{"id":39887,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/executive-life-insurance-and-death-benefit-plan-exxon-mobil.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"executive-life-insurance-and-death-benefit-plan-exxon-mobil","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/executive-life-insurance-and-death-benefit-plan-exxon-mobil.html","title":{"rendered":"Executive Life Insurance and Death Benefit Plan – Exxon Mobil Corp."},"content":{"rendered":"

EXXONMOBIL EXECUTIVE LIFE INSURANCE AND <\/u><\/p>\n

DEATH BENEFIT PLAN <\/u><\/p>\n

1. Participation<\/u><\/p>\n\n\n\n
\n

1.1<\/p>\n<\/td>\n

<\/td>\n\n

Covered Executive<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Each covered executive<\/u> is a participant<\/u> in this Plan.<\/p>\n\n\n\n
\n

1.2<\/p>\n<\/td>\n

<\/td>\n\n

Retiree<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(A)<\/p>\n<\/td>\n

<\/td>\n\n

In General<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Except as provided in paragraph (B) below, each person who becomes a
\nretiree<\/u> on or after the effective date<\/u>, and who is a covered
\nexecutive<\/u> immediately prior to becoming a retiree<\/u> is a
\nparticipant<\/u> in this Plan. In addition, each grandfathered retiree<\/u>
\nis a participant<\/u> in the Plan.<\/p>\n\n\n\n
<\/td>\n\n

(B)<\/p>\n<\/td>\n

<\/td>\n\n

Exception<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A retiree<\/u> will cease to be a participant<\/u> during the time the
\nretiree<\/u> is a suspended retiree<\/u>.<\/p>\n\n\n\n
\n

1.3<\/p>\n<\/td>\n

<\/td>\n\n

Cessation of Participant Status<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(A)<\/p>\n<\/td>\n

<\/td>\n\n

Termination of Employment<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(1)<\/p>\n<\/td>\n

<\/td>\n\n

In General<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Except as provided in paragraphs (2) through (4) below, a covered
\nexecutive<\/u> will cease to be a participant<\/u> 31 days after the
\ncovered executive<\/u> terminates employment without becoming a
\nretiree<\/u>.<\/p>\n\n\n\n
<\/td>\n\n

(2)<\/p>\n<\/td>\n

<\/td>\n\n

Exception for Long Term Disability<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A covered executive<\/u> who terminates employment with eligibility for
\nlong-term disability benefits under the ExxonMobil Disability Plan, will cease
\nto be a participant<\/u> at the earlier of<\/p>\n\n\n\n
<\/td>\n\n

(a)<\/p>\n<\/td>\n

<\/td>\n\n

one year after terminating employment, or<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(b)<\/p>\n<\/td>\n

<\/td>\n\n

the date the person is no longer eligible for long-term disability benefits
\non account of ceasing to be disabled.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(3)<\/p>\n<\/td>\n

<\/td>\n\n

Exception for Coverage Provided Through Death Benefit<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

If, at the time a covered executive<\/u> terminates employment he or she
\nhas elected to receive executive life coverage in the form of a death benefit,
\nthe covered executive<\/u> will cease to be a participant<\/u> on the date
\nof such termination of employment.<\/p>\n\n\n\n
<\/td>\n\n

(4)<\/p>\n<\/td>\n

<\/td>\n\n

Exception for Transition Severance Terminees<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(a)<\/p>\n<\/td>\n

<\/td>\n\n

In General<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A covered executive<\/u> who terminates employment without becoming a
\nretiree<\/u> shall continue to be a participant<\/u> for a period of one
\nyear from the date of such termination of employment, but only if the person is
\neligible for a benefit under the Exxon Transition Severance Plan, or if the
\nCorporation, acting through its management, determines that the covered
\nexecutive<\/u> is otherwise eligible for such continued participation.<\/p>\n

1<\/p>\n

\n\n\n\n
<\/td>\n\n

(b)<\/p>\n<\/td>\n

<\/td>\n\n

Termination of Provision<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

This paragraph (4) shall not apply to any covered executive<\/u> who
\nterminates employment after August 31, 2000.<\/p>\n\n\n\n
<\/td>\n\n

(B)<\/p>\n<\/td>\n

<\/td>\n\n

Suspended Retirees<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A retiree<\/u> or grandfathered retiree<\/u> will cease to be a
\nparticipant<\/u> during the time the person is a suspended retiree<\/u>.\n<\/p>\n\n\n\n
<\/td>\n\n

2.<\/p>\n<\/td>\n

<\/td>\n\n

Coverage<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

2.1<\/p>\n<\/td>\n

<\/td>\n\n

When and How Coverage is Provided<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(A)<\/p>\n<\/td>\n

<\/td>\n\n

In General<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(1)<\/p>\n<\/td>\n

<\/td>\n\n

Executive Life Coverage<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Executive life coverage is automatically provided to all participants<\/u>
\nother than grandfathered retirees<\/u>.<\/p>\n\n\n\n
<\/td>\n\n

(2)<\/p>\n<\/td>\n

<\/td>\n\n

Supplemental Group Life Coverage<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Supplemental group life coverage is automatically provided to all
\nparticipants<\/u> who are grandfathered retirees<\/u>.<\/p>\n\n\n\n
<\/td>\n\n

(B)<\/p>\n<\/td>\n

<\/td>\n\n

Life Insurance or Death Benefit Option<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(1)<\/p>\n<\/td>\n

<\/td>\n\n

In General<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Both executive life coverage and supplemental group life coverage is
\nautomatically provided under the Plan as life insurance unless a
\nparticipant<\/u> elects to receive coverage in the form of a death benefit.\n<\/p>\n\n\n\n
<\/td>\n\n

(2)<\/p>\n<\/td>\n

<\/td>\n\n

Election<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Participants<\/u> may, at any time, elect to receive executive life or
\nsupplemental group life coverage, whichever is applicable, as a death benefit,
\nand may revoke any such election. An election or revocation under this paragraph
\n(2) shall be made in accordance with procedures established by the
\nadministrator<\/u>.<\/p>\n\n\n\n
<\/td>\n\n

(3)<\/p>\n<\/td>\n

<\/td>\n\n

When Election is Effective<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(a)<\/p>\n<\/td>\n

\n

Death Benefit<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

An election under paragraph (2) above to receive executive life or
\nsupplemental group life coverage as a death benefit shall become effective on
\nthe first of the month following the receipt of such election by the
\nadministrator<\/u>.<\/p>\n\n\n\n
<\/td>\n\n

(b)<\/p>\n<\/td>\n

\n

Revocation of Election<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A participant153s<\/u> revocation of a death benefit election in favor of
\nreceiving executive life or supplemental group life coverage as life insurance
\nbecomes effective on the first of the month following the date the
\nadministrator<\/u> receives notification from the insurer<\/u> that the
\ninsurer<\/u> has, in its discretion, approved evidence of insurability
\nsubmitted by the participant<\/u>.<\/p>\n

2<\/p>\n

\n\n\n\n
<\/td>\n\n

(4)<\/p>\n<\/td>\n

<\/td>\n\n

Reinstatement of Coverage<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

If a participant153s<\/u> executive life or supplemental group life coverage
\nis reinstated after a period in which the participant<\/u> was ineligible for
\ncoverage under section 1.3(B) above on account of becoming a suspended
\nretiree<\/u>, such coverage shall be reinstated under the option (i.e., life
\ninsurance or a death benefit) in force at the time coverage was lost.<\/p>\n\n\n\n
<\/td>\n\n

(C)<\/p>\n<\/td>\n

<\/td>\n\n

Termination of Coverage<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Executive life or supplemental group life coverage terminates for an
\nindividual on the date the individual ceases to be a participant<\/u>.<\/p>\n\n\n\n
\n

2.2<\/p>\n<\/td>\n

<\/td>\n\n

Amount of Benefit<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(A)<\/p>\n<\/td>\n

<\/td>\n\n

Executive Life Coverage<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(1)<\/p>\n<\/td>\n

<\/td>\n\n

In General<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Except as provided in paragraph (2) below, the amount of executive life
\ncoverage in effect for a participant<\/u> is equal to the applicable
\npercentage determined under the following chart multiplied by the
\nparticipant153s<\/u> annual base pay:<\/p>\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

If the participant153s age is<\/p>\n<\/td>\n

<\/td>\n\n

The percentage is<\/p>\n<\/td>\n<\/tr>\n

\n

Under 65<\/p>\n<\/td>\n

<\/td>\n\n

400%<\/p>\n<\/td>\n<\/tr>\n

\n

65-69<\/p>\n<\/td>\n

<\/td>\n\n

350%<\/p>\n<\/td>\n<\/tr>\n

\n

70-74<\/p>\n<\/td>\n

<\/td>\n\n

300%<\/p>\n<\/td>\n<\/tr>\n

\n

75 and over<\/p>\n<\/td>\n

<\/td>\n\n

250%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

For this purpose, a participant<\/u> attains a particular age as of the
\nfirst day of the month in which the person will turn such age. In addition, a
\ncovered executive153s<\/u> annual base pay is the base pay in effect at the time
\ncoverage is determined, and a retiree153s<\/u> base pay is the base pay in
\neffect for the person immediately before the person became a retiree<\/u>.\n<\/p>\n\n\n\n
<\/td>\n\n

(2)<\/p>\n<\/td>\n

<\/td>\n\n

Transition Severance Terminees<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The amount of executive life coverage in effect for a person who is a
\nparticipant<\/u> solely on account of section 1.3(A)(4) above relating to
\ntransition severance terminees is 200% of the person153s annual base pay in effect
\nimmediately before the person153s termination of employment.<\/p>\n\n\n\n
<\/td>\n\n

(B)<\/p>\n<\/td>\n

<\/td>\n\n

Supplemental Group Life Coverage<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Supplemental Group Life Coverage is provided<\/p>\n\n\n\n
<\/td>\n\n

(1)<\/p>\n<\/td>\n

<\/td>\n\n

during retirement to all grandfathered retirees<\/u>, and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(2)<\/p>\n<\/td>\n

<\/td>\n\n

during employment to those persons who become grandfathered retirees<\/u>
\nafter the effective date<\/u>.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The amount of supplemental group life coverage in effect for a
\ngrandfathered retiree<\/u> is equal to the amount of coverage in effect for
\nthe person under the provisions of the Supplemental Group Life Insurance Plan or
\nSupplemental Group Death Benefit Plan (as such plans existed on<\/p>\n

3<\/p>\n

\n

December 31, 1999) as of the later of December 31, 1999 or the date the
\nperson retires. The amount of supplemental group life coverage in effect during
\nemployment for a person who becomes a grandfathered retiree<\/u> after the
\neffective date<\/u> is the amount of coverage to which they are entitled under
\nthe terms of the Supplemental Group Life Insurance Plan or Supplemental Group
\nDeath Benefit Plan (as such plans existed on December 31, 1999).<\/p>\n

3. Payment of Benefit<\/u><\/p>\n\n\n\n
\n

3.1<\/p>\n<\/td>\n

<\/td>\n\n

Conditions for Payment of Benefit<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

If a participant<\/u> dies while executive life or supplemental group life
\ncoverage for that participant<\/u> is in effect, then the amount of coverage
\nthen in effect for the participant<\/u> becomes payable; provided, that proof
\nof death satisfactory to the insurer<\/u> must be provided before any benefit
\nbecomes payable as life insurance.<\/p>\n\n\n\n
\n

3.2<\/p>\n<\/td>\n

<\/td>\n\n

Form of Payment<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A benefit payable under Section 3.1 above upon a participant153s<\/u> death
\nshall be paid in a lump sum.<\/p>\n\n\n\n
\n

3.3<\/p>\n<\/td>\n

<\/td>\n\n

Source of Payment<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(A)<\/p>\n<\/td>\n

<\/td>\n\n

Life Insurance<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Executive life and supplemental group life coverage in the form of life
\ninsurance shall be provided through one or more policies of insurance issued by
\nan insurer<\/u> selected by the Corporation<\/u>, and any executive life or
\nsupplemental group life benefit payable as insurance shall be paid pursuant to
\nsuch policy or policies.<\/p>\n\n\n\n
<\/td>\n\n

(B)<\/p>\n<\/td>\n

<\/td>\n\n

Death Benefit<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Any executive life or supplemental group life benefit payable as a death
\nbenefit shall be paid from the general assets of the Corporation<\/u>.<\/p>\n\n\n\n
\n

3.4<\/p>\n<\/td>\n

<\/td>\n\n

To Whom Paid<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A benefit payable under Section 3.1 above upon a participant153s<\/u> death
\nshall be paid as follows:<\/p>\n\n\n\n
<\/td>\n\n

(A)<\/p>\n<\/td>\n

<\/td>\n\n

If a beneficiary designation is in effect at the time of the
\nparticipant153s<\/u> death, the benefit shall be paid in accordance with such
\ndesignation.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(B)<\/p>\n<\/td>\n

<\/td>\n\n

If no beneficiary designation is in effect, the benefit shall be paid to the
\nfirst of the following groups that has at least one member that survives the
\nparticipant<\/u>:<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(1)<\/p>\n<\/td>\n

<\/td>\n\n

The participant153s<\/u> spouse.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(2)<\/p>\n<\/td>\n

<\/td>\n\n

The participant153s<\/u> children. In this event, the benefit will be divided
\nequally among the children who survive the participant<\/u> as well as the
\nchildren who die before the participant<\/u> leaving children of their own who
\nsurvive the participant<\/u>. In the case of a participant153s<\/u> child who
\ndies before the participant<\/u> leaving children of his or her own who
\nsurvive the participant<\/u>, such child153s share shall be divided equally
\namong his or her surviving children.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

4<\/p>\n

\n\n\n\n
<\/td>\n\n

(3)<\/p>\n<\/td>\n

<\/td>\n\n

The participant153s<\/u> parents. In this event, the benefit will be divided
\nequally among the parents if they both survive the participant<\/u>.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(4)<\/p>\n<\/td>\n

<\/td>\n\n

The participant153s<\/u> brothers and sisters. In this event, the benefit
\nwill be divided equally among the brothers and sisters who survive the
\nparticipant<\/u> as well as the brothers and sisters who die before the
\nparticipant<\/u> leaving children of their own who survive the
\nparticipant<\/u>. In the case of a brother or sister who dies before the
\nparticipant<\/u> leaving children of his or her own who survive the
\nparticipant<\/u>, such brother or sister153s share shall be divided equally
\namong his or her surviving children.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(5)<\/p>\n<\/td>\n

<\/td>\n\n

The participant153s<\/u> executors or administrators.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

For purposes of this Paragraph (B), a spouse of a participant<\/u> shall
\ninclude only someone who is the legal spouse of the participant<\/u>, and a
\nchild, parent, brother, or sister of a participant<\/u> shall include only
\nsomeone who is a legitimate blood relative of the participant<\/u> or whose
\nrelationship with the participant<\/u> is established by virtue of a legal
\nadoption.<\/p>\n

4. Designation of Beneficiary<\/u><\/p>\n\n\n\n
\n

4.1<\/p>\n<\/td>\n

<\/td>\n\n

Designation<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A participant<\/u> may designate one or more beneficiaries to receive the
\npayment of benefits upon the death of the participant<\/u>, or may at any time
\nchange or cancel a previously made beneficiary designation.<\/p>\n\n\n\n
\n

4.2<\/p>\n<\/td>\n

<\/td>\n\n

Forms and Submission<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Any beneficiary designation or change or cancellation thereof shall be made
\non such forms and in such manner as is satisfactory to the insurer<\/u>. No
\nbeneficiary designation or change or cancellation thereof shall become effective
\nuntil received by the insurer<\/u> or its designated agent.<\/p>\n\n\n\n
\n

4.3<\/p>\n<\/td>\n

<\/td>\n\n

Designation Made Under Prior Plans<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Any beneficiary designation made by a participant<\/u> under the
\nSupplemental Group Life Insurance Plan or Supplemental Death Benefit Plan that
\nremains in effect on December 31, 1999, shall continue to be valid under this
\nPlan on and after the effective date<\/u> until and unless properly
\nsuperceded.<\/p>\n

5. Miscellaneous<\/u><\/p>\n\n\n\n
\n

5.1<\/p>\n<\/td>\n

<\/td>\n\n

Plan Funding<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The funding for executive life and supplemental group life coverage,
\nincluding the funding of premiums under any life insurance policy issued in
\nconnection with such coverage, shall be paid for by the Corporation<\/u>; no
\nparticipant<\/u> contributions will be required or permitted.<\/p>\n

5<\/p>\n

\n\n\n\n
\n

5.2<\/p>\n<\/td>\n

<\/td>\n\n

Assignment of Insurance<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(A)<\/p>\n<\/td>\n

<\/td>\n\n

Assignment<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A participant<\/u> may assign to another owner the participant153s
\n<\/u>interest in his or her executive life or supplemental group life coverage
\nprovided in the form of life insurance. Such assignment shall be made on such
\nforms and in such manner as is acceptable to the administrator<\/u> and the
\ninsurer<\/u>.<\/p>\n\n\n\n
<\/td>\n\n

(B)<\/p>\n<\/td>\n

<\/td>\n\n

Effect of Assignment<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(1)<\/p>\n<\/td>\n

<\/td>\n\n

In General<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

When an assignment of a participant153s<\/u> coverage is in effect as
\ndescribed in paragraph (A) above, then, except as provided in paragraph (2)
\nbelow, the participant153s<\/u> assignee shall have the right to take all
\nactions under the terms of this Plan with respect to such coverage that the
\nparticipant<\/u> would otherwise have the right to take, including, without
\nlimitation, the right to designate a beneficiary.<\/p>\n\n\n\n
<\/td>\n\n

(2)<\/p>\n<\/td>\n

<\/td>\n\n

Exception<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

An assignee shall not have the right under this Plan to elect to receive
\nexecutive life or supplemental group life coverage as a death benefit under
\nsection 2.1(B)(2) above or to revoke an already existing election.<\/p>\n\n\n\n
<\/td>\n\n

(C)<\/p>\n<\/td>\n

<\/td>\n\n

Assignment Under Prior Plan<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Any assignment of coverage made by a participant<\/u> under the
\nSupplemental Group Life Insurance Plan shall continue to be valid under this
\nPlan with respect to executive life and supplemental group life coverage.<\/p>\n\n\n\n
\n

5.3<\/p>\n<\/td>\n

<\/td>\n\n

Amendment and Termination<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The Corporation<\/u> at any time, by action of any duly authorized officer,
\nmay amend or terminate this Plan in whole or in part.<\/p>\n\n\n\n
\n

5.4<\/p>\n<\/td>\n

<\/td>\n\n

Responsibilities and Authority of Administrator<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The administrator<\/u> shall fulfill all duties and responsibilities of a
\n“plan administrator” required by the Employee Retirement Income Security Act of
\n1974, as amended. The administrator<\/u> shall have the authority to control
\nand manage the operation and administration of this Plan, including, without
\nlimitation:<\/p>\n\n\n\n
<\/td>\n\n

(A)<\/p>\n<\/td>\n

<\/td>\n\n

discretionary and final authority to determine eligibility and to administer
\nthis Plan in its application to each participant and beneficiary; and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(B)<\/p>\n<\/td>\n

<\/td>\n\n

discretionary and final authority to interpret this Plan, in whole or in
\npart, including but not limited to, exercising such authority in conducting a
\nfull and fair review, with such interpretation being conclusive for all
\nparticipants and beneficiaries under this Plan.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

6<\/p>\n

\n\n\n\n
\n

5.5<\/p>\n<\/td>\n

<\/td>\n\n

Claim Appeal Process<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(A)<\/p>\n<\/td>\n

<\/td>\n\n

Submission of Appeal<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

In the event a claim for benefits is denied, the claimant has the right to
\nappeal to the administrator<\/u>. A written request to review a denied claim
\nmust be received by the administrator<\/u> within 90 days after the claim
\ndenial. The request may state the reasons the claimant believes he or she is
\nentitled to Plan benefits, and may be accompanied by supporting information and
\ndocumentation for the administrator153s<\/u> consideration.<\/p>\n\n\n\n
<\/td>\n\n

(B)<\/p>\n<\/td>\n

<\/td>\n\n

Decision<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The administrator<\/u> shall decide appeals in accordance with the
\nadministrator153s<\/u> fiduciary authority set out in section 5.4 above. Appeal
\ndecisions will be made within 60 days of the receipt of the claim by the
\nadministrator<\/u> unless special circumstances warrant an extension of time.
\nIf an extension of time is required, the administrator<\/u> will notify the
\nclaimant of the extension. In all cases, the decision will be made no later than
\n120 days after the receipt of the claim by the administrator<\/u>. The appeal
\ndecision shall be in writing, specify the reasons for the decision, and refer to
\nthe relevant Plan provision(s) on which the decision is based.<\/p>\n\n\n\n
\n

5.6<\/p>\n<\/td>\n

<\/td>\n\n

Definitions<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The following terms shall have the following meanings ascribed to them:<\/p>\n\n\n\n
<\/td>\n\n

(A)<\/p>\n<\/td>\n

<\/td>\n\n

“Administrator” means the Manager, Compensation and Executive Plans, Human
\nResources Department, Exxon Mobil Corporation.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(B)<\/p>\n<\/td>\n

<\/td>\n\n

“Corporation” means Exxon Mobil Corporation.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(C)<\/p>\n<\/td>\n

<\/td>\n\n

“Covered Employee” has the meaning set out in the ExxonMobil Benefit Plans
\nCommon Provisions.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(D)<\/p>\n<\/td>\n

<\/td>\n\n

“Covered Executive” means a covered employee<\/u> who has a classification
\nlevel of 35 or higher; provided, however, that the group of covered
\nexecutives<\/u> shall be frozen as of September 30, 2007, and no individual shall
\nbecome a covered executive <\/u>on or after October 1, 2007.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(E)<\/p>\n<\/td>\n

<\/td>\n\n

“Effective Date” means January 1, 2000.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(F)<\/p>\n<\/td>\n

<\/td>\n\n

“Grandfathered retiree” means a person who<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(1)<\/p>\n<\/td>\n

<\/td>\n\n

became a retiree<\/u> prior to the effective date<\/u>, and was covered
\nunder the Supplemental Group Life Insurance Plan or Supplemental Death Benefit
\nPlan immediately prior to the effective date<\/u>, or who<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(2)<\/p>\n<\/td>\n

<\/td>\n\n

becomes a retiree<\/u> after the effective date<\/u> after having been
\ngiven the opportunity to elect and having elected continued coverage under the
\nSupplemental Group Life Insurance Plan or Supplemental Death Benefit Plan.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(G)<\/p>\n<\/td>\n

<\/td>\n\n

“Insurer” means the insurance company that is the issuer of the policy of
\ninsurance described in section 3.3(A) above.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(H)<\/p>\n<\/td>\n

<\/td>\n\n

“Participant” means a covered executive<\/u>, retiree<\/u>, or
\ngrandfathered retiree<\/u>, as the context requires.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(I)<\/p>\n<\/td>\n

<\/td>\n\n

“Retiree”<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

7<\/p>\n

\n\n\n\n
<\/td>\n\n

(1)<\/p>\n<\/td>\n

<\/td>\n\n

In General<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

“Retiree” has the meaning set out in the ExxonMobil Benefit Plans Common
\nProvisions.<\/p>\n\n\n\n
<\/td>\n\n

(2)<\/p>\n<\/td>\n

<\/td>\n\n

Transition Severance Cases<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(a)<\/p>\n<\/td>\n

<\/td>\n\n

Treatment as Covered Annuitant<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Solely for purposes of this Plan, a person who is described in paragraph (b)
\nbelow shall be treated as if he or she were a retiree<\/u>.<\/p>\n\n\n\n
<\/td>\n\n

(b)<\/p>\n<\/td>\n

<\/td>\n\n

Eligibility<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A person is described in this paragraph (b) if the person<\/p>\n\n\n\n
<\/td>\n\n

(i)<\/p>\n<\/td>\n

\n

terminates employment as a covered executive<\/u>;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(ii)<\/p>\n<\/td>\n

\n

is at least 50 years old by the end of the month in which the termination of
\nemployment occurs;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(iii)<\/p>\n<\/td>\n

\n

has at least 10 years of benefit plan service (as defined in the ExxonMobil
\nBenefit Plans Common Provisions) at the time of the termination of employment;
\nand<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(iv)<\/p>\n<\/td>\n

\n

upon termination of employment receives a benefit under the Exxon Transition
\nSeverance Plan.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(c)<\/p>\n<\/td>\n

<\/td>\n\n

Termination of Provision<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

This paragraph (2) shall not apply to any person who fails to meet the
\neligibility requirements set out in paragraph (b) above on or before August 31,
\n2000.<\/p>\n\n\n\n
\n

(J)<\/p>\n<\/td>\n

<\/td>\n\n

“Suspended retiree”<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(1)<\/p>\n<\/td>\n

<\/td>\n\n

In General<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

“Suspended Retiree” means a person who becomes a retiree<\/u> by virtue of
\nbeing incapacitated within the meaning of the ExxonMobil Disability Plan and
\ncommences long-term disability benefits under such Plan, but whose benefits
\nunder such Plan thereafter cease by virtue of<\/p>\n\n\n\n
<\/td>\n\n

(a)<\/p>\n<\/td>\n

<\/td>\n\n

the person no longer being incapacitated, or<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(b)<\/p>\n<\/td>\n

<\/td>\n\n

the person153s failure to report non-rehabilitative employment.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(2)<\/p>\n<\/td>\n

<\/td>\n\n

Period<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A person remains a suspended retiree<\/u> until the earlier of (1) the date
\nthe person attains age 55, or (2) the date the person commences his or her
\nbenefit or receives a lump-sum settlement under the ExxonMobil Pension Plan, at
\nwhich time the person is again considered a retiree<\/u>.<\/p>\n

8<\/p><\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7496],"corporate_contracts_industries":[9412],"corporate_contracts_types":[9540,9539],"class_list":["post-39887","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-exxon-mobil-corp","corporate_contracts_industries-energy__refining","corporate_contracts_types-compensation__benefits","corporate_contracts_types-compensation"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39887"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39887"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39887"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}