COMPANY'S OWNERSHIP INTEREST. The Company will be the owner of record of the Policy and will endorse the right to designate the beneficiary (and contingent beneficiary) of and the settlement option for payment of the Death Benefit to the Sloane's or the Sloane's assignee. The Company agrees to complete, execute and file with the issuer of the Policy such forms of endorsement, designation of beneficiary or other documentation necessary to effectuate such endorsement as to the portion of the Policy death benefit equal to the Death Benefit (subject to the provisions of this Agreement). Unless Xx. Xxxxxx has irrevocably assigned his interest under the Policy, Xx. Xxxxxx will have the right to designate the beneficiary or beneficiaries and the settlement option for payment of such death benefits. The Company shall have sole ownership interest in that portion of the Policy's death benefit that is in excess of the amount endorsed to the Sloane's beneficiary or the beneficiary of the Sloane's assignee hereunder.
COMPANY'S OWNERSHIP INTEREST. The Company will be the owner of record of the Policy and will endorse the right to designate the beneficiary (and contingent beneficiary) of and the settlement option for payment of the Death Benefit to the Executive or the Executive's assignee. The Company agrees to complete, execute and file with the issuer of the Policy such forms of endorsement, designation of beneficiary or other documentation necessary to effectuate such endorsement as to the portion of the Policy death benefit equal to the Death Benefit (subject to the provisions of this Agreement). Unless the Executive has irrevocably assigned his interest under the Policy, the Executive will have the right to designate the beneficiary or beneficiaries and the settlement option for payment of such death benefits. The Company shall have sole ownership interest in that portion of the Policy's death benefit that is in excess of the amount endorsed to the Executive's beneficiary or the beneficiary of the Executive's assignee hereunder. Except as provided herein, the Company may exercise all ownership rights under the Policy. Unless the vested amount of death benefit becomes zero in accordance with subsection (b)(i) next above, the Company will not exercise ownership rights in a way that will or could result in the reduction of the death benefits payable upon the death of the survivor of Executive or his Wife to the Executive's beneficiary or to Executive's assignee's beneficiary below the Death Benefit. In addition, the Company will not sell, assign, transfer, surrender or cancel the Policy, or take any other action with respect to the Policy that would be inconsistent with the Company's obligations under this Section 3 or that could reasonably be expected to jeopardize the payment of the Death Benefit to the Executive's beneficiary or the Executive's assignee's beneficiary hereunder (subject to the subsection (b)(i) above).
