SCHEDULE OF BENEFITS - SCHOLARSHIP

Eligibility Requirements:

Active participants must be eligible for medical benefits under the Plan both on the date the scholastic year starts and ends. An active participant must be employed by a company whose contributions to the Plan include funds for the scholarship benefit both on the date the scholastic year starts and ends.

Pensioners must have retired from a company whose contributions to the Plan included funds for the scholarship benefit and must have been eligible for Active benefits on the pension effective date and, if applicable, the date the pensioner declared retirement, and must be eligible for medical benefits under the Plan both on the date the scholastic year starts and ends.

Students must be registered and complete the scholastic year as a full time student. Students must meet the Plan's definition of an eligible Dependent child as defined in the SPD except that a Dependent child who turns age 26 during the scholastic year and has not previously received more than three (3) Scholarship benefits under the Plan will be considered eligible for that scholarship year.

Scholastic year means consecutive semesters attended not to exceed one year. The term full-time student means the completion of 12 credit hours per semester or its equivalent during a scholastic year. Credits completed during summer or winter sessions may be applied to any one semester in a scholastic year.

Scholarship Benefit:

The Plan provides all eligible participants with yearly scholarship benefits as provided in the schedule above for each Dependent child maintaining a passing grade point average (2.0 in a 4.0 system, or the equivalent) as a full time student in an accredited college or trade school (four years of undergraduate or graduate study or the equivalent).

Benefits are paid to the participant at the close of the scholastic year upon fulfillment of eligibility requirements as described above, provided the participant has furnished the Plan Office with an original scholarship benefit application and a transcript of grades indicating that the Dependent child has successfully completed a scholastic year's studies with a passing grade point average (2.0 or higher in a 4.0 system, or the equivalent).

Benefits may be paid at the beginning of a school year (on a pre-paid basis) if the following conditions are met: The participant and Dependent child sign a commitment to sail for a participating employer. The Dependent child is attending a Maritime Academy. Prior to issuance of a new year’s Scholarship Benefit on a pre-paid basis, the school record for the past year must be submitted and reviewed by the Plan.

If these eligibility requirements do not continue to be met, the participant will forfeit all future rights to any scholarship benefit unless the prepaid scholarship is paid back within 6 months of failure to meet the eligibility requirements, such as dropping out of the academy. Once repayment is made, the regular benefit would be available provided the general eligibility requirements are met.