Document:

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                                                                EXHIBIT 10(aa)

                         JOSEPH E. SEAGRAM & SONS, INC.

                  SENIOR EXECUTIVE BASIC LIFE INSURANCE PROGRAM

1.       PURPOSE

         The purpose of this Plan is to enable the Company to assist its
         eligible senior executives in obtaining life insurance in order to aid
         the Company in attracting, retaining and motivating highly skilled
         senior executives.

2.       DEFINITIONS

         "Beneficiary" shall mean the person, entity or persons designated by
         the participant or his assignee in accordance with Section 7.

         "Board of Directors" shall mean the Board of Directors of The Seagram
          Company Ltd.

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

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

         "Compensation" shall mean an amount equal to the employee's base annual
         salary on the last day of the employee's full-time employment with the
         Company; plus (ii) the highest annual regular management incentive
         award (as described in the Management Incentive Plan of the Company)
         previously granted to the employee.

         "Disability" shall mean inability to engage in any substantial gainful
         activity by reason of a medically determinable physical or mental
         impairment which can be expected to result in death or to be of
         long-continued or indefinite duration. The

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         determination whether a participant has suffered a disability shall be
         made by the Committee based upon such evidence as it deems necessary
         and appropriate.

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

         "Insurer" shall mean the insurance company from which the Company
         purchases a policy.

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

         "Plan" shall mean the Joseph E. Seagram & Sons, Inc. Senior Executive
         Basic Life Insurance Program.

         "Policy" shall mean the life insurance policy referred to in Section 5.

         "Retirement" shall mean termination of employment with the Company, at
         or after age 55, with 10 or more years of "continuous service" (as that
         term is defined in the Pension Plan for the Employees of Joseph E.
         Seagram & Sons, Inc. and Subsidiaries) with the Company.

3.       ADMINISTRATION

         The Plan shall be administered by the Committee, which shall consist
         of such members (not less than three) of the Board of Directors as
         shall from time to time be appointed by the Board of Directors.
         Committee members shall serve at the pleasure of the Board of
         Directors.

         The Committee shall have full authority to interpret the Plan, to
         establish rules and regulations relating to the Plan, to determine the
         criteria for eligibility to participate in the Plan, to select the
         employees who participate in the Plan, to remove participants from
         participation in the Plan, to determine compensation, to select the
         policy, and to make all other determinations and take all other actions
         necessary or appropriate for the proper administration of the Plan. The

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         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 employees, former employees and
         beneficiaries.

4.       PARTICIPATION

         The Committee shall from time to time select those employees who will
         participate in the Plan. Each employee selected to participate in the
         Plan shall remain a participant for the entire period thereafter during
         which he is an employee, subject to the right of the Committee at any
         time in its sole discretion to remove an employee from participation in
         the Plan. No employee or other person shall have any claim or right to
         participate in the Plan.

5.       LIFE INSURANCE POLICY

         The Company shall purchase and maintain on behalf of each participant
         during the period of the participant's participation in the Plan a life
         insurance policy ("policy"), which shall be selected by the Committee
         in its sole discretion, equal in face amount to at least two times the
         participant's compensation. Except to the extent provided in Sections 7
         and 8(c), the Company shall be the sole owner of the policy, with all
         the rights and obligations arising therefrom.

         During the entire period the participant is insured under the terms of
         the Policy, the participant shall contribute annually to the Company
         for the purchase and maintenance of the policy an amount equal to the
         annual taxable economic benefit the participant derives from the life
         insurance protection provided under the policy as determined by the
         Company; provided that if the participant's employment terminates by
         reason of disability, the participant shall no longer be required to
         contribute any amount to the Company.

6.       DEATH BENEFIT

         (a)      In the event of the participant's death (i) while employed by
                  the Company and (ii) within three years after the date as of
                  which his participation in the Plan

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                  commenced, no death benefit shall be paid under the Plan;
                  provided however that the Committee will authorize payment of
                  a death benefit if the participant was not otherwise covered
                  by the Company's group life insurance program at the time of
                  his death.

         (b)      In the event of the participant's death (i) while employed by
                  the Company (or, in the event he has made an election under
                  Section 6(c) of the Company's Salary Continuation Plan to
                  delay commencement of benefits under that Plan, after
                  termination of employment due to disability but prior to age
                  65) and (ii) three or more years after the date as of which
                  his participation in the Plan commenced, the participant's
                  beneficiary shall receive from the insurer policy proceeds in
                  an amount equal to two times the participant's Compensation.

         (c)      In the event of a participant's death after retirement, the
                  participant's beneficiary shall receive from the insurer
                  policy proceeds in an amount equal to the amount determined
                  under Schedule I attached hereto.

7.       DESIGNATION OF BENEFICIARY

         The participant or his assignee shall have the right to designate a
         beneficiary who, in the event of the participant's death while insured
         under the terms of the policy, shall receive the death benefit referred
         to in Section 6. Such designation shall be made by the participant or
         his assignee on a form prescribed by the Committee. To the extent
         permitted under the terms of the policy, the participant or his
         assignee may change or revoke such designation by written notice to the
         Committee. If the participant or his assignee does not designate a
         beneficiary or the beneficiary predeceases the participant, any death
         benefit paid under the policy shall be paid to the participant's
         estate. If the beneficiary survives the participant but dies prior to
         receiving full payment of the death benefit paid under the policy, the
         amount remaining to be paid shall be paid to the beneficiary's estate.

8.       MISCELLANEOUS PROVISIONS

         (a)      The Plan is not a contract between the Company and its
                  employees. Also, neither the establishment of the Plan, nor
                  any action taken hereunder, shall be construed as giving any
                  employee any right to be retained in the employ of the
                  Company.

         (b)      The Plan is not a contract between the Company and the
                  insurer. The insurer shall not have any rights under this
                  Plan.

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         (c)      A participant's rights and interests under the Plan may not be
                  assigned or transferred, and any attempted assignment or
                  transfer shall be null and void and shall extinguish the
                  Company's obligations under the Plan. Notwithstanding the
                  preceding sentence, the participant may assign all his
                  incidents of ownership in the policy (including the right to
                  designate a beneficiary in accordance with Section 7).

9.       AMENDMENT AND TERMINATION

         The Board of Directors may at any time amend (in whole or in part) or
         terminate this Plan.

10.      EFFECTIVE DATE

         The Plan shall be effective August 1, 1981.

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                                   SCHEDULE I

         POST RETIREMENT LIFE INSURANCE AS A PERCENTAGE OF COMPENSATION

           AGE AT WHICH EMPLOYEE IS ENTITLED TO HAVE RETIREMENT SALARY
                         CONTINUATION PAYMENTS COMMENCE

<TABLE>
<CAPTION>
If Death Occurs
Before           55        56        57        58        59        60        61        62       63      64       65
<S>           <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>      <C>     <C>      <C>
------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------

------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------
Birthday
------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------

------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------
56th          79.2      -         -         -         -         -         -         -        -        -        -
------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------
57th          45.5      74.9      -         -         -         -         -         -        -        -        -
------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------
58th          12.2      41.1      70.6      -         -         -         -         -        -        -        -
------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------
59th             0      7.6       36.7      66.6      -         -         -         -        -        -        -
------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------
60th             0         0      3.0       32.4      60.7      -         -         -        -        -        -
------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------
61st             0         0         0         0      26.3      56.4      -         -        -        -        -
------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------
62nd             0         0         0         0         0      21.9      50.7      -        -        -        -
------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------
63rd             0         0         0         0         0         0      16.0      45.1     -        -        -
------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------
64th             0         0         0         0         0         0         0      9.7      39.4     -        -
------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------
65th             0         0         0         0         0         0         0        0      4.1      33.7     -
------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------
66th             0         0         0         0         0         0         0        0         0        0     28.1
------------- --------- --------- --------- --------- --------- --------- --------- -------- -------- ------- ---------
</TABLE>

NO POST-RETIRMENT INSURANCE AFTER AGE 66<PAGE>   1

                                                                EXHIBIT 10(bb)

                         JOSEPH E. SEAGRAM & SONS, INC.

                       RETIREMENT SALARY CONTINUATION PLAN

1.       Purpose

         The purpose of this Plan is to enable the Company to offer its eligible
         senior executives salary continuation benefits in order to aid the
         Company in attracting, retaining and motivating highly skilled senior
         executives.

2.       Definitions

         "Beneficiary" shall mean the person, entity or persons designated by
         the participant in accordance with Section 7.

         "Board of Directors" shall mean the Board of Directors of The Seagram
         Company Ltd.

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

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

         "Compensation" shall mean an amount equal to (i) the employee's base
         annualized salary on the last day of the employee's full-time
         employment with the Company; plus (ii) the highest annual regular
         management incentive award (as described in the Management Incentive
         Plan of the Company) previously granted to the employee.

        "Disability" shall mean inability to engage in any substantial gainful
        activity by reason of a medically determinable physical or mental
        impairment  which can be expected to result in death or to be of
        long-continued or indefinite duration. The determination whether a
        participant has suffered a disability shall be made by the Committee
        based upon such evidence it deems necessary and appropriate.

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

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

         "Plan" shall mean the Joseph E. Seagram & Sons, Inc. Retirement Salary
         Continuation Plan.

         "Retirement" shall mean termination of employment with the Company, at
         or after age 55, with 10 or more years of "continuous service" (as that
         term is defined in the Pension Plan for the Employees of Joseph E.
         Seagram & Sons, Inc. and Subsidiaries) with the Company.

3.       Administration

         The Plan shall be administered by the Committee, which shall consist of
         such members (not less than three) of the Board of Directors as shall
         from time to time be appointed by the Board of Directors. Committee
         members shall serve at the pleasure of the Board of Directors.

         The Committee shall have full authority to interpret the Plan, to
         establish rules and regulations relating to the Plan, to determine the
         criteria for eligibility to participate in the Plan, to select the
         employees who participate in the Plan, to remove participants from
         participation in the Plan, to determine compensation, and to make all
         other determinations and take all other actions necessary or
         appropriate for the proper 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 employees, former employees and beneficiaries.

                                       2
<PAGE>   3

4.       Participation

         The Committee shall from time to time select those senior executive
         employees who will participate in the Plan. Each employee selected to
         participate in the Plan shall remain a participant for the entire
         period thereafter during which he is an employee, subject to the right
         of the Committee at any time in its sole discretion to remove an
         employee from participation in the Plan. No employee or other person
         shall have any claim or right to participate in the Plan.

5.       Eligibility For Benefits

         A participant shall be entitled to benefits described in Section 6 of
         this Plan in the event of (i) the participant's retirement or (ii) the
         participant's termination of employment due to disability.

6.       Salary Continuation Benefits

         (a)      Subject to Section 6(b), upon a participant's retirement the
                  Company shall pay to the participant for a ten year period
                  commencing at retirement an annual amount equal to 35% of the
                  participant's compensation.

         (b)      The benefit described in Section 6(a) shall be reduced if a
                  participant has not attained a fully vested interest in the
                  benefit. A participant's interest in his salary continuation
                  benefit vests at the rate of 2 1/2% per year of employment by
                  the Company prior to the date of commencement of the
                  participant's inclusion in the Plan and 10% per year of
                  employment by the Company during which participant is covered
                  by the Plan. Accordingly, a participant's vested benefit shall
                  be determined by multiplying the benefit described in Section
                  6(a) by the sum (but not to exceed 100% of (i) the
                  participant's percentage of vesting prior to his inclusion in
                  the Plan and (ii) the participant's percentage of vesting
                  during his inclusion in the Plan.

                                       3
<PAGE>   4

         (c)      If a participant's employment terminates by reason of
                  disability, he may elect to receive, in lieu of the retirement
                  benefit described in (a) and (b) above, an amount equal to the
                  benefit described in Section 6(a), commencing at age 65,
                  without regard to any reduction described in Section 6(b). The
                  election shall be delivered to the Committee in writing within
                  90 days after termination of the participant's employment due
                  to disability.

         (d)      If a participant otherwise entitled to benefits under this
                  Plan pursuant to Section 5 should die prior to receiving any
                  or all of his salary continuation benefits, any unpaid
                  installments shall be paid in accordance with Section 7. The
                  Committee may at any time, in its sole discretion, direct that
                  payment of any remaining installments payable under this
                  subparagraph (d) be made in one lump sum which is of
                  actuarially equivalent value, as determined by the Committee,
                  to the remaining unpaid installments.

7.       Designation of Beneficiary

         The participant shall have the right to designate a beneficiary who, in
         the event of the participant's death under circumstances described in
         Section 6(d), shall receive the benefit referred in Section 6(d). Such
         designation shall be made by the participant on a form prescribed by
         the Committee. The participant may change or revoke such designation by
         written notice to the Committee. If the participant does not designate
         a beneficiary, or the beneficiary predeceases the participant, any
         benefit paid hereunder shall be paid to the participant's estate. If
         the beneficiary survives the participant but dies prior to receiving
         full payment of the benefit hereunder the amount remaining to be paid
         shall be paid to the beneficiary's estate.

                                       4
<PAGE>   5

8.       Miscellaneous Provisions

         (a)      The Plan is not a contract between the Company and its
                  employees. Also, neither the establishment of the Plan, nor
                  any action taken hereunder, shall be construed as giving any
                  employee any right to be retained in the employ of the
                  Company.

         (b)      Except as provided in Section 7, a participant's rights and
                  interest under the Plan may not be assigned or transferred,
                  and any attempted assignment or transfer shall be null and
                  void and shall extinguish the Company's obligations under the
                  Plan.

         (c)      The Plan shall be unfunded. The Company shall not be required
                  to establish any special or separate fund, or to make any
                  other segregation of assets, to satisfy its obligations under
                  the Plan.

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

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

9.       Amendment and Termination

         The Board of Directors may at any time amend (in whole or part) or
         terminate this Plan.

10.      Effective Date

         The Plan shall be effective August 1, 1981.

                                       5

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