OF THE EMPLOYEE, UNTIL THE FULL AMOUNT DUE THE
CORPORATION HEREUNDER HAS BEEN PAID.
THE PARTIES HERETO AGREE THAT THE
BENEFICIARY DESIGNATION PROVISION OF THE POLICY SHALL CONFORM TO THE PROVISIONS
HEREOF.
2.5.3
REFUND OF PREMIUMS.
NOTWITHSTANDING ANY PROVISION
HEREOF TO THE CONTRARY, IN THE EVENT THAT, FOR ANY REASON WHATSOEVER, NO DEATH
BENEFIT IS PAYABLE UNDER THE POLICY UPON THE DEATH OF THE EMPLOYEE AND IN LIEU
THEREOF THE INSURER REFUNDS ALL OR ANY PART OF THE PREMIUMS PAID FOR THE POLICY,
THE CORPORATION AND THE EMPLOYEE'S BENEFICIARY OR BENEFICIARIES SHALL HAVE THE
UNQUALIFIED RIGHT TO SHARE SUCH PREMIUMS BASED ON THEIR RESPECTIVE CUMULATIVE
CONTRIBUTIONS THERETO.
2.6
TERMINATION OF THE AGREEMENT DURING THE
EMPLOYEE'S LIFETIME.
2.6.1
AUTOMATIC TERMINATION EVENTS.
THIS AGREEMENT SHALL
TERMINATE, DURING THE EMPLOYEE'S LIFETIME, WITHOUT NOTICE, UPON THE OCCURRENCE
OF ANY OF THE FOLLOWING EVENTS:
(A) TOTAL CESSATION OF THE CORPORATION'S
BUSINESS; (B) BANKRUPTCY, RECEIVERSHIP OR DISSOLUTION OF THE CORPORATION; (C) OR
TERMINATION OF EMPLOYEE'S EMPLOYMENT BY THE CORPORATION (OTHER THAN BY REASON OF
HIS DEATH).
2.6.2
TERMINATION BY PARTIES.
IN ADDITION, THE EITHER
THE CORPORATION OR THE EMPLOYEE MAY TERMINATE THIS AGREEMENT, BY WRITTEN NOTICE
TO THE OTHER PARTY; PROVIDED, HOWEVER, THAT ANY TERMINATION AS TO RIGHTS OF
EITHER PARTY ACCRUED PRIOR TO THE DATE OF TERMINATION SHALL REQUIRE THE WRITTEN
AGREEMENT OF BOTH PARTIES.
ANY SUCH TERMINATION SHALL BE EFFECTIVE AS OF THE
DATE OF SUCH NOTICE OR AGREEMENT.
2.6.3
DISPOSITION OF THE POLICY ON TERMINATION OF THE
AGREEMENT DURING THE EMPLOYEE'S LIFETIME.
IF THE AGREEMENT TERMINATES DURING
THE EMPLOYEE'S LIFETIME AS PROVIDED HEREIN, THEN FOLLOWING SUCH TERMINATION,
NEITHER THE EMPLOYEE, HIS ASSIGNEE, HEIRS, OR BENEFICIARIES SHALL HAVE ANY
FURTHER INTEREST IN AND TO THE POLICY INSURING THE LIFE OF THE EMPLOYEE, EITHER
UNDER THE TERMS THEREOF OR UNDER THE AGREEMENT.
ARTICLE 3
Named Fiduciary, Determination of Benefits, Claims Procedure and Administration.
3.1
Named Fiduciary.
The Corporation is hereby
designated as the named fiduciary under this Agreement.
The named fiduciary
shall have authority to control and manage the operation and administration of
this Agreement, and it shall be responsible for establishing and carrying out a
funding policy and method consistent with the objectives of this Agreement.
3.2
CLAIM.
A PARTICIPANT, BENEFICIARY OR OTHER
PERSON WHO BELIEVES THAT HE OR SHE IS BEING DENIED A BENEFIT TO WHICH HE OR SHE
IS ENTITLED ("CLAIMANT"), OR HIS OR HER DULY AUTHORIZED REPRESENTATIVE, MAY FILE
A WRITTEN REQUEST FOR SUCH BENEFIT WITH THE PRESIDENT OF THE CORPORATION (THE
"FIRST LEVEL REVIEWER") SETTING FORTH HIS OR HER CLAIM.
SUCH CLAIM MUST BE
ADDRESSED TO THE PRESIDENT OF THE CORPORATION, AT ITS THEN PRINCIPAL PLACE OF
BUSINESS.
3.2.1
Claim Decision
Upon receipt of a claim, the First
Level Reviewer shall advise the Claimant that a reply will be forthcoming within
a reasonable period of time, but ordinarily not later than ninety (90) days, and
shall, in fact, deliver such reply within such period.
However, the First Level
Reviewer may extend the reply period for an additional ninety (90)