remains unpaid on the expiration of the grace period the policy will
then terminate.
If the policy terminates either on the expiration of the grace period as
provided in the preceding paragraph or on the date of receipt by the Company,
during the grace period, of notice of termination from the Policyholder in
accordance with General Provision VIII, a proportionate premium will be payable
for the time the policy continued in force during the grace period.
48001-G
SUN LIFE ASSURANCE COMPANY OF CANADA
Page 8
Amended Policy No. 3
January 1, 1989
GENERAL PROVISIONS (Continued)
XI. PREMIUM ADJUSTMENTS
If an Employee's or Retired Employee's insurance decreases or terminates,
otherwise than by death, before the expiration of the period for which the
premium has been paid, a proportionate premium for the unexpired portion of the
period will be refunded.
If an Employee's or Retired Employee's insurance commences or increases at any
date during a period for which the premium has been paid, a proportionate
additional premium will be payable to the Company for the portion of such period
from such date to the date the next premium becomes due.
The Company may calculate such proportionate premiums approximately by ignoring
fractions of a month but such an approximation will not operate to change the
period for which the premium is presumed to have been paid.
Proportionate premiums will be payable or refundable monthly.
XII. EXPERIENCE RATING
On each policy anniversary to which this policy is continued in force by payment
of the premiums, the Company will allot to this policy such amount, if any, as
may be apportioned by the Company as a refund of premiums, resulting from
experience rating this and similar policies, as well as all other group
insurance policies, other than those specified below, issued by the Company to
the Policyholder. If such group insurance policy, other than one specified
below, issued by the Company to the Policyholder, terminates on a date other
than a policy anniversary, then the experience under such policy will be taken
into consideration when allotting any refund of premium.
Policies issued by the Company to the Policyholder that will not be taken into
consideration when applying the terms of the above paragraph include:
(a) Group Policy No. 14500-GD.
(b) Group Policy No. 18910-GD.
(c) Group Policy No. 48001-GD.
(d) Group Policy No. 48002-GD.
(e) Group Policy No. 48004-G.
Such experience rating refunds shall be distributed or applied by the Employer
according to the respective rights thereto of the parties contributing towards
the premium for the insurance.
If the policy should develop a deficit position as a result of such experience
rating, such deficit will be merged with the experience rating refund
apportioned by the Company to any other policy issued by the Company to the
Policyholder or issued by the Company to the Employer as policyholder, other
than those policies indicated in items (a) through (e) above, with any such
deficit carried forward until its redemption in full.
48001-G
SUN LIFE ASSURANCE COMPANY OF CANADA
Page 9
Amended Policy No. 3
January 1, 1989
GENERAL PROVISIONS (Continued)
XIII. SELF-ADMINISTRATION DATA.
The Employer shall maintain records in connection with the insurance provided by
this policy, containing the names and ages of Employees or Retired Employees
insured and their respective amounts of insurance and the effective dates of
such insurance. Such records shall also show changes in any of the foregoing
data and the effective dates thereof, nominations of beneficiaries, changes of
beneficiaries, names and ages of beneficiaries and the effective dates thereof.
The Employer shall furnish the Company an each premium due date, after the
first, a monthly statement setting forth such information as required by the
Company including, but not limited to, the number of Employees or Retired
Employees covered and the amount of insurance in force on such date.
The Employer shall also furnish the Company with such other data as may be
necessary to determine the premiums for insurance hereunder. The Employer's
records shall be open for inspection by the Company at all reasonable times for
any purpose relating to the provisions of this policy.
Clerical errors will not deprive any Employee or Retired Employee of insurance
hereunder nor will failure to record the termination of Service or of
eligibility of any Employee or Retired Employee operate to continue such
Employee's or Retired Employee's insurance beyond the period set forth in the
policy.
XIV. CONTRACT.
This policy, the Application, a copy of which is attached and made a part
hereof, and the individual applications, if any, of the Employees or Retired
Employees insured hereunder, constitute the entire contract. In providing the
insurance, the Company will rely on the statements furnished to it in compliance
with the terms of the policy and all such statements shall in the absence of
fraud be deemed representations and not warranties.
Only the President, a Vice-President, the Actuary or the Secretary of the
Company has authority to agree on behalf of the Company to any alteration of the
contract or to the waiver of any of the Company's rights or requirements.
Any provision of the policy which on the Effective Date is in conflict with the
statutes of the state in which the policy is delivered is hereby amended to
conform to the minimum requirements of such statutes.
48001-G
SUN LIFE ASSURANCE COMPANY OF CANADA
Page 10
Amended Policy No. 3
January 1, 1989
GENERAL PROVISIONS (Continued)
XV. INCONTESTABILITY.
Except for non-payment of premiums, the validity of the policy will be
incontestable. No statement made by any Employee or Retired Employee insured
hereunder relating to insurability will be used in contesting the insurance in
respect of which the statement was made after the insurance in respect of such
Employee or Retired Employee has been in force prior to such contest for a
period of two years during the lifetime of the Employee or Retired Employee
unless the statement is contained in a written application signed by the
Employee or Retired Employee and a copy of the application is or has been
furnished to the Employee, Retired Employee or to his beneficiary.
XVI. WORKERS' COMPENSATION.
The benefits under this policy are not in lieu of and shall not affect any
requirements for insurance under any Workers' Compensation or similar law.
48001-G
SUN LIFE ASSURANCE COMPANY OF CANADA
Page 11
Amended Policy No. 3
January 1, 1989
EMPLOYEE AND RETIRED EMPLOYEE
LIFE INSURANCE BENEFIT PROVISION
Upon receipt by the Company of due proof of the death of any Employee or Retired
Employee insured under this Provision the Company will pay, subject to the
rights of any assignee, the amount of life insurance for which the Employee or
Retired Employee is insured at the date of such death, to the beneficiary last
legally designated in writing by the Employee or Retired Employee, or if no such
beneficiary is living on the death of the Employee or Retired Employee, to the
estate of the Employee or Retired Employee.
The beneficiary may be changed from time to time by written request, subject to
any legal restriction which may affect such right. In addition, all insurance
benefits under this policy may be assigned, including but without limiting the
generality of the foregoing, the right to designate and change beneficiaries and
the right of conversion.
Any change of beneficiary or assignment will not be binding upon the Company
unless made in writing on such form as the Company may require and filed with
the Employer. Any change of beneficiary or assignment will be without prejudice
to the Company on account of any payment made or any action taken by the Company
before it was filed. Neither the Company nor the Employer assumes any
responsibility for the validity or effectiveness of any change of beneficiary or
assignment.
The interest of any beneficiary is, to the extent permitted by law, subordinated
to any assignment, regardless of when the assignment was made.
OPTIONAL MODES OF SETTLEMENT.
By giving proper written notice, the Employee or Retired Employee, subject to
the right of any assignee, may elect (with the right to revoke or to change such
election) to have the whole or any part of the amount of life insurance, which
would otherwise be payable to the beneficiary in a single sum, paid in
installments or in any other manner that may be agreed to by the Company. The
amount and terms of payment shall be in accordance with those customarily
offered by the Company for group life insurance policies at the time of the
election. If the Employee or Retired Employee does not make an election, the
beneficiary may do so after the Employee's or Retired Employee's death.
48001-G
SUN LIFE ASSURANCE COMPANY OF CANADA
Page 12
Amended Policy No. 3
January 1, 1989
EMPLOYEE AND RETIRED EMPLOYEE
LIFE INSURANCE BENEFIT PROVISION (Continued)
CONVERSION PRIVILEGE.
If the Employee's or Retired Employee's insurance, or any portion thereof , is
terminated as a result of his termination of Service in the class or classes of
Employees or Retired Employees insured under this Provision, the Employee or
Retired Employee shall be entitled to have issued to him by the Company, without
evidence of insurability, upon application made to the Company within thirty-one
days after such termination of insurance and upon the payment of the premium
applicable to the class of risk to which he belongs and to the form and amount
of the policy at his then attained age, an individual policy of life insurance
in any one of the forms then customarily issued by the Company (except a policy
of term insurance, or a policy providing benefits in event of total and
permanent disability or additional benefits in event of accidental death) in an
amount equal to, or at the option of the Employee or Retired Employee, less than
the amount of his insurance under this policy ceasing because of such
termination of Service in the class or classes of Employees or Retired Employees
insured thereunder. In the case of an Employee or Retired Employee who upon said
termination of Service continues in the Service of the Employer but in a class
not insured thereunder, the amount for which such individual policy may be
issued shall not exceed the amount of insurance on his life under this Provision
ceasing because of said termination of Service less any amount of life insurance
for which he is or becomes eligible under any group policy within thirty-one
days of such termination of insurance. Such individual policy, if issued, shall
become effective upon the expiration of the thirty-first day following the day
on which occurred such termination of his insurance provided the premium
therefor is paid to the Company not later than such effective date.
In the event this policy is terminated or amended so as to terminate the life
insurance of any class of Employee or Retired Employee in which he is included,
the Employee or Retired Employee, if he has been continuously insured under this
Provision for five years or more immediately prior to such a termination, shall
be entitled upon such a termination to the same benefits and upon the same
conditions and limitations as set forth in the foregoing paragraph upon
termination of Service, except that the amount of such converted life insurance
shall in no event exceed the lesser of (1) $2,000, and (2) the amount of the
insurance on the Employee's or Retired Employee's life under this Provision atr
the date of such a termination less any amount of life insurance for which he
may become eligible under any group policy issued or reinstated by the Company
or another insurer within thirty-one days after the date of such a termination.
If the Employee or Retired Employee has assigned all the insurance benefits
under this policy then the right of conversion is available only to the
assignee.
48001-G
SUN LIFE ASSURANCE COMPANY OF CANADA
Page 13
Amended Policy No. 3
January 1, 1989
EMPLOYEE AND RETIRED EMPLOYEE
LIFE INSURANCE BENEFIT PROVISION (Continued)
EXTENDED DEATH BENEFIT.
A. During Conversion Period Following Termination of Service.
Upon receipt of due proof that an Employee or Retired Employee whose life
insurance under this policy terminated due to termination of Service in
the class or classes of Employees or Retired Employees insured thereunder,
dies within thirty-one days after such termination of insurance, the
Company will pay to the Employee's or Retired Employee's beneficiary an
amount of insurance equal to that for which such Employee or Retired
Employee would have been entitled to have an individual policy issued to
him in accordance with the first paragraph of the provision hereof
entitled "Conversion Privilege."
B. During Conversion Period Following Termination of Policy.
If an Employee's or Retired Employee's life insurance is terminated due to
termination or amendment of this policy, and if he has been continuously
insured under said policy for five years or more immediately prior to such
termination of his insurance, then upon receipt of due proof that the
Employee or Retired Employee died within thirty-one days following such
termination, the Company will pay to the Employee's or Retired Employee's
beneficiary the lesser of (1) $2,000 and (2) the amount of life insurance
for which the Employee or Retired Employee was last insured under this
policy reduced by any amount for which the Employee or Retired Employee
became insured under any group policy issued or reinstated by the Company
or another insurer after such termination.
If a benefit becomes payable as above after an individual policy shall have been
issued in conversion of the Employee's or Retired Employee's life insurance
under this Provision, the amount, if any, paid as a death benefit under such
individual policy shall be deemed to be a payment toward the amount of benefit
becoming due hereunder and any premiums paid under the individual policy will be
paid to the beneficiary thereunder upon surrender of the policy. The designation
of a beneficiary under such an individual policy or the application therefor (if
such policy has not been issued) different from the beneficiary under this
policy, shall, notwithstanding any other provision of this policy, effect a
change of beneficiary under this policy to the beneficiary so designated.
ENDORSEMENTS
The beneficiary last legally designated in writing under Policy No. 16320-G. Any
assignment accepted under Policy No. 16320-G. prior to the Effective Date of
this Policy will apply to this Policy effective from the date of such
designation or assignment under Policy No. 16320-G. until changed in accordance
with the terms of this Policy.
48001-G
SUN LIFE ASSURANCE COMPANY OF CANADA
Page 14
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