You just gotta love that bit about none of the three employees being covered by "key man" life insurance.
How'd ya feel now, Cliffy? To be a "key man" you have to be (a) a key employee, critical to retain for the good of the company, and (b) a man.
Which is it that you agreed you were not when you approved this? "Key" or "man"? You did read and approve it, right?

By the way, BoD, "key man" is a bit sexist isn't it? "Key person" would be more appropriate these days. How'd ya miss that one, Gloria? You did read and approve it, right?

Who are these TWO employees, what do they do and what are we paying them? Do either one of them have a familial relationshiip with the BoD?