Membership agreement

Once Credits are obtained, assuming the member completes the underwriting process, the Credits are locked in a smart contract that represents the membership agreement. The smart contract defines the rights and privileges of membership, including the Benefit Multiplier assigned to the member. The Credits are locked up in the contract for the duration of the membership, i.e. 1, 5, 10, 20 years. Additional Credits from subsequent contributions will continue to be added to the smart contract. Credits continue to be locked in smart contracts while the membership is in force.

Upon membership contract expiration and assuming no Benefit payouts were made, the locked Credits will be unlocked. Once the Credits are unlocked, membership privileges and the associated protection terminates. At this point, the member may:

• Relock his Credits in a new insurance contract (phase 2)

• Redeem his Credits against his share of the underwriting surplus as described in the next section