Corporation's Death Benefit Portion. Upon the death of the Employee, the Corporation shall be entitled to receive the remaining proceeds of the Policy once the Employee’s Death Benefit Portion set forth in Article 3.1 has been paid to the Employee’s designated beneficiary or beneficiaries.
Appears in 2 contracts
Samples: Collateral Assignment Split Dollar Insurance Agreement, Collateral Assignment Split Dollar Insurance Agreement (Dana Corp)
Corporation's Death Benefit Portion. Upon the death of the Employee, the Corporation shall be entitled to receive directly from the Insurer an amount equal to the net death benefit remaining proceeds after satisfaction of the Policy once the Employee’s 's Death Benefit Portion set forth in Article 3.1 has been paid to the Employee’s designated beneficiary or beneficiariesunder Section 3.1.
Appears in 1 contract
Samples: Split Dollar Assignment Insurance Agreement (Niagara Mohawk Power Corp /Ny/)
Corporation's Death Benefit Portion. Upon the death of the Employee, the Corporation shall be entitled to receive the remaining proceeds of the Policy once less the Employee’s Death Benefit Portion set forth 's death benefit portion as defined in Article 3.1 has been paid to the Employee’s designated beneficiary or beneficiaries4.
Appears in 1 contract
