Beneficiaries

The beneficiaries of the Foundation will be all those individuals that during the life of the Foundation are part of one of the following groups:

• a) Employees in any Indal group company on the date of the transaction and that will remain working for the said Group.
• b) Those employees of any Indal group company at the date of the transaction who has left within 3 years as a result of a process of restructuring or downsizing. In this case, the beneficiary status will last for 2 years from the date of their departure.
• c) Those who on the date of the transaction had been working for at least 15 years in any of the companies in Indal group Indal and leave for reasons of retirement or disability. In this case, the beneficiary status will remain indefinitely.
• d) Children of employees of any company of the Indal group who on the date of the transaction have been employed for at least 5 years and while they continue to work for any company in Indal Group. In the event of death or incapacity of the employee, their children will remain beneficiaries for a minimum period of five years which may be extended until children reach 25 years of age and by reasoned agreement of the Board of Trustees:
• Children of former employees referred to in second paragraph of this section having worked there for at least five years at the date of the transaction shall be assimilated to the previous group. Their beneficiary status will be extended for the same period as in the case of the parent.