Description of BankBoston Corporation Supplemental Life Insurance Plan
This document describes BankBoston Corporation's Supplemental Life Insurance Plan for certain senior executives. Under this plan, eligible executives with at least 10 years of service who retire after age 62 receive a post-retirement death benefit of up to $1,000,000, adjusted for tax liability. The benefit is reduced if retirement occurs before age 62. Mr. Gifford is noted as eligible for this benefit.
Exhibit 10(ee)
Description
of
BankBoston Corporation
Supplemental Life Insurance Plan
Under an executive life insurance plan adopted by BankBoston’s lead bank in the 1980s, certain of its then senior executives were provided with post-retirement death benefits of up to $1,000,000, increased for tax liability. In order to receive this full supplemental benefit, an executive must have 10 years of service and retire after age 62. The benefit is reduced by 10% if retirement occurs at age 61, and by 20% at age 60. Mr. Gifford is eligible to receive this benefit.
