AMD 1993 Annual Report Download - page 356

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the designation of the beneficiary to receive the death benefits not otherwise
payable to Assignee pursuant to Section 4 of the Agreement may be changed by
the Owner without prior notification of Assignee. The Insurer shall not be
responsible to ensure that the actions of the Owner conform to the Agreement.
(b) Assignee hereby acknowledges that for purposes of this
Collateral Security Assignment, Assignee shall be conclusively deemed to have
been properly notified of Owner's purported exercise of his or her ownership
rights as of the third business day following either of the following events:
(1) Owner mails written notice of such exercise to Assignee by United States
certified mail, postage paid, at the address below and provides the Insurer
with a copy of such notice and a copy of the certified mail receipt or (2) the
Insurer mails written notice of such exercise to Assignee by regular United
States mail, postage paid, at the address set forth below:
Advanced Micro Devices, Inc.
One AMD Place, M/S 181
Sunnyvale, California 94088
Attn: Corporate Compensation Manager
The foregoing address shall be the appropriate address for such notices to be
sent unless and until the receipt by both Owner and the Insured of a written
notice from Assignee of a change in such address.
(c) Notwithstanding the foregoing, Owner and Assignee hereby
agree that, until Assignee's security interest in the Policy is released,
Assignee shall from time to time designate one or more individuals (the
"Designee"), who may be officers of Assignee, who shall be entitled to adjust
the death benefit under the Policy and to administer the investments under the
Policy; provided, however, that the Designee may only increase, but not
decrease, the death benefit in effect on the date that the Policy is issued;
provided further, that the Designee may only direct the investments under the
Policy in funds offered by the Insurer under the Policy. Assignee shall notify
the Insurer in writing of the identity of the Designee and any changes in the
identity of the Designee. Until Assignee's security interest in the Policy is
released, no other party may adjust the death benefit or direct the investments
under the Policy without the consent of the Assignee and the Owner.
4. If the Policy is in the possession of the Assignee, the
Assignee shall, upon request, forward the Policy to the Insurer without
unreasonable delay for endorsement of any designation or change of beneficiary
or the exercise of any other right reserved by the Owner.
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Source: ADVANCED MICRO DEVIC, 10-K, March 07, 1994