Document:

<PAGE>   1

                                                                  EXHIBIT 10(cc)

                         JOSEPH E. SEAGRAM & SONS, INC.

                            BENEFIT EQUALIZATION PLAN

1.     PURPOSE

       The purpose of this Plan is to enable the Company to offer selected key
       employees retirement benefits in addition to those provided by the
       Pension Plan of the Company, and thereby aid the Company in attracting,
       retaining and motivating highly skilled senior executives.

2.     DEFINITIONS

       "Additional Service" shall mean service as provided in Section 5(b).

       "Average Final Compensation" shall mean the amount determined pursuant to
       Section 6.

       "Board of Directors" shall mean the Board of Directors of Joseph E.
       Seagram & Sons, Inc.

       "Committee" shall mean the Human Resources Committee of the Board of
       Directors.

       "Company" shall mean Joseph E. Seagram & Sons, Inc. and its subsidiaries.

       "Continuous Service" shall mean "continuous service", as that term is
       defined in the Pension Plan for purposes of determining the size of a
       participant's Pension Plan benefits, plus (i) period deemed to be
       continuous service under Section 5(c) of this Plan and (ii) any period of
       service with The Seagram Company Ltd. or any of its subsidiaries which is
       not treated as continuous service for this purpose under the Pension Plan
       and which occurs immediately prior to the participant's employment with
       the Company, in all events determined without regard to any limitation in
       the Pension Plan on the number of years of continuous service. For this
       purpose a "subsidiary" of The Seagram Company Ltd. is any entity in which
       The Seagram Company Ltd. has, directly or indirectly, a 50% equity
       interest.

       "Employee" shall mean any person (including an officer or director)
       employed by the Company on a salaried basis.

<PAGE>   2

       "Participant" shall mean a key employee selected to participate in the
       Plan.

       "Pension Credit Service" shall mean the amount determined pursuant to
       Section 5.

       "Pension Plan" shall mean the Pension Plan for the Employees of Joseph E.
       Seagram & Sons, Inc. and Subsidiaries.

       "Plan" shall mean the Joseph E. Seagram & Sons, Inc. Benefit Equalization
       Plan.

       "Retirement" shall mean Deferred Retirement, Normal Retirement, Special
       Early Retirement, Early Retirement or Disability Retirement, all as
       defined in the Pension Plan.

3.     ADMINISTRATION

       The Plan shall be administered by the Committee. The Committee shall have
       the full authority to interpret the Plan, to establish rules and
       regulations relating to the Plan, and to employ and rely on such legal
       counsel, actuaries and accountants as it may deem advisable to assist in
       the administration of the Plan. The Committee's interpretation of the
       Plan, and all actions taken within the scope of its authority, shall be
       final and binding on the Company, its shareholders and its employees,
       former employees and beneficiaries.

4.     PARTICIPATION

       The Committee shall, from time to time, designate those key employees who
       shall be eligible to participate in the Plan. No employee or other person
       shall have any claim or right to participate in the Plan.

5.     DETERMINATION OF PENSION CREDIT SERVICES

       (a)    "Pension Credit Service" shall be equal to the sum of all years of
              continuous service and all years of additional service, up to the
              maximum permitted under the Plan. The maximum number of years of
              pension credit service which may be credited to a participant is
              the greater of (i) 35 years; or (ii) total years of continuous
              service up to 40

<PAGE>   3

              years; provided, however, that if the participant attains age 65
              while employed by the Company and has been credited with 35 or
              more years of continuous service, the participant shall be
              credited with 40 years of pension credit service under the Plan.

       (b)    "Additional Service" shall be a number of years of service equal
              to the sum of the participant's continuous service up to a maximum
              of 15 years plus, in the case of any participant whose retirement
              is at the request of the Company after attaining age 60 but prior
              to age 65, the number of years in the period between his
              retirement date and his 65th birthday. No participant shall be
              credited with any additional service unless the participant has
              attained 10 years of continuous service, and either:

              (i)    has attained age 65;

              (ii)   has commenced retirement at the request of the Company
                     after attaining age 60; or

              (iii)  has specifically been granted additional service by the
                     Company.

       (c)    Solely for the purpose of this Plan, any period, not in excess of
              5 years, during which a participant is entitled to payments under
              the disability salary continuation plan of the Company shall be
              deemed to be continuous service under the Plan.

6.     AVERAGE FINAL COMPENSATION

       "Average Final Compensation" shall mean the average final compensation
       under the Pension Plan calculated, solely for the purpose of this Plan,
       by including in the participant's compensation any regular annual
       management incentive award (as described in the Management Incentive Plan
       of the Company) granted to the participant. Regardless of the actual date
       of payment, a management incentive award will be considered as
       compensation paid in equal installments for each month of employment in
       the fiscal year for which the manage-

<PAGE>   4

       ment incentive award is being granted. Furthermore, for the purpose of
       computing average final compensation under this Plan, annual compensation
       during any period of service credited under Section 5(c) shall be equal
       to the compensation, including management incentive award, which the
       participant earned during the year preceding disability.

7.     BENEFITS

       (a)    The Company shall pay to each participant a monthly pension
              benefit equal to the excess of the amount calculated under Section
              7(b) over the amount calculated under Section 7(c).

       (b)    The amount calculated under this Section 7(b) shall be the monthly
              pension payable to the participant under the provisions of the
              Pension Plan, provided that the amount of the pension shall be
              determined:

              (i)    by utilizing the participant's pension credit service and
                     average final compensation;

              (ii)   without regard to any reduction attributable to Section 415
                     of the Internal Revenue Code; and

              (iii)  without regard to any reduction attributable to any
                     survivor's pension payable under the Pension Plan to the
                     participant's spouse.

       (c)    The amount calculated under this Section 7(c) shall be the sum of:

              (i)    the monthly pension payable to the participant under the
                     Pension Plan, plus

              (ii)   the equivalent monthly amount, computed on a straight life
                     basis, of any pension payable to the participant from
                     another employer or other employers (or from any plan or
                     program maintained by any such employer) for service
                     rendered prior to the participant's employment with the
                     Company, but only to the

<PAGE>   5

                     extent that the pension provided by the prior employer(s)
                     is attributable to a number of years of service not in
                     excess of the number of years of additional service granted
                     under the Plan.

       (d)    Except as otherwise provided herein, benefits payable under this
              plan shall be payable at the same time and subject to the same
              conditions as the benefits under the Pension Plan which they
              supplement; provided, however, that (i) all payments under this
              Plan shall cease with the payment for the month of the
              participant's death, (ii) no death benefit shall be payable under
              this Plan and (iii) if retirement benefits under the Pension Plan
              are increased, the pension benefits of participant receiving
              retirement benefits under this Plan shall be increased by the same
              percentage amount.

8.     EMPLOYMENT WITH A COMPETITOR

       Notwithstanding any other provisions of the Plan, if the Company finds
       that a participant (including a participant in receipt of a pension or
       who is eligible for a deferred pension as a consequence of his retirement
       or termination) either (a) has engaged directly or indirectly, either
       personally or as an employee, agent, partner, shareholder, officer or
       director of, or consultant to, during the period commencing with the
       participant's employment with the Company and concluding 5 years
       following the date of his retirement or termination of employment, any
       entity or person engaged in the manufacture or wholesale distribution of
       alcoholic beverages or any other business in which The Seagram Company
       Ltd. or any of its affiliates is engaged, and in the opinion of the
       Committee such entity or person has engaged in competition with The
       Seagram Company Ltd. or any of its affiliates, or (b) at any time
       divulged to any person or entity other than The Seagram Company Ltd. or
       any of its affiliates any of the trade secrets, methods, processes or
       other proprietory or confidential information of The Seagram Company Ltd.
       or any of its affiliates, any benefits otherwise payable in the future
       under this Plan may be reduced, suspended or cancelled.

<PAGE>   6

       For the purpose of this section, a participant shall be deemed not a
       shareholder of a competing entity if the participant's record and
       beneficial ownership amount to not more than 1 percent of the outstanding
       capital stock of any company subject to the periodic and other reporting
       requirements of Section 13 or Section 15(d) of the Securities Exchange
       Act of 1934, as amended.

9.     MISCELLANEOUS PROVISION

       (a)    This Plan may be terminated at any time by the Board of Directors
              in which event the rights of participants to their pension
              benefits accrued under this Plan up to the date of termination
              (based on the participant's pension credit service and average
              final compensation on the date of termination) shall vest, subject
              to Section 8 of the Plan. This Plan may also be amended at any
              time by the Board of Directors, except that no such amendment
              shall deprive any participant of the supplemental pension benefit
              as calculated according to Section 7 of this Plan at the time of
              such amendment.

       (b)    Benefits payable under this Plan shall not be funded and shall be
              paid out of the general funds of the Company.

       (c)    Except as required by any applicable law, no benefit under this
              Plan shall in any manner be anticipated, assigned or alienated,
              and any attempt to do so shall be void.

       (d)    The establishment of this Plan shall not be construed as
              conferring any legal rights upon any employee or other person for
              a continuation of employment, nor shall it interfere with the
              rights of the Company to discharge any employee and to treat him
              without regard to the effect which such treatment might have upon
              him as a member of this Plan.

       (e)    The Company shall have the right to deduct from each payment to be
              made under this Plan any required withholding taxes.

<PAGE>   7

       (f)    This Plan shall be construed, administered and enforced according
              to the laws of the State of New York.

10.   EFFECTIVE DATE

       The Plan shall be effective September 1, 1981 and shall apply only to
       individuals who are regular, full-time employees on or after September 1,
       1981. The benefits of individuals whose regular, full-time employment
       terminated prior to September 1, 1981 shall be determined under the
       Benefit Equalization Plan in effect at that time.<PAGE>   1

                                                                  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

<PAGE>   2

                       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

<TABLE>
<CAPTION>

                                                            Page
<S>                                                        <C>
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
</TABLE>

                                    48001-G
                       SUN LIFE ASSURANCE COMPANY OF CANADA

                                                                        Page 2

<PAGE>   3

                                                          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

<PAGE>   4

                                                          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:

<TABLE>
<CAPTION>

                        SCHEDULE OF AMOUNT OF INSURANCE
Insurance Benefit           Classification             Amount of Insurance
<S>                         <C>                        <C>
-----------------           --------------             -------------------
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:
</TABLE>

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

<PAGE>   5

                                                          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
<PAGE>   6

                                                          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

<PAGE>   7
                                                          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

<PAGE>   8
                                                          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:

<TABLE>
<CAPTION>

<S>                     <C>         <C>
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.
</TABLE>

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

<PAGE>   9
                                                          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

<PAGE>   10
                                                          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

<PAGE>   11
                                                          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

<PAGE>   12
                                                          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

<PAGE>   13
                                                            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

<PAGE>   14
                                                            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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