Common use of Alternative Benefit Clause in Contracts

Alternative Benefit. Notwithstanding anything to the contrary in the Original Agreement or in the SERP Plan (including, without limitation, Article Three thereof), if on the date that benefits become payable under the Original Agreement, the actuarial equivalent of the aggregate amount of the benefits payable to the Executive under the terms of the Original Agreement is less than the actuarial equivalent of the aggregate amount of the benefits to which the Executive would be entitled under the SERP Plan if he were "Participant" (as defined in the SERP Plan) in the SERP Plan (such amount, the "Alternative Benefit"), the Executive shall be entitled to benefits payable in accordance with the terms of the Original Agreement but in an aggregate amount equal to the actuarial equivalent of the Alternative Benefit instead of in an aggregate benefit amount determined under the Original Agreement. Whenever an "actuarial equivalent" is required to be determined under this Amendment, such actuarial equivalent shall be determined in the manner prescribed for determining actuarial equivalents under the Original Agreement.

Alternative Benefit. Notwithstanding anything to the contrary in the Original Agreement or in the SERP Plan (including, without limitation, Article Three thereof), if on the date that benefits become payable under the Original Agreement, the actuarial equivalent of the aggregate amount of the benefits payable to the Executive under the terms of the Original Agreement is less than the actuarial equivalent of the aggregate amount of the benefits to which the Executive would be entitled under the SERP Plan if he were "“Participant" ” (as defined in the SERP Plan) in the SERP Plan (such amount, the "“Alternative Benefit"”), the Executive shall be entitled to benefits payable in accordance with the terms of the Original Agreement but in an aggregate amount equal to the actuarial equivalent of the Alternative Benefit instead of in an aggregate benefit amount determined under the Original Agreement. Whenever an "“actuarial equivalent" ” is required to be determined under this Amendment, such actuarial equivalent shall be determined in the manner prescribed for determining actuarial equivalents under the Original Agreement.