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MONY Life Insurance Company

    

Charitable Award Program for Directors

MONY LIFE INSURANCE COMPANY

 

CHARITABLE AWARD PROGRAM FOR DIRECTORS

 

PROGRAM SUMMARY

 

PURPOSE

 

  •   The purpose of MONY Life Insurance Company Charitable Award Program for
Directors is to provide the Company and outside members of its Board of
Directors with an opportunity to provide substantial future contributions to
eligible charitable organizations and educational institutions selected by the
Directors.

 

ELIGIBILITY

 

  •   All current outside Directors of MONY active as of August 31, 1990 are
eligible to participate in the Charitable Award Program for Directors. Any
person elected to an eligible Board of Directors position after the effective
date of the Program will immediately be eligible to participate.

 

  •   The effective date of the Program will be September 1, 1990.

 

CONTRIBUTION TO RECOMMEND BENEFICIARY

 

  •   The Company will contribute a total of up to $500,000 to be allocated in
accordance with each participating Director’s recommendation among up to five
charitable organizations and/or educational institutions.

 

  •   The donation(s) will be made in the Director’s name.

 

  •   For the purpose of the Program, participating Directors will be paired. As
to each pair of Directors, the donations will be made at the death of the last
survivor; provided, however, for the first to die, the donation will be made no
later than five years after his or her death.

 

 

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MONY Life Insurance Company

    

Charitable Award Program for Directors

 

RECOMMENDATION OF BENEFICIARY

 

  •   Each participating Director will complete a Beneficiary Recommendation
Form to recommend the charitable organization(s) and/or educational
institution(s) to receive a donation from MONY after his or her death. The form
will be acknowledged by the Company, and a copy will be returned to the
Director.

 

  •   Each eligible Director may recommend up to five eligible organizations to
receive donations aggregating up to $500,000.

 

  •   In order to be eligible to receive a donation under the Charitable Award
Program for Directors, a recommended organization must be tax-exempt under
Section 501(c)(3) of the Internal Revenue Code, and must be eligible to receive
Company donations under the MONY Matching Gift Program. Typical qualifying
organizations include colleges and universities, cultural organizations,
hospitals and other health organizations, and social service organizations.

 

  •   The recommendation of a beneficiary may be revoked or revised by a
Director at any time before his or her death, unless a Director elects to make a
recommendation irrevocable.

 

  •   A Director can made the recommendation of a beneficiary irrevocable as to
any organization by completing Section III of the Beneficiary Recommendation
Form. The irrevocable recommendation can apply to all or a portion of the
recommended donation amount for the organization. An irrevocable designation
cannot be changed by the Director unless the recommended organization ceases to
meet the requirements of a qualified beneficiary under the Program.

 

  •   If any organization recommended by a Director to receive a donation ceases
to meet the requirements of a Program beneficiary, and a revised recommendation
is not submitted by the Director before his or her death, the amount recommended
for that particular organization shall be donated to the Director’s remaining
designated qualified organizations on a prorated basis. If all the organizations
selected by a Director cease to qualify, MONY will make a charitable
contribution on behalf of the Director to the MONY Foundation of any proceeds
generated from the Program in regard to the Director.

 

 

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MONY Life Insurance Company

    

Charitable Award Program for Directors

 

  •   Each organization recommended by a Director will receive a letter from the
Company notifying it that it has been selected by the Director to receive a
donation under the Program. However, a Director can instruct the Company not to
notify an organization by checking the appropriate box in Section I of the
Beneficiary Recommendation Form. A sample notification letter is included as
Attachment A (p. 5).

 

MAXIMUM DONATION

 

  •   MONY will make donations based on service as a Director, in accordance
with the following schedule:

 

Months of Service

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Maximum

Donation

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0 – 12

  

$

100,000

13 – 24

  

 

200,000

25 – 36

  

 

300,000

37 – 48

  

 

400,000

more than 48

  

 

500,000

 

  •   For those Directors serving on the Board on August 31, 1990 and later,
Board service prior to that date will be counted to determine the maximum
donation amount for a Director.

 

  •   No donations will be made by MONY on behalf of a Director after he or she
terminates service as a Director, unless such termination is as a result of: (1)
retirement; (2) disability; (3) death; or, (4) such other circumstances deemed
appropriate by the Human Resources Committee.

 

  •   If a Director is not eligible for a donation as great as the aggregate
amount recommended, each organization recommended will receive prorated
donation.

 

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MONY Life Insurance Company

    

Charitable Award Program for Directors

 

MISCELLANEOUS

 

  •   In order to financially support the Program, the Company may purchase a
life insurance policy or policies insuring the lives of the Directors. The
Company will be the owner and beneficiary thereof. Neither the Directors nor the
charitable organizations and educational institutions recommended by the
Directors will have any rights or beneficial ownership interests in any such
policy or policies acquired by the Company. Directors may be asked to provide
certain medical and other information to assist the Company in acquiring such
policy or policies.

 

  •   A Director’s rights and interest under the Program may not be assigned or
transferred.

 

  •   The expenses of the Program will be borne by the Company. No contribution
from a Director will be required nor will a Director forego any other
compensation or benefits to participate.

 

  •   A Director will be paired with on other Director for the purpose of the
Program. MONY will donate $500,000 (or the Director’s maximum donation amount,
if less) in a Director’s name no later than five years after his or her death
or, if earlier, upon the death of the Director with whom he or she is paired.
However, in certain circumstances, a Director might not be immediately paired
with another Director when he or she becomes a participant in the Program, if
there is an odd number of Program participants, or in other situations where
MONY determines that a pairing is not appropriate at the time. If this situation
occurs, and if a Director remains unpaired at the time of his or her death, MONY
will donate the Director’s maximum donation amount no later than five years
after his or her death.

 

  •   The Program may be amended or terminated at any time by the Board as the
Board may deem advisable.

 

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