Common use of Distribution Upon Death Clause in Contracts

Distribution Upon Death. If the Employee’s employment terminates on account of death, the Trustee shall make a distribution to the Employee’s Beneficiary equal to all amounts allocated to the Employee Account as of the date of his death. In addition, the Company agrees to provide term life insurance (at the Company’s cost) sufficient to pay the Employee’s Beneficiary an amount equal to the sum of all Company Contributions scheduled to be made under 3, above, less Company Contributions previously made to the Trust.