Document:

Exhibit 10(q)

Exhibit
10(q)

GE
Supplementary

Pension
Plan

(Effective
January 1, 2005)

	
      Section
      I.

	
      Eligible
      Employees

	
       

	
      Each
      Employee who is assigned to the GE Executive or higher Career Band (or a
      position of equivalent responsibility as determined by the Pension Board),
      who has five or more years of Pension Qualification Service and who is a
      participant in the GE Pension Plan shall be eligible to participate, and
      shall participate, in this Supplementary Pension Plan to the extent of the
      benefits provided herein, provided that:

	
       

	
      (a)
	
      the
      foregoing shall not apply to an Employee of a Company other than General
      Electric Company which has not agreed to bear the cost of this Plan with
      respect to its Employees, and

	
       

	
      (b)
	
      except
      as provided in Section V, an Employee who retires under the optional
      retirement provisions of the GE Pension Plan before the first day of the
      month following attainment of age 60, or an Employee who leaves the
      Service of the Company before attainment of age 60, shall not be eligible
      for a Supplementary Pension under this Plan.

	
       

	 	
      An
      employee of any other company who participates in the GE Pension Plan,
      though the employing company does not participate in the GE Pension Plan,
      shall be eligible for benefits under this Plan, provided that such
      employee meets the job position requirement specified above, and the
      employee’s participation in the Supplementary Pension Plan is accepted by
      the Pension Board.

	
       

	 	
      An
      Employee who was eligible to participate in this Plan by virtue of his
      assigned position level or position of equivalent responsibility
      throughout any consecutive three years of the fifteen year period ending
      on the last day of the month preceding his termination of Service date for
      retirement and who meets the other requirements specified in this Section
      shall be eligible for the benefits provided herein even though he does not
      meet the eligibility requirements on the date his Service
      terminates.

	
       

	 	
      The
      Chief Executive Officer of General Electric Company, or his delegate, may
      approve the continued participation in the Plan of an individual who is
      localized outside the United States as an employee of the Company or an
      Affiliate and who otherwise meets all of the eligibility conditions set
      forth herein during such localization. The designated individual’s service
      and pay while localized, with appropriate offsets for local country
      benefits, shall be counted in calculating his Supplementary Pension. Such
      calculation and the individual’s entitlement to any benefits herein shall
      be determined consistent with the principles of the Plan as they apply to
      participants who are not localized, provided that the Chief Executive
      Officer, or his delegate, may direct such other treatment, if any, as he
      deems appropriate.

	
       

(1)

	
      Section
      II.

	
      Definitions

	
       

	
      (a)
	
      Annual
      Estimated Social Security Benefit -
      The Annual Estimated Social Security Benefit shall mean the annual
      equivalent of the maximum possible Primary Insurance Amount payable, after
      reduction for early retirement, as an old-age benefit to an employee who
      retired at age 62 on January 1st of the calendar year in which occurred
      the Employee’s actual date of retirement or death, whichever is earlier;
      provided, however, that in the case of an Employee who is a New Plan
      Participant on the date of his termination of Service, age 65 shall be
      substituted for age 62 above. Such Annual Estimated Social Security
      Benefit shall be determined by the Company in accordance with the Federal
      Social Security Act in effect at the end of the calendar year immediately
      preceding such January 1st.

	
       

	 	
      For
      determinations which become effective on or after January 1, 1978, if an
      Employee has less than 35 years of Pension Benefit Service, the Annual
      Estimated Social Security Benefit shall be the amount determined under the
      first paragraph of this definition hereof multiplied by a factor, the
      numerator of which shall be the number of years of the Employee’s Pension
      Benefit Service to his date of retirement or death, whichever is earlier,
      and the denominator of which shall be 35.

	
       

	 	
      The
      Annual Estimated Social Security Benefit as so determined shall be
      adjusted to include any social security, severance or similar benefit
      provided under foreign law or regulation as the Pension Board may
      prescribe.

	
       

	
      (b)
	
      Annual
      Pension Payable under the GE Pension Plan -
      The Annual Pension Payable under the GE Pension Plan shall mean the sum of
      (1) the total annual past service annuity, future service annuity and
      Personal Pension Account Annuity deemed to be credited to the Employee as
      of his date of retirement or death, whichever is earlier, plus any
      additional annual amount required to provide the minimum pension under the
      GE Pension Plan and (2) any annual pension (or the annual pension
      equivalent of other forms of payment) payable under any other pension
      plan, policy, contract, or government program attributable to periods for
      which Pension Benefit Service is granted by the Chairman of the Board or
      the Pension Board or is credited by the GE Pension Plan provided the
      Pension Board determines such annual pension shall be deductible from the
      benefit payable under this Plan. All such amounts shall be determined
      before application of any reduction factors for optional or disability
      retirement, for election of any optional form of Pension at retirement, a
      qualified domestic relations order(s), if any, or in connection with any
      other adjustment made pursuant to the GE Pension Plan or any other pension
      plan. 

	
       

	 	
      For
      the purposes of this paragraph, the Employee’s Annual Pension Payable
      under the GE Pension Plan shall include the Personal Pension Account
      Annuity deemed payable to the Employee or the Employee’s spouse on the
      date of the Employee’s retirement or death as the case may be, regardless
      of whether such annuity commenced on such date.

	
       

	
      (c)
	
      Annual
      Retirement Income -
      For Employees who retire on or after July 1, 1988, or who die in active
      Service on or after such date, an Employee’s Annual Retirement Income
      shall mean the amount determined by multiplying 1.75% of the Employee’s
      Average Annual Compensation by the number of years of Pension Benefit
      Service completed by the Employee at the date of his retirement or death,
      whichever is earlier.

	
       

(2)

	
      (d)
	
      Average
      Annual Compensation -
      Average Annual Compensation means one-third of the Employee’s Compensation
      for the highest 36 consecutive months during the last 120 completed months
      before his date of retirement or death, whichever is earlier. In computing
      an Employee’s Average Annual Compensation, his normal straight-time
      earnings shall be substituted for his actual Compensation for any month in
      which such normal straight-time earnings are greater. The Pension Board
      shall specify the basis for determining any Employee’s Compensation for
      any portion of the 120 completed months used to compute the Employee’s
      Average Annual Compensation during which the Employee was not employed by
      an Employer participating in this Plan.

	
       

	
      (e)
	
      Compensation
      - For
      periods after December 31, 1969 “Compensation” for the purposes of this
      Plan shall mean with respect to the period in question salary (including
      any deferred salary approved by the Pension Board as compensation for
      purposes of this Plan) plus:

	
       

	 	
      (1)
      
	
      for
      persons then eligible for Incentive Compensation, the total amount of any
      Incentive Compensation earned except to the extent such Incentive
      Compensation is excluded by the Board of Directors or a committee
      thereof;

	
       

	 	
      (2)
      
	
      for
      persons who would then have been eligible for Incentive Compensation if
      they had not been participants in a Sales Commission Plan or other
      variable compensation plan, the total amount of sales commissions (or
      other variable compensation earned);

	
       

	 	
      (3)
      
	
      for
      all other persons, the sales commissions and other variable compensation
      earned by them but only to the extent such earnings were then included
      under the GE Pension Plan;

	
       

	 	 	
      plus
      any amounts (other than salary and those mentioned in clauses (1) through
      (3) above) which were then included as Compensation under the GE Pension
      Plan except any amounts which the Pension Board may exclude from the
      computation of “Compensation” and subject to the powers of the Committee
      under Section IX hereof.

	
       

	 	 	
      For
      periods before January 1, 1970, “Compensation” for the purposes of this
      Plan has the same meaning as under the GE Pension Plan applying the rules
      in effect during such periods.

	
       

	 	 	
      The
      definition set forth in this paragraph (e) shall apply to the calculation
      of any and all Supplementary Pension benefits payable on and after January
      1, 1976. All such payments made prior to January 1, 1976 shall be
      determined in accordance with the terms of the Plan in effect prior to
      such date. 

	
       

	
      (f)
      
	
      Officers
      -
      Officers shall mean the Chairman of the Board, the Vice Chairmen, the
      President, the Vice Presidents, Officer Equivalents and such other
      Employees as the Committee referred to in Section IX hereof may
      designate.

	
       

	
      (g)
      
	
      Pension
      Benefit Service -
      Pension Benefit Service shall have the same meaning herein as in the GE
      Pension Plan except that for periods before January 1, 1976 the term
      Credited Service as a full-time Employee shall also include all Service
      credited under the GE Pension Plan to such Employee for any period during
      which he was a full-time Employee for purposes of such GE Pension
      Plan.

	
       

	 	
      Pension
      Benefit Service shall also include:

	
       

	 	
      (1)
      
	
      any
      period of Service with the Company or an Affiliate as the Pension Board
      may otherwise provide by rules and regulations issued with respect to this
      Plan, and, 

	
       

(3)

	 	
      (2)
      
	
      any
      period of service with another employer as may be approved from time to
      time by the Chairman of the Board but only to the extent that any
      conditions specified in such approval have been met.

	
       

	
      (h)
      
	
      Pension
      Qualification Service -
      Pension Qualification Service shall have the same meaning herein as in the
      GE Pension Plan except that for periods before January 1, 1976 the term
      Credited Service used in determining such Pension Qualification Service
      shall mean only Service for which an Employee is credited with a past
      service annuity or a future service annuity under the GE Pension Plan
      (plus his first year of Service where such year is recognized as
      additional Credited Service under that Plan), except as the Pension Board
      may otherwise provide by rules and regulations issued with respect to this
      Plan.

	
       

	 	
      All
      other terms used in this Plan which are defined in the GE Pension Plan
      shall have the same meanings herein as therein, unless otherwise expressly
      provided in this Plan.

	
       

	
      Section
      III.

	
      Amount
      of Supplementary Pension at or After Normal
      Retirement

	
       

	
      (a)
      
	
      The
      annual Supplementary Pension payable to an eligible Employee who retires
      on or after his normal retirement date under the GE Pension Plan shall be
      equal to the excess, if any, of the Employee’s Annual Retirement Income,
      over the sum of:

	
       

	 	
      (1)
	
      the
      Employee’s Annual Pension Payable under the GE Pension
    Plan;

	
       

	 	
      (2)
	
      1/2
      of the Employee’s Annual Estimated Social Security
  Benefit;

	
       

	 	
      (3)
	
      the
      Employee’s annual excess benefit, if any, payable under the GE Excess
      Benefit Plan; and

	
       

	 	
      (4)
	
      The
      Employee’s annual benefit, if any, payable under the GE Executive Special
      Early Retirement Option and Plant Closing Retirement Option
      Plan.

	
       

	 	 	
      Such
      Supplementary Pension shall be subject to the limitations specified in
      Section IX.

	
       

	
      (b)
      
	
      Notwithstanding
      Section X.(a), the Supplementary Pension of an Employee who continues in
      the Service of the Company or an Affiliate after his normal retirement
      date shall not commence before his actual retirement date following
      termination of Service, regardless of whether such Employee has attained
      age 70-1/2 and commenced receiving his pension under the GE Pension
      Plan.

	
       

(4)

	
      Section
      IV.

	
      Amount
      of Supplementary Pension at Optional or Disability
      Retirement

	
       

	
      (a)
      
	
      The
      annual Supplementary Pension payable to an eligible Employee who,
      following attainment of age 60, retires on an optional retirement date
      under Section V.1. of the GE Pension Plan shall be computed in the manner
      provided by Section III(a) (for an Employee retiring on his normal
      retirement date) but taking into account only Pension Benefit Service and
      Average Annual Compensation to the actual date of optional retirement.
      Such Supplementary Pension shall be subject to the limitations specified
      in Section IX. In the event such Employee is a New Plan Participant on the
      date of his termination of Service, such Supplementary Pension, as so
      limited, shall be reduced to reflect commencement before his normal
      retirement date by applying the methodology provided under Section V.3. of
      the GE Pension Plan. Consistent with the foregoing, such reduction shall
      equal 5/12% for each month from such Employee’s optional retirement date
      to his normal retirement date. Said reduction shall not be imposed,
      however, in the event such Employee terminates from the Service of the
      Company on or after (1) attainment of at least age 62 and (2) completion
      of at least 25 years of Pension Qualification Service under the GE Pension
      Plan.

	
       

	
      (b)
      
	
      The
      annual Supplementary Pension payable to an eligible Employee who retires
      on a Disability Pension under Section VII of the GE Pension Plan shall
      first be computed in the manner provided by Section III(a) (for an
      Employee retiring on his normal retirement date) taking into account only
      Pension Benefit Service and Average Annual Compensation to the actual date
      of disability retirement. Such Supplementary Pension shall be subject to
      the limitations specified in Section IX. Such Supplementary Pension, as so
      limited, shall be reduced to reflect commencement before the Employee’s
      earliest optional retirement age by applying the methodology provided
      under Section VII.3. of the GE Pension Plan.

	
       

	 	
      If
      the Disability Pension payable to the Employee under the GE Pension Plan
      is discontinued thereunder as a result of the cessation of the Employee’s
      disability prior to the attainment of age 60 or otherwise, the
      Supplementary Pension provided under this Section IV shall also be
      discontinued.

	
       

	
      Section
      V.

	
      Special
      Benefit Protection for Certain Employees

	
       

	
      (a)
      
	
      A
      former Employee whose Service with the Company is terminated on or after
      June 27, 1988, before attainment of age 60 and after completion of 25 or
      more years of Pension Qualification Service who does not withdraw his
      contributions from the GE Pension Plan before retirement and who meets one
      of the following conditions shall be eligible for a Supplementary Pension
      under this Plan commencing upon his retirement under the GE Pension Plan
      following attainment of age 60:

	
       

	 	
      (1)
	
      The
      Employee’s Service is terminated because of a Plant
    Closing.

	
       

	 	
      (2)
	
      The
      Employee’s Service is terminated for transfer to a Successor Employer. The
      conditions of this paragraph (2) shall not be satisfied, however, if the
      transferred Employee retires under the GE Pension Plan before July 1, 2000
      and prior to the later of (A) his termination of service with the
      Successor Employer and (B) the first of the month following attainment of
      age 60.

	
       

	 	
      (3)
	
      The
      Employee’s Service terminated after one year on layoff with protected
      service.

	
       

	 	 	
      Effective
      July 1, 1994 and regardless of whether the Employee terminated Service on,
      before or after such date, for purposes of this Section V(a) and any other
      provision of this Plan, a former Employee will be deemed to have withdrawn
      his contributions from the GE Pension Plan at such time the payment of
      benefits attributable to such contributions commences, regardless of
      whether such contributions are paid in the form of a lump sum or an
      annuity.

(5)

	
       

	
      (b)
      
	
      The
      Supplementary Pension, if any, for Employees who meet the conditions in
      Section V(a) shall be calculated in accordance with the provisions of
      Section IV(a), including the imposition of the reduction described therein
      to reflect a commencement date occurring before normal retirement date in
      the case of Employees who are New Plan Participants on the date of their
      termination of Service. For purposes of making this calculation, the
      Employee’s: (1) Pension Benefit Service to the Service termination date
      shall be considered; (2) Average Annual Compensation shall be based on the
      last 120 completed months before such Service termination date; and (3)
      Annual Estimated Social Security Benefit shall be determined as though the
      Employee’s retirement date was such Service termination
    date.

	
       

	
      (c)
      
	
      No
      Supplementary Pension shall be payable to any former Employee who elects
      to accelerate the commencement of his pension under the GE Pension Plan
      under Section X1.4.b.(iii) therein, nor shall any death or survivor
      benefits be payable hereunder with respect to such an
      Employee.

	
       

	
      Section
      VI.

	
      Survivor
      Benefits

	
       

	
      If
      a survivor benefit applies with respect to the past and future service
      annuity portion of an Employee’s pension under the GE Pension Plan, such
      survivor benefit shall automatically apply to any Supplementary Pension
      for which he may be eligible under this Plan. His Supplementary Pension
      shall be adjusted and paid in the same manner as such pension payable
      under the GE Pension Plan is adjusted and paid on account of such survivor
      benefit.

	
       

	
      Section
      VII.

	
      Payments
      Upon Death

	
       

	
      If
      an eligible Employee dies in active Service, or following retirement on a
      Supplementary Pension, or if a former Employee entitled to a Supplementary
      Pension pursuant to Section V dies prior to such retirement, and a death
      benefit (other than a return of Employee contributions with interest
      including an Employee’s Personal and Voluntary Pension Accounts) is
      payable to the beneficiary or Surviving Spouse of such Employee under the
      GE Pension Plan, a death benefit shall also be payable to the beneficiary
      or Surviving Spouse under this Supplementary Pension Plan. Any such death
      benefit payable under this Plan shall be computed and paid in the same
      manner as the death benefit payable under the GE Pension Plan but shall be
      based on the Supplementary Pension payable under this
  Plan.

	
       

	
      Section
      VIII.

	
      Employees
      Retired Before July 1, 1973

	
       

	
      [Reserved-See
      Section VIII of this Plan prior to this
  reservation.]

	
       

	
      Section
      IX.

	
      Limitation
      on Benefits

	
       

	
      (a)
      
	
      Notwithstanding
      any provision of this Plan to the contrary, if the sum
  of:

	
       

	 	
      (1)
      
	
      the
      Supplementary Pension otherwise payable to an Employee
      hereunder;

	
       

	 	
      (2)
      
	
      the
      Employee’s Annual Pension Payable under the GE Pension
    Plan;

	
       

	 	
      (3)
      
	
      100%
      of the Annual Estimated Social Security Benefit but before any adjustment
      for less than 35 years of Pension Benefit Service;

	
       

(6)

	 	
      (4)
      
	
      the
      Employee’s annual excess benefit, if any, payable under the GE Excess
      Benefit Plan; and

	
       

	 	
      (5)
      
	
      The
      Employee’s annual benefit, if any, payable under the GE Executive Special
      Early Retirement Option and Plant Closing Retirement Option
      Plan;

	
       

	 	 	
      exceeds
      60% of his Average Annual Compensation (with such Supplementary Pension
      and the amounts set forth in (2), (4) and (5) above determined before
      imposition of any applicable reduction factor or adjustment for optional
      or disability retirement, a survivor benefit or otherwise), such
      Supplementary Pension (as so determined) shall be reduced by the amount of
      the excess. Any further reductions or adjustments prescribed herein,
      including those applicable to Employees who are New Plan Participants on
      the date of their termination of Service, shall be applied against such
      reduced Supplementary Pension.

	
       

	
      (b)
      
	
      Notwithstanding
      any provision in this Plan to the contrary, the amount of Supplementary
      Pension and any death or survivor benefit payable to or on behalf of any
      Employee who is or was an Officer shall be determined in accordance with
      such general rules and regulations as may be adopted by a Committee
      appointed by the Board of Directors for such purpose, subject to the
      limitation that any such Supplementary Pension or death benefit may not
      exceed the amount which would be payable hereunder in the absence of such
      rules and regulations. 

	
       

	
      Section
      X

	
      Payment
      of benefits

	
       

	
      (a)
      
	
      Payment
      of Supplementary Pensions provided for herein shall be in the same form
      and commence as of the same date as distribution is made pursuant to the
      Participant’s election under the GE Pension Plan. Consistent with the
      foregoing, Supplementary Pensions shall be payable in monthly
      installments, each equal to 1/12th of the annual amount determined under
      the applicable Section. In addition, the provisions of the GE Pension Plan
      with respect to the following shall apply to amounts payable under this
      Plan:

	
       

	 	
      (1)
      
	
      The
      dates of first and last payment of any Pension. 

	
       

	 	
      (2)
      
	
      Treatment
      of amounts payable to a missing person.

	
       

	 	 	
      In
      no event shall the accelerated payment option of Section XI.4.b.(iii) of
      the GE Pension Plan apply with respect to this Plan.

	
       

	
      (b)
      
	
      If
      an Employee’s Pension under the GE Pension Plan is suspended for any month
      in accordance with the re-employment provisions of that Plan (or would be
      suspended if he had such a Pension), the Employee’s Supplementary Pension
      for that month shall be suspended under this Plan. In addition, the
      re-employment provisions of the GE Pension Plan with respect to the
      computation of benefits payable upon retirement at the end of the period
      of re-employment, including the application of any reduction factors for
      New Plan Participants under Section XXI.1.c.(ii) of the GE Pension Plan,
      shall apply to amounts payable under this Plan.

	
       

	
      (c)
      
	
      An
      Employee’s beneficiary for the purposes of this Plan shall be the
      beneficiary designated by him under the GE Pension Plan, except in those
      instances where a separate beneficiary designation is in effect under this
      Plan. The provisions of the GE Pension Plan with respect to the
      designation or selection of a beneficiary shall apply to the designation
      or selection of a beneficiary under this Plan, except that the requirement
      of the Spouse’s Consent to the designation or selection of a beneficiary
      by the Employee shall not apply.

	
       

(7)

	
      Section
      XI.

	
      Administration

	
       

	
      (a)
      
	
      This
      Plan shall be administered by the Pension Board, which shall have
      authority to make, amend, interpret and enforce all appropriate rules and
      regulations for the administration of this Plan and decide or resolve in
      its sole and absolute discretion any and all questions or claims,
      including interpretations of this Plan, as may arise in connection with
      this Plan.

	
       

	
      (b)
      
	
      In
      the administration of this Plan, the Pension Board may, from time to time,
      employ agents and delegate to them such administrative duties as it sees
      fit and may from time to time consult with counsel who may also serve as
      counsel to the Company.

	
       

	
      (c)
      
	
      The
      decision or action of the Pension Board in respect of any question arising
      out of or in connection with the administration, interpretation and
      application of this Plan and the rules and regulations hereunder shall be
      final and conclusive and binding upon all persons having any interest in
      the Plan or making any claim hereunder.

	
       

	
      Section
      XII.

	
      Termination,
      Suspension or Amendment

	
       

	
      The
      Board of Directors may, in its sole discretion, terminate, suspend or
      amend this Plan at any time or from time to time, in whole or in part.
      However, no such termination, suspension or amendment shall adversely
      affect (a) the benefits of any Employee who retired under the Plan prior
      to the date of such termination, suspension or amendment or (b) the right
      of any then current Employee to receive upon retirement, or of his or her
      Surviving Spouse or beneficiary to receive upon such Employee’s death, the
      amount as a Supplementary Pension or death benefit, as the case may be, to
      which such person would have been entitled under this Plan computed to the
      date of such termination, suspension or amendment, taking into account the
      Employee’s Pension Benefit Service and Average Annual Compensation
      calculated as of the date of such termination, suspension or
      amendment.

	
       

	
      Section
      XIII.

	
      Adjustments
      in Supplementary Pension Following Retirement

	
       

	
      (a)
      
	
      Effective
      January 1, 1975, the amount of Supplementary Pension then payable to any
      Employee who retired before January 1, 1975 shall be reduced by the amount
      of any increase which becomes effective January 1, 1975 in the Pension
      payable under the GE Pension Plan to such Employee.

	
       

	
      (b)
      
	
      If
      the Pension payable under the GE Pension Plan to any Employee is increased
      following his retirement which increase becomes effective after January 1,
      1975, the amount of the Supplementary Pension thereafter payable to such
      Employee under this Supplementary Pension Plan shall be determined by the
      Board of Directors.

	
       

	
      (c)
      
	
      Effective
      November 1, 1977, if the benefit payable to a pensioner or Surviving
      Spouse under the GE Pension Plan is increased in accordance with
      paragraphs 25 (a), (b) or (c) of Section XIV of that Plan, the
      Supplementary Pension or death benefit, if any, payable under this Plan to
      such pensioner or Surviving Spouse on and after November 1, 1977 shall be
      increased by the same percentage. Any such increase shall not be reduced
      by the percentage limitations specified in Section IX.

	
       

(8)

	
      (d)
      
	
      Effective
      May 1, 1979, if the benefit payable to a pensioner or Surviving Spouse
      under the GE Pension Plan is increased by a percentage in accordance with
      paragraphs 26 (a), (b) or (c) of Section XIV of that Plan, or would have
      been increased by a percentage in accordance with such paragraphs except
      for the fact that such pensioner or Surviving Spouse received a lump-sum
      settlement under the GE Pension Plan, the Supplementary Pension or death
      benefit, if any, payable under this Plan to such pensioner or Surviving
      Spouse on and after May 1, 1979 shall be increased by the same percentage.
      Any such increase shall not be reduced by the percentage limitations
      specified in Section IX.

	
       

	
      (e)
      
	
      If
      the Pension benefit or Service credits under the GE Pension Plan are
      increased for a retired employee in accordance with paragraph 27 or 28 of
      Section XIV of that Plan, or in accordance with the opportunity made
      available under that Plan effective January 1, 1980 to make up Employee
      contributions plus interest for periods during which the Employee was
      otherwise eligible but failed to participate because of late enrollment or
      voluntary suspension, the Supplementary Pension payable to the Employee
      under this Plan shall be recalculated to take any such increase into
      account. For this purpose, Section III of this Plan as amended effective
      July 1, 1979 shall apply. Any change in the Employee’s Supplementary
      Pension shall take effect on the same date as the corresponding change
      under the GE Pension Plan.

	
       

	
      (f)
      
	
      Effective
      February 1, 1981, if the benefit payable to a pensioner or Surviving
      Spouse under the GE Pension Plan is increased by a percentage in
      accordance with paragraphs 29 (a), (b) or (c) of Section XIV of that Plan,
      or would have been increased by a percentage in accordance with such
      paragraphs except for the fact that such pensioner or Surviving Spouse
      received a lump sum settlement under the GE Pension Plan, the
      Supplementary Pension or death benefit, if any, payable under this Plan to
      such pensioner or Surviving Spouse on and after February 1, 1981 shall be
      increased by the same percentage. Any such increase shall not be reduced
      by the percentage limitations specified in Section IX.

	
       

	
      (g)
      
	
      Effective
      January 1, 1983, if the benefit payable to a pensioner under the GE
      Pension Plan is increased in accordance with paragraph 30 of Section XIV
      of that Plan, the Supplementary Pension payable to the pensioner under
      this Plan shall be recalculated to take any such increase into account.
      Any change in the Supplementary Pension shall take effect on the same date
      as the corresponding change under the GE Pension Plan.

	
       

	
      (h)
      
	
      Effective
      December 1, 1984, if the benefit payable to a pensioner or Surviving
      Spouse under the GE Pension Plan is increased by a percentage in
      accordance with paragraph 32 (a), (b) or (c) of Section XIV of that Plan,
      or would have been increased by a percentage in accordance with such
      paragraphs except for the fact that such pensioner or Surviving Spouse
      received a lump-sum settlement under the GE Pension Plan, the
      Supplementary Pension or death benefit, if any, payable under this Plan to
      such pensioner or Surviving Spouse on and after December 1, 1984, shall be
      increased by the same percentage. Any such increase shall not be reduced
      by the percentage limitations specified in Section IX.

	
       

	
      (i)
      
	
      Effective
      July 1, 1985, if the benefit payable to a pensioner under the GE Pension
      Plan is increased in accordance with paragraph 34 of Section XIV of that
      Plan, the Supplementary Pension payable to the pensioner under this Plan
      shall be recalculated to take any such increase into account. Any change
      in the Supplementary Pension shall take effect on the same date as the
      corresponding change under the GE Pension Plan.

	
       

(9)

	
      (j)
      
	
      Effective
      January 1, 1988, if the benefit payable to a pensioner or Surviving Spouse
      under the GE Pension Plan is increased by a percentage in accordance with
      paragraph 35 of Section XIV of that Plan, or would have been increased by
      a percentage in accordance with such paragraph except for the fact that
      such pensioner or Surviving Spouse received a lump sum settlement under
      the GE Pension Plan, the Supplementary Pension or death benefit, if any,
      payable under this Plan to such pensioner or Surviving Spouse on and after
      January 1, 1988 shall be increased by the same percentage. Any such
      increase shall not be reduced by the percentage limitations specified in
      Section IX.

	
       

	
      (k)
      
	
      Effective
      July 1, 1988, if the benefit payable to a pensioner under the GE Pension
      Plan or the GE Excess Benefit Plan is increased as a result of paragraph
      36 of Section XIV of the GE Pension Plan, the Supplementary Pension
      payable to the pensioner under this Plan shall be recalculated to take any
      such increase into account. Any change in the Supplementary Pension shall
      take effect on the same date as the corresponding increase under the GE
      Pension Plan or GE Excess Benefit Plan.

	
       

	
      (l)
      
	
      Effective
      July 1, 1991, if the benefit payable to a pensioner or Surviving Spouse
      under the GE Pension Plan is increased by a percentage in accordance with
      paragraph 37 of Section XIV of that Plan, or would have been increased by
      a percentage in accordance with such paragraph except for the fact that
      such pensioner or Surviving Spouse received a lump sum settlement under
      the GE Pension Plan, the Supplementary Pension or death benefit, if any,
      payable under this Plan to such pensioner or Surviving Spouse on and after
      January 1, 1991 shall be increased by the same percentage. Any such
      increase shall not be reduced by the percentage limitations specified in
      Section IX.

	
       

	
      (m)
	
      Effective
      December 1, 1991, if the benefit payable to a pensioner under the GE
      Pension Plan, the GE Excess Benefit Plan or GE Executive Special Early
      Retirement Option and Plant Closing Retirement Option Plan is increased as
      a result of paragraph 38 of Section XIV of the GE Pension Plan, the
      Supplementary Pension payable to the pensioner under this Plan shall be
      recalculated to take any such increase into account. Any change in the
      Supplementary Pension shall take effect on the same date as the
      corresponding increase under the GE Pension Plan, GE Excess Benefit Plan
      or GE Executive Special Early Retirement Option and Plant Closing
      Retirement Option Plan.

	
       

	
      (n)
	
      Effective
      December 1, 1994, if the benefit payable to a pensioner under the GE
      Pension Plan, the GE Excess Benefit Plan or the GE Executive Special Early
      Retirement Option and Plant Closing Retirement Option Plan is increased as
      a result of paragraph 39 of Section XIV of the GE Pension Plan, the
      Supplementary Pension payable to the pensioner under this Plan shall be
      recalculated to take any such increase into account. Any change in the
      Supplementary Pension shall take effect on the same date as the
      corresponding increase under the GE Pension Plan, GE Excess Benefit Plan
      or GE Executive Special Early Retirement Option and Plant Closing
      Retirement Option Plan.

	
       

	
      (o)
	
      Effective
      November 1, 1996, if the benefit payable under the GE Pension Plan or the
      GE Excess Benefit Plan is increased as a result of paragraph 47, 48 or 49
      of Section XIV of the GE Pension Plan, said increase shall be disregarded
      for purposes of calculating the amount payable under this
      Plan.

	
       

(10)

	
      (p)
      
	
      Effective
      December 1, 1997, if the benefit payable to a pensioner under the GE
      Pension Plan, the GE Excess Benefit Plan or the GE Executive Special Early
      Retirement Option and Plant Closing Retirement Option Plan is increased as
      a result of paragraph 51 of Section XIV of the GE Pension Plan, the
      Supplementary Pension payable to the pensioner under this Plan shall be
      recalculated to take any such increase into account. Any change in the
      Supplementary Pension shall take effect on the same date as the
      corresponding increase under the GE Pension Plan, GE Excess Benefit Plan
      or GE Executive Special Early Retirement Option and Plant Closing
      Retirement Option Plan.

	
       

	
      (q)
      
	
      Effective
      May 1, 2000, if the benefit payable under the GE Pension Plan or the GE
      Excess Benefit Plan is increased as a result of paragraph 54, 55 or 56 of
      Section XIV of the GE Pension Plan, said increase shall be disregarded for
      purposes of calculating the amount payable under this
  Plan.

	
       

	
      (r)
      
	
      Effective
      December 1, 2000, if the benefit payable to a pensioner under the GE
      Pension Plan, the GE Excess Benefit Plan or the GE Executive Special Early
      Retirement Option and Plant Closing Retirement Option Plan is increased as
      a result of paragraph 58 of Section XIV of the GE Pension Plan, the
      Supplementary Pension payable to the pensioner under this Plan shall be
      recalculated to take any such increase into account. Any change in the
      Supplementary Pension shall take effect on the same date as the
      corresponding increase under the GE Pension Plan, GE Excess Benefit Plan
      or GE Executive Special Early Retirement Option and Plant Closing
      Retirement Option Plan.

	
       

	
      (s)
      
	
      Effective
      December 1, 2003, if the benefit payable to a pensioner under the GE
      Pension Plan, the GE Excess Benefit Plan or the GE Executive Special Early
      Retirement Option and Plant Closing Retirement Option Plan is increased as
      a result of paragraph 67 of Section XIV of the GE Pension Plan, the
      Supplementary Pension payable to the pensioner under this Plan shall be
      recalculated to take any such increase into account. Any change in the
      Supplementary Pension shall take effect on the same date as the
      corresponding increase under the GE Pension Plan, GE Excess Benefit Plan
      or GE Executive Special Early Retirement Option and Plant Closing
      Retirement Option Plan.

	
       

	
      Section
      XIV.

	
      General
      Conditions

	
       

	
      (a)
      
	
      No
      interest of an Employee, retired employee (whether retired before or after
      July 1, 1973), Surviving Spouse or beneficiary under this Plan and no
      benefit payable hereunder shall be assigned as security for a loan, and
      any such purported assignment shall be null, void and of no effect, nor
      shall any such interest or any such benefit be subject in any manner,
      either voluntarily or involuntarily, to anticipation, sale, transfer,
      assignment or encumbrance by or through an Employee, retired employee,
      Surviving Spouse or beneficiary. If any attempt is made to alienate,
      pledge or charge any such interest or any such benefit for any debt,
      liabilities in tort or contract, or otherwise, of any Employee, retired
      employee, Surviving Spouse, or beneficiary, contrary to the prohibitions
      of the preceding sentence, then the Pension Board in its discretion may
      suspend or forfeit the interests of such person and during the period of
      such suspension, or in case of forfeiture, the Pension Board shall hold
      such interest for the benefit of, or shall make the benefit payments to
      which such person would otherwise be entitled to the designated
      beneficiary or to some member of such Employee’s, retired employee’s,
      Surviving Spouse’s or beneficiary’s family to be selected in the
      discretion of the Pension Board. Similarly, in cases of misconduct,
      incapacity or disability, the Pension Board, in its sole discretion, may
      make payments to some member of the family of any of the foregoing to be
      selected by it or to whomsoever it may determine is best fitted to receive
      or administer such payments.

	
       

(11)

	
      (b)
      
	
      No
      Employee and no other person shall have any legal or equitable rights or
      interest in this Plan that are not expressly granted in this Plan.
      Participation in this Plan does not give any person any right to be
      retained in the Service of his employer. The right and power of the
      Company to dismiss or discharge any Employee is expressly
      reserved.

	
       

	
      (c)
      
	
      Except
      to the extent that the same are governed by the Act, the law of the State
      of New York shall govern the construction and administration of this
      Plan.

	
       

	
      (d)
      
	
      The
      rights under this Plan of an Employee who leaves the Service of the
      Company at any time and the rights of anyone entitled to receive any
      payments under the Plan by reason of the death of such Employee, shall be
      governed by the provisions of the Plan in effect on the date such Employee
      leaves the Service of the Company, except as otherwise specifically
      provided in this Plan.

	
       

	
      (e)
      
	
      The
      reductions with respect to New Plan Participants otherwise imposed under
      any provision of this Plan to reflect commencement of the Supplementary
      Pension and any death or survivor benefits attributable thereto before the
      normal retirement date may be modified in accordance with rules adopted by
      the Pension Board in cases where the Employee’s Service consists both of
      work performed as a New Plan Participant and work performed in another
      capacity. Any such rules, if applicable, shall be designed in such manner
      that such reductions only apply with respect to the portion of such
      benefits attributable to Service performed as a New Plan Participant. For
      this purpose, the Pension Board shall specify the manner in which any such
      portion shall be determined, including (1) the effective date of a change
      in employment status, (2) the treatment of Compensation paid after such
      effective date which relates to Service occurring before such effective
      date, (3) the treatment of benefits attributable to qualifying absences
      described in Section XXIV.9 of the GE Pension Plan covered by the Military
      Act and (4) the calculation of the Annual Estimated Social Security
      Benefit. 

(12)Exhibit 10(r)

Exhibit
10(r)

GE
EXECUTIVE LIFE INSURANCE AGREEMENT

(Rev.
Nov
2003)

 

 

THIS
AGREEMENT made and entered into effective the 1st
day of December,
2003, by and between General Electric Company ("Employer"), and
______________________________________ ("Owner");

 

WHEREAS,
---------------------«INSUREDS_NAME»
("Employee") is a valued employee of Employer and Employer wishes to retain him
in its employ; and

 

WHEREAS,
as an inducement to Employee's continued employment, Employer wishes to assist
Employee with his personal life insurance program by entering into this Life
Insurance Agreement with the Owner.

 

NOW,
THEREFORE, the Employer and Owner agree as follows:

 

1. Identification
of Policy.
This Agreement relates to the life insurance policy (“Policy”) issued by
Metropolitan Life Insurance Company (“Insurer”) which is described on Exhibit A
of this Agreement. Exhibit A shall be updated annually as determined by the
Employer effective each December 1st during the term of this
Agreement.

 

2. Ownership
of Policy.
Owner or Owner’s transferee (hereinafter collectively “Owner”) shall be the
owner of the Policy, and may exercise all ownership rights granted to the Owner
by the terms of the Policy. Notwithstanding any other provisions of this
Agreement or any form of policy assignment executed by Owner in connection with
this Agreement, it is the express intention of the parties to reserve to the
Owner all rights in and to the Policy granted to the Owner by its terms,
including, but not limited to, the right to assign the Owner's interest in the
Policy, the right to change the beneficiary of the Policy, the right to exercise
settlement options, the right to borrow against the cash value of the Policy,
and the right to surrender or cancel the Policy, in whole or in part. Employer
shall neither have nor exercise any right in or to the Policy which could, in
any way, endanger, defeat or impair any of the rights of the Owner in the
Policy, including the right to collect the proceeds of the Policy in excess of
the amount due the Employer, as provided in this Agreement. The only rights in
and to the Policy granted to the Employer shall be limited to its security
interest in the "surrender value" of the Policy, which for all purposes of this
Agreement shall be as defined in the Policy, and a portion of the death benefit
of the Policy, as hereinafter provided. The Employer shall not assign any of its
rights in the Policy to anyone other than the Owner.

 

3. Premium.
The Employer shall pay the total premium on the Policy. The total annual premium
due on such Policy, effective December 1st of each year during the term of this
Agreement, shall be set forth in item 6 of Exhibit A of this Agreement, as
determined by the Employer.

 

 

4. Collateral
Assignment.
Contemporaneously with this Agreement, the Owner has made a collateral
assignment of the Policy to the Employer under the form of Assignment attached
as Exhibit B, as it may be amended from time to time to reflect any
modifications to Exhibit A with respect to the Insurer or policy number, which
Assignment gives the Employer the right to recover the cumulative premiums it
has paid on the Policy (the “cumulative premium outlay”) from the surrender
value of the Policy and to recover a portion of the death benefit of the Policy.
The interest of the Employer in and to the Policy shall be specifically limited
to the following rights:

 

	a. 	
      The
      right to recover the lesser of its cumulative premium outlay or the
      surrender value of the Policy in the event the Policy is totally
      surrendered or cancelled by the Owner, or the right to receive the
      surrender proceeds to the extent of its cumulative premium outlay in the
      event the Policy is partially surrendered by the Owner as provided in
      paragraph 5;

 

	b. 	
      The
      right to recover the death benefit proceeds remaining after the Owner's
      death benefit set forth in item 5 of Exhibit A has been paid to the
      Owner's designated beneficiary upon the death of Employee, as provided in
      paragraph 7 below;

 

	c. 	
      The
      right to recover the lesser of its cumulative premium outlay or the
      surrender value of the Policy, or to receive ownership of the Policy, in
      the event of termination of this Agreement, as provided in paragraphs
      6(b), 6(c) and 6(d) below; and

 

	d. 	
      The
      right to recover its cumulative premium outlay to the extent that any
      aggregate outstanding Policy loans made by the Owner exceed the amount by
      which the surrender value of the Policy exceeds the cumulative premium
      outlay paid by the Employer.

 

5. Surrender
or Cancellation.
The Owner shall have the sole right to surrender or cancel the Policy, in whole
or in part, and to receive the surrender value, subject to the provisions of
this paragraph 5. In the event of any partial or complete surrender or
cancellation, the Employer shall be provided with written notice of such
surrender or cancellation at least fifteen (15) days prior to a distribution
from the Insurer. Subject to paragraph 6, in the event of any partial surrender,
the Employer shall be entitled to recover the lesser of its cumulative premium
outlay or the surrender proceeds. In the event of a complete surrender or
cancellation, the Employer shall be entitled to recover the lesser of its
cumulative premium outlay or the surrender value of the Policy.

 

6. Termination
of Agreement.

 

	a. 	
      This
      Agreement shall terminate upon the earlier to occur
of:

 

(1) The
date on which either party to the Agreement provides notice in writing to the
other party of the desire to terminate; or

 

(2) The
Employee's termination of employment (other than retirement, disability or other
Company approved separation) with the Employer; or

 

(3) The
latter of:

 

(a) The
fifteenth anniversary of the effective date of this  Agreement;
or

 

(b) The
date on which the Employee attains age 60.

 

b.
Within thirty (30) days following the termination of this Agreement, the Owner
shall pay to the Employer the Employer's cumulative premium outlay. Upon receipt
by the Employer of such amount, the Employer shall execute an appropriate
instrument of release of the Assignment of the Policy.

 

c.
If the Owner fails to pay such amount within such thirty (30) day period, the
Owner shall execute any and all instruments that may be required to vest
ownership of the Policy in the Employer. Thereafter, the Owner shall have no
further interest in the Policy.

 

d.
If the Owner fails to surrender the policy and execute the instruments required
by paragraph 6(b) within such thirty (30) day period, the Employer may notify
the Insurer that the Employer intends to exercise its rights under the
Assignment. In such event, the Insurer shall pay to the Employer the cumulative
premium outlay specified in paragraph 6(b).

 

7. Death.
Upon the death of Employee, the Employer shall receive its cumulative premium
outlay. The balance of the death benefit provided under the Policy, if any,
shall be paid directly to the beneficiary.

 

8. Loans.
The Owner shall have the sole right to borrow against the Policy up to a maximum
amount equal to the amount by which the surrender value of the policy exceeds
the cumulative premium outlay paid by the Employer. The Employer shall have no
right to obtain loans against the Policy, directly or indirectly, from the
Insurer or from any other person, or to pledge or assign the Policy as security
for any loan.

 

9. Transferee.
In the event Owner shall transfer all of its interest in the Policy, then all of
Owner's interest in the Policy and in this Agreement shall be vested in its
transferee, who shall be substituted as a party under this Agreement, and the
transferring Owner shall have no further interest in the Policy or in this
Agreement.

 

10. Successors
and Assigns.
This Agreement shall bind Employer, its successors and assigns, and Owner and
their heirs, executors, administrators and transferees, and any Policy
beneficiary. The Employer agrees that it will not merge or consolidate with
another employer, corporation, or organization, or permit its business and
activities to be taken over by any other organization unless or until the
succeeding or continuing employer, corporation or other organization shall
expressly assume the rights and obligations of the Employer set forth in this
Agreement.

 

11. Effect
on Employment.
This Agreement shall not be deemed to constitute a contract of employment
between the parties, nor shall any provision restrict the right of Employee to
terminate his employment, at any time not in contravention of any applicable
employment agreement.

 

 

12. Insurer.
The Insurer shall be bound only by the provisions of and endorsements on the
Policy, and any payments made or action taken by it in accordance with the
Policy shall fully discharge it from all claims, suits and demands of all
persons whatsoever. Except as specifically provided by endorsement on the Policy
and as provided in the Assignment, the Insurer shall in no way be bound by the
provisions of this Agreement.

 

13. Payment.
It is agreed that benefits may be paid under the Policy by the Insurer either by
separate checks to the parties entitled thereto, or by joint check. In the
latter instance, the Owner and the Employer agree that benefits shall be divided
as provided herein.

 

14. Amendment.
Except as provided in paragraph 6 and in paragraphs 1 and 3 pertaining to
Exhibit A, this Agreement may not be cancelled, amended, altered or modified,
except by a written instrument signed by all of the parties.

 

15. Notices.
Any notice, consent or demand required or permitted to be given under the
provisions of this Agreement by one party to another shall be in writing, shall
be signed by the party giving or making the same, and may be given either by
delivering the same to such other party personally, or by mailing the same, by
United States certified mail, postage prepaid, to such party, addressed to his,
her or its last known address as shown on the records of the Employer. The date
of such mailing shall be deemed the date of such mailed notice, consent or
demand.

 

16. Gender
and Number.
Whenever any words are used herein in the masculine gender, they shall be
construed as though they were also used in the feminine or neuter gender in all
cases where they would so apply, and whenever any words are used herein in the
singular or plural form, they shall be construed as though they were also used
in the other form in all cases where they would so apply.

 

17. Controlling
Law.
This Agreement, and the rights of the parties hereunder, shall be governed by
and construed pursuant to the laws of the State of New York except to the extent
preempted by federal law.

 

IN
WITNESS WHEREOF, the parties have executed this Agreement effective the day and
year first above written.

 

	 Owner’s
      Signature: 	 	General Electric Company
	  	 	 
	 	 	/s/ William J. Conaty 
	 	 	By: William J. Conaty
	
       
	 	
      Senior Vice President - 

	 Print
      Name	 	Corporate Human
Resources

 

 

EXHIBIT
A

 

LIFE
INSURANCE PLAN

 

INSURANCE
POLICY SCHEDULE

 

 

 

 

	
       

      1. Insured’s
      Name:
	
       

      «INSUREDS_NAME»

	
       

      2. Effective
      Date:
	
       

      «EFFECTIVE_DATE»

	
       

      3. Insurer:
	
       

      Metropolitan
      Life Insurance Company

	
       

      4. Policy
      Number:
	
       

      «POLICY_NUMBER»

	
       

      5. Owner’s
      Portion of Death Benefit:

       

      (End
      of Year 1)
	
       

      «OWNERS_PORTION_OF_THE_DEATH_BENEFIT»

	
       

      6. Total
      Annual Premium:
	
       

      «M_2003_ANNUAL_PREMIUM»

	
       

      7. Owner’s
      Portion of Cash Value:

       

      (End
      of Year 1)
	 
	
       

      8. Policyowner:
	 
	
       

      9. Beneficiary:
	 

 

 

 

EXHIBIT
B

 

COLLATERAL
ASSIGNMENT

 

 

THIS
ASSIGNMENT, made and entered into effective the 1st day
of December,
2003, by the undersigned ________________________________ as owner ("Owner") of
that certain Life Insurance Policy No.                        
issued by Metropolitan Life Insurance Company ("Insurer") and any supplementary
contracts issued in connection with such policy (said policy and contracts
herein called "Policy"), upon the life of «INSUREDS_NAME»
("Insured"), to General Electric Company, a New York corporation,
("Assignee").

 

WITNESSETH:

 

WHEREAS,
the Insured is a valued employee of the Assignee, and the Assignee wishes to
retain him in its employ;

 

WHEREAS,
as an inducement to the Insured's continued employment, the Assignee desires to
assist the Insured with his personal life insurance program by contributing the
annual premium due on the Policy, as more specifically provided for in that
certain Life Insurance Agreement entered into between the Insured and the
Assignee ("Agreement"); and

 

WHEREAS,
in consideration of the Assignee's agreeing to pay the premiums pursuant to the
Agreement, the Owner agrees to assign to the Assignee certain rights in the
Policy as set forth in this Assignment.

 

NOW,
THEREFORE, for value received, the undersigned Owner hereby assigns, transfers
and sets over to the Assignee, its successors and assigns, the following
specific rights in the Policy subject to the following terms and
conditions:

 

1.
 Assigned
Rights.
The Assignee's interest in the Policy shall be limited to:

 

	 	
      a.
	
      The
      right to recover the lesser of the total premiums it has paid on the
      Policy less amounts received under the Agreement from the Owner
      ("cumulative premium outlay") or the "surrender value" of the Policy (as
      defined in the Policy for all purposes hereinafter) in the event the
      Policy is totally surrendered or cancelled by the Owner, or the right to
      receive the surrender proceeds to the extent of its cumulative premium
      outlay in the event the Policy is partially surrendered or cancelled by
      the Owner, as provided in paragraph 5 of the
Agreement.

 

	 	
      b.
	
      The
      right to recover the death benefit proceeds as provided in paragraph 7 of
      the Agreement.

 

	 	
      c.
	
      The
      right to recover the lesser of its cumulative premium outlay or the
      surrender value of the Policy or to receive ownership of the Policy, in
      the event of termination of the Agreement, as provided in paragraphs 6(a),
      6(b) and 6(c) of the Agreement.

 

 

	 	
      d.
	
      The
      right to recover its cumulative premium outlay to the extent a Policy loan
      made by the Owner in any year exceeds the lesser of the Owner's portion of
      the premium for that year or the increase for that year in the surrender
      value of the Policy, as provided in paragraph 8 of the
      Agreement.

 

  Incidents
of Ownership.
The Owner shall retain all incidents of ownership in the Policy, including, but
not limited to, the sole and exclusive rights to: borrow against the Policy;
assign the Owner's interest in the Policy; change the beneficiary of the Policy;
exercise settlement options; and, subject to paragraphs 5 and 6 of the
Agreement, surrender or cancel the Policy (in whole or in part)·

 

  Endorsement
of Policy.
If the Assignee shall have possession of the Policy at any time while this
Assignment is in force, then upon request and without unreasonable delay, the
Assignee shall forward the Policy to the Insurer for endorsement of any
designation or change of beneficiary, any election of optional mode of
settlement, or the exercise of any other right reserved by the Owner
hereunder.

 

  Insurer.

 

	a. 	
      The
      Insurer is hereby authorized to recognize the Assignee's claims to rights
      under this Agreement without investigating the reason for any action taken
      by the Assignee, the amount of its cumulative premium outlay, the
      existence of any default, the giving of any required notice or the
      application to be made by the Assignee of any amounts to be paid to the
      Assignee. The signature of the Assignee shall be sufficient for the
      exercise of any of its rights under the Assignment for the Assignee's
      receipt for any sums received by it shall be a full discharge and release
      of such sums to the Insurer.

	b. 	
      The
      Insurer shall be fully protected in recognizing a request made by the
      Owner for surrender or cancellation of the Policy, in whole or in part, or
      in recognizing a request made by the Owner for any loans against the
      Policy permitted by the terms of the Policy, with or without the consent
      of the Assignee. In the event of any such request, the Insurer may pay the
      proceeds of such surrender, cancellation, or loans to the sole order of
      the Owner, or as the Owner shall direct, provided that the Insurer has
      provided the requisite fifteen (15) days' notice to the Assignee required
      by paragraph 5 of the Agreement.

  Release.
Upon the full payment of the liabilities of the Owner to the Assignee pursuant
to the Agreement, the Assignee shall execute an appropriate instrument of
release of this Collateral Assignment.

 

IN
WITNESS WHEREOF, the undersigned Owner has executed this Assignment effective
the day and year first above written.

 

Owner's
Signature:              

 

__________________________________   ___________________

                                                                                        
Witness

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