Common use of Death Benefit Clause in Contracts

Death Benefit. Except as provided in this paragraph 3.5(v), no benefits shall be paid under the Plan if Executive dies prior to the date Executive's benefit commences pursuant to paragraph 3.5(iii). In the event of Executive's death prior to the commencement of Executive's benefit pursuant to paragraph 3.5(iii), Executive's surviving spouse, if Executive is married on the date of Executive's death, will receive a single life annuity consisting of monthly payments for the life of such surviving spouse determined as follows: (a) if Executive dies on or before reaching the Retirement Date, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's actual date of termination of employment or Executive's date of death, survived until the Retirement Date, elected a joint and survivor annuity and began to receive Executive's Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date, the death benefit such spouse would have received had Executive elected a joint and survivor annuity and begun to receive Executive's Plan benefit beginning on the day prior to Executive's death. Payment of such survivor annuity shall begin on the first day of the month following the later of (1) Executive's date of death or (2) the Retirement Date; provided, however, that if Executive was eligible to elect an Early Retirement Benefit as of the date of Executive's death, then Executive's surviving spouse shall be entitled to elect to commence to receive such survivor annuity as of the first day of the month next following the date of Executive's death, or as the first day of any subsequent month preceding the Retirement Date. Notice of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefit, and each payment of such survivor annuity shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third sentence of paragraph 3.5(iii).

Death Benefit. Except as provided in this paragraph 3.5(v), no benefits shall be paid under the Plan if Executive dies prior to the date Executive's benefit commences pursuant to paragraph 3.5(iii). In the event of Executive's death prior to the commencement of Executive's benefit pursuant to paragraph 3.5(iii), Executive's surviving spouse, if Executive is married on the date of Executive's death, will receive receive, at such spouse's written election made within 90 days after Executive's death, either (A) a single life annuity consisting of monthly payments for the life of such surviving spouse determined as follows: (a) if Executive dies on or before reaching the Retirement Date, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's actual date of termination of employment or Executive's date of death, survived until the Retirement Date, elected a joint and survivor annuity and began to receive Executive's Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date, the death benefit such spouse would have received had Executive elected a joint and survivor annuity and begun to receive Executive's Plan benefit beginning on the day prior to Executive's death, or (B) a Spousal Lump-Sum Payment less 10% of such sum (provided, however, that the HR Committee may, in its sole and absolute discretion, waive all or any part of such 10% reduction), which shall be paid as a lump-sum in cash on the date that the first payment of the single life annuity described in clause (A) of this sentence would have been paid if the surviving spouse had elected to receive such single life annuity. As used herein, "Spousal Lump-Sum Payment" shall mean the lump-sum actuarial equivalent of the value of the single life annuity described in clause (A) of the foregoing sentence, based on the actuarial assumptions set forth in paragraph 3.5(vii) and adjusted for the actual time of payment. Payment of such survivor annuity annuity, if so elected, shall begin on the first day of the month following the later of (1) Executive's date of death or (2) the Retirement Date; provided, however, that if Executive was eligible to elect an Early Retirement Benefit as of the date of Executive's death, then Executive's surviving spouse shall be entitled to elect to receive the Spousal Lump-Sum Payment or commence to receive such survivor annuity as of the first day of the month next following the date of Executive's death, or as the first day of any subsequent month preceding the Retirement Date. Notice of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefitbenefit or payment of the Spousal Lump-Sum Payment, as the case may be, and each payment of such survivor annuity annuity, or the amount of the Spousal Lump-Sum Payment, as the case may be, shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third sentence of paragraph 3.5(iii). If such surviving spouse fails to make an election to receive a Spousal Lump-Sum Payment, the surviving spouse will be deemed to have elected to receive the survivor annuity.

Death Benefit. Except as provided in this paragraph 3.5(v), no benefits shall be paid under the Plan if Executive dies prior to the date Executive's benefit commences pursuant to paragraph 3.5(iii). In the event of Executive's death prior to the commencement of Executive's benefit pursuant to paragraph 3.5(iii), Executive's surviving spouse, if Executive is married on the date of Executive's death, will receive a single life annuity consisting of monthly payments for the life of such surviving spouse determined as follows: (a) if Executive dies on or before reaching the Retirement Date, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's actual date of termination of employment or Executive's date of death, survived until the Retirement Date, elected a joint and survivor annuity and began to receive Executive's Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date, the death benefit such spouse would have received had Executive elected a joint and survivor annuity and begun to receive Executive's Plan benefit beginning on the day prior to Executive's death. Payment of such survivor annuity shall begin on the first day of the month following the later of (1) Executive's date of death or (2) the Retirement Date; provided, however, that if Executive was eligible to elect an Early Retirement Benefit as of the date of Executive's death, then Executive's surviving spouse shall be entitled to elect to commence to receive such survivor annuity as of the first day of the month next following the date of Executive's death, or as the first day of any subsequent month preceding the Retirement Date. Notice of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefit, and each payment of such survivor annuity shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third sentence of paragraph 3.5(iii).

Death Benefit. Except as provided in this paragraph 3.5(v)(a) Upon the death of the Executive after the commencement of the Executive’s retirement benefit under Section 3.1, no benefits the Executive’s Surviving Spouse, if any, shall be paid entitled to an annual retirement benefit payable by the Company under this Agreement equal to fifty percent (50%) of the Plan if annual retirement benefit which the Executive dies had been receiving. The monthly retirement benefit payable by the Company to the Surviving Spouse shall be one-twelfth (1/12) of such annual retirement benefit and shall be payable on the first day of each month beginning with the month after the month of the Executive’s death through and including the month of the Surviving Spouse’s death. (b) Upon the death of the Executive prior to the commencement of the Executive’s retirement benefit under Section 3.1, the Executive’s Surviving Spouse, if any, shall be entitled to an annual retirement benefit payable by the Company under this Agreement equal to fifty percent (50%) of the annual retirement benefit, determined under Section 3.1, provided that all of the following conditions are satisfied: (A) the annual retirement benefit shall be payable only if the Executive is Vested at the time of his death, as defined in Section I; and, (B) the Surviving Spouse survives until the date upon which the Executive would have attained his Retirement Age if the Executive's ’s death occurs prior to his Retirement Date. The monthly retirement benefit commences pursuant payable by the Company, if any, under this subsection to paragraph 3.5(iiithe Surviving Spouse shall equal one-twelfth (1/12) of said annual retirement benefit for the Surviving Spouse and shall be payable on the first day of each month commencing on the later of the Executive’s Retirement Age or the month after the month of the Executive’s death through and including the month of the Surviving Spouse’s death. The date utilized for the Years of Service Reduction shall be the date of the Executive’s death (or the date of the Executive’s termination of employment, if earlier). In , and the age utilized for the Early Retirement Reduction shall be the greater of (1) the Executive’s actual age at the time of his death (or the date of the Executive’s termination of employment, if earlier), and (2) the Retirement Age. (c) Upon the death of the Executive with no Surviving Spouse, or, if in the event of the Executive's ’s death prior to the commencement of the Executive's ’s retirement benefit pursuant to paragraph 3.5(iii)under Section 3.1, the Executive's surviving spouse, if ’s Surviving Spouse shall not survive the Executive is married on until the date of Executive's death, will receive a single life annuity consisting of monthly payments for upon which the life of such surviving spouse determined as follows: (a) if Executive dies on or before reaching would have attained the Retirement DateAge, there shall be no benefit payment under Section 3 to the Executive, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's actual date of termination of employment or Executive's date of death, survived until the Retirement Date, elected a joint and survivor annuity and began to receive Executive's Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date’s Surviving Spouse, the death benefit such spouse would have received had estate of either the Executive elected a joint and survivor annuity and begun to receive Executive's Plan benefit beginning on or the day prior to Executive's death. Payment of such survivor annuity shall begin on the first day of the month following the later of (1) Executive's date of death or (2) the Retirement Date; provided, however, that if Executive was eligible to elect an Early Retirement Benefit as of the date of Executive's death, then Executive's surviving spouse shall be entitled to elect to commence to receive such survivor annuity as of the first day of the month next following the date of Executive's deathSurviving Spouse, or as the first day of any subsequent month preceding the Retirement Date. Notice of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefit, and each payment of such survivor annuity shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third sentence of paragraph 3.5(iii)otherwise.

Death Benefit. Except (a) as provided in paragraph 3.5(iii) with respect to the portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit if the Section 409A Payment Date is after the Retirement Date, (b) as provided in paragraph 3.5(iv) if the payment of the portion of the Early Retirement Benefit in excess of the Grandfathered Benefit must be delayed beyond the Earliest ▇▇▇ Payment Date to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, and (c) as provided in the remaining provisions of this paragraph 3.5(v), no benefits shall be paid under the Plan if Executive dies prior to the date Executive's benefit commences is paid pursuant to paragraph paragraphs 3.5(iii) or 3.5(iv), as applicable. In the event of Executive's death prior to the commencement payment of Executive's benefit pursuant to paragraph paragraphs 3.5(iii) or 3.5(iv) (other than under the circumstances and with respect to the portion of the benefit described in clauses (a) or (b) of the preceding sentence, in which case the benefits described in paragraphs 3.5(iii) or 3.5(iv), as applicable, shall be paid in full), Executive's surviving spouse, if Executive is married on the date of Executive's death, will receive a death benefit payable only as a lump sum payment in an amount that is the actuarial equivalent of a single life annuity consisting of monthly payments for the life of such surviving spouse determined as follows: (a) if Executive dies on or before reaching the Retirement Date, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's actual date of termination of employment or Executive's date of death, survived until the Retirement Date, been entitled to elect and elected a joint and 50% survivor annuity and began begun to receive Executive's Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date, the death benefit such spouse would have received had Executive been entitled to elect and elected a joint and 50% survivor annuity and begun to receive Executive's Plan benefit beginning on the day prior to Executive's death. Payment of such survivor annuity Such benefit shall begin be paid on or within 10 business days following the first day of the month coincident with or next following the later date of (1) Executive's date of death or (2) the Retirement Datedeath; provided, however, that if Executive was eligible dies prior to elect an Early Retirement Benefit as of the date of Executive's deathreaching age 60, then Executive's surviving spouse shall be entitled to elect to commence to receive such survivor annuity as of the first day of the month next following the date of Executive's death, or as the first day of any subsequent month preceding the Retirement Date. Notice amount of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefit, and each payment of such survivor annuity benefit shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third first sentence of paragraph 3.5(iii3.5(iv).

Death Benefit. Except (a) as provided in Section 1.3 if the Section 409A Payment Date is after the Retirement Date, (b) as provided in Section 1.4 if the payment of the Early Retirement Benefit must be delayed beyond the Earliest ▇▇▇ Payment Date to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, and (c) as provided in the remaining provisions of this paragraph 3.5(v)Section 1.5, no benefits shall be paid under the Plan if Executive dies prior to the date Executive's ’s benefit commences is paid pursuant to paragraph 3.5(iii)Sections 1.3 or 1.4, as applicable. In the event of Executive's ’s death prior to the commencement payment of Executive's ’s benefit pursuant to paragraph 3.5(iiiSections 1.3 or 1.4 (other than under the circumstances described in clauses (a) or (b) of the preceding sentence, in which case the benefits described in Sections 1.3 or 1.4, as applicable, shall be paid in full), Executive's ’s surviving spouse, if Executive is married on the date of Executive's ’s death, will receive a death benefit payable only as a lump sum payment in an amount that is the actuarial equivalent of a single life annuity consisting of monthly payments for the life of such surviving spouse determined as follows: (a) if Executive dies on or before reaching the Retirement Date, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's ’s actual date of termination of employment or Executive's ’s date of death, survived until the Retirement Date, been entitled to elect and elected a joint and 50% survivor annuity and began begun to receive Executive's ’s Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date, the death benefit such spouse would have received had Executive been entitled to elect and elected a joint and 50% survivor annuity and begun to receive Executive's ’s Plan benefit beginning on the day prior to Executive's ’s death. Payment of such survivor annuity Such benefit shall begin be paid on or within 10 business days following the first day of the month coincident with or next following the later of (1) Executive's date of death or (2) the Retirement DateExecutive’s death; provided, however, that if Executive was eligible dies prior to elect an Early Retirement Benefit as of the date of Executive's deathreaching age 60, then Executive's surviving spouse shall be entitled to elect to commence to receive such survivor annuity as of the first day of the month next following the date of Executive's death, or as the first day of any subsequent month preceding the Retirement Date. Notice amount of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefit, and each payment of such survivor annuity benefit shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third first sentence of paragraph 3.5(iii)Section 1.4.

Death Benefit. Except (a) Upon the death of the Executive after the commencement of the Executive’s retirement benefit under Section 3.1, the Executive’s Spouse as provided in this paragraph 3.5(v)of his Retirement Date, no benefits if still living, shall be paid under entitled to fifty percent (50%) of the Plan annuity benefit the Executive was receiving at the time of his death, but only if the Executive dies prior elected the fifty percent (50%) joint and survivor annuity form pursuant to Section 3.1. The monthly retirement benefit payable by the Company, if any, to the date Surviving Spouse shall be one-twelfth (1/12) of such annual retirement benefit and shall be payable on the first day of each month beginning with the month after the month of the Executive's benefit commences pursuant to paragraph 3.5(iii). In ’s death through and including the event month of Executive's the Surviving Spouse’s death. (b) Upon the death of the Executive prior to the commencement of the Executive's ’s retirement benefit pursuant to paragraph 3.5(iii)under Section 3.1, the Executive's surviving spouse’s Surviving Spouse, if any, shall be entitled to an annual retirement benefit payable by the Company under this Agreement as elected, determined under Section 3.1, in which the Executive is married on Vested at the time of his death; provided, that the Surviving Spouse survives until the date upon which the Executive would have attained the age specified in Section 2.2(a) if the Executive’s death occurs prior to his Retirement Date. The monthly retirement benefit payable by the Company, if any, to the Surviving Spouse shall equal one-twelfth (1/12) of Executive's death, will receive a single life annuity consisting of monthly payments said annual retirement benefit for the life of such surviving spouse determined as follows: (a) if Executive dies on or before reaching the Retirement Date, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's actual date of termination of employment or Executive's date of death, survived until the Retirement Date, elected a joint Surviving Spouse and survivor annuity and began to receive Executive's Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date, the death benefit such spouse would have received had Executive elected a joint and survivor annuity and begun to receive Executive's Plan benefit beginning on the day prior to Executive's death. Payment of such survivor annuity shall begin be payable on the first day of the each month following commencing on the later of (1) the Executive's date of death ’s Retirement Date or (2) the Retirement Date; provided, however, that if Executive was eligible to elect an Early Retirement Benefit as month after the month of the Executive’s death through and including the month of the Surviving Spouse’s death. (c) Upon the death of an Executive with no Surviving Spouse, or if the Executive’s Surviving Spouse shall not survive the Executive until the date of Executive's deathupon which the Executive would have attained the age specified in Section 2.2(a), then Executive's surviving spouse there shall be entitled no benefit payment under this Agreement to elect to commence to receive such survivor annuity as the Executive, the Executive’s Surviving Spouse, the estate of either the first day of Executive or the month next following the date of Executive's deathSurviving Spouse, or as the first day of any subsequent month preceding the Retirement Date. Notice of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefit, and each payment of such survivor annuity shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third sentence of paragraph 3.5(iii)otherwise.

Death Benefit. Except as provided in this paragraph 3.5(vSubject to Section 4.2.4, if the Executive dies his Surviving Spouse shall receive one of the following death benefits (each, a “Death Benefit”), no benefits shall be paid under subject to the Plan if terms and conditions set forth below: (a) If the Executive dies prior to the date Executive's benefit commences pursuant to paragraph 3.5(iii). In commencement of the event of Executive's death prior Pension, then his Surviving Spouse shall receive a pension equal to the commencement survivor benefit that would have been payable to such Surviving Spouse if the Executive had commenced payment of Executive's benefit pursuant his Pension as of the later to paragraph 3.5(iii), Executive's surviving spouse, if Executive is married on occur of (x) the date of the Executive's death, will receive a single life annuity consisting of monthly payments for ’s death and (y) the life of such surviving spouse determined as follows: (a) if date on which the Executive dies on or before reaching the Retirement Date, the death benefit such spouse would have received attained age 55 had he not died. This benefit shall be paid as if the Executive terminated employment on the earlier had elected a payment, as of Executive's actual date of termination of employment or Executive's his date of death, survived until in the Retirement Date, elected form of a 100% qualified joint and survivor annuity and began to receive Executive's Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date, the death benefit such spouse would have received had Executive elected with a joint and survivor annuity and begun to receive Executive's Plan benefit beginning on the day prior to Executive's death. Payment of such survivor annuity shall begin on the first day of the month following the later of (1) Executive's date of death or (2) the Retirement Date10-year term certain payment option; provided, however, that the Surviving Spouse may, prior to commencement of payment, make a one-time irrevocable election to have the Death Benefit determined as if Executive was eligible to elect an Early Retirement Benefit as the annuity form deemed elected in accordance with this sentence had been in the form of a 100% qualified joint and survivor annuity. Such payment shall commence within 60 days following the Executive’s date of Executive's death, then Executive's surviving spouse shall be entitled to elect to commence to receive regardless of whether such survivor annuity as of the first day of the month next following the date of Executive's death, or as the first day of any subsequent month preceding the Retirement Date. Notice of such election must be received by Company not less than 15 days payment occurs prior to the proposed date of Elected Payment Date. (b) If the Executive dies after the commencement of the benefitPension, and each payment of such the survivor annuity benefit payable to the Executive’s Surviving Spouse, if any, shall be reduced based on the principles used for annuity form elected by the reductions described in clauses (2) Executive prior to his death, it being understood that no Death Benefit shall be payable if, prior to his death, the Executive elected a single life annuity. If the Executive and (3) his Surviving Spouse die simultaneously under circumstances where it is impossible to determine if one predeceased the other, the Executive will be deemed to have predeceased his Surviving Spouse, and the term certain portion of the proviso Death Benefit shall be payable to the third sentence Surviving Spouse’s estate. Except as expressly contemplated hereunder, no other benefits under this Section 4.2 shall be payable to the Executive’s Surviving Spouse, beneficiaries or estate, and no consent of paragraph 3.5(iii)the Executive’s Surviving Spouse, if any, shall be required with respect to the form of annuity in which the Pension is paid.

Death Benefit. Except (a) as provided in paragraph 3.5(iii) with respect to the portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit if the Section 409A Payment Date is after the Retirement Date, (b) as provided in paragraph 3.5(iv) if the payment of the portion of the Early Retirement Benefit in excess of the Grandfathered Benefit must be delayed beyond the Earliest ▇▇▇ Payment Date to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, and (c) as provided in the remaining provisions of this paragraph 3.5(v), no benefits shall be paid under the Plan if Executive dies prior to the date Executive's ’s benefit commences is paid pursuant to paragraph paragraphs 3.5(iii) or 3.5(iv), as applicable. In the event of Executive's ’s death prior to the commencement payment of Executive's ’s benefit pursuant to paragraph paragraphs 3.5(iii) or 3.5(iv) (other than under the circumstances and with respect to the portion of the benefit described in clauses (a) or (b) of the preceding sentence, in which case the benefits described in paragraphs 3.5(iii) or 3.5(iv), as applicable, shall be paid in full), Executive's ’s surviving spouse, if Executive is married on the date of Executive's ’s death, will receive a death benefit payable only as a lump sum payment in an amount that is the actuarial equivalent of a single life annuity consisting of monthly payments for the life of such surviving spouse determined as follows: (a) if Executive dies on or before reaching the Retirement Date, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's ’s actual date of termination of employment or Executive's ’s date of death, survived until the Retirement Date, been entitled to elect and elected a joint and 50% survivor annuity and began begun to receive Executive's ’s Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date, the death benefit such spouse would have received had Executive been entitled to elect and elected a joint and 50% survivor annuity and begun to receive Executive's ’s Plan benefit beginning on the day prior to Executive's ’s death. Payment of such survivor annuity Such benefit shall begin be paid on or within 10 business days following the first day of the month coincident with or next following the later of (1) Executive's date of death or (2) the Retirement DateExecutive’s death; provided, however, that if Executive was eligible dies prior to elect an Early Retirement Benefit as of the date of Executive's deathreaching age 60, then Executive's surviving spouse shall be entitled to elect to commence to receive such survivor annuity as of the first day of the month next following the date of Executive's death, or as the first day of any subsequent month preceding the Retirement Date. Notice amount of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefit, and each payment of such survivor annuity benefit shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third first sentence of paragraph 3.5(iii3.5(iv).

Death Benefit. Except (a) as provided in paragraph 3.5(iii) if the Section 409A Payment Date is after the Retirement Date, (b) as provided in paragraph 3.5(iv) if the payment of the Early Retirement Benefit must be delayed beyond the Earliest ▇▇▇ Payment Date to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, and (c) as provided in the remaining provisions of this paragraph 3.5(v), no benefits shall be paid under the Plan if Executive dies prior to the date Executive's benefit commences is paid pursuant to paragraph paragraphs 3.5(iii) or 3.5(iv), as applicable. In the event of Executive's death prior to the commencement payment of Executive's benefit pursuant to paragraph paragraphs 3.5(iii) or 3.5(iv) (other than under the circumstances described in clauses (a) or (b) of the preceding sentence, in which case the benefits described in paragraphs 3.5(iii) or 3.5(iv), as applicable, shall be paid in full), Executive's surviving spouse, if Executive is married on the date of Executive's death, will receive a death benefit payable only as a lump sum payment in an amount that is the actuarial equivalent of a single life annuity consisting of monthly payments for the life of such surviving spouse determined as follows: (a) if Executive dies on or before reaching the Retirement Date, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's actual date of termination of employment or Executive's date of death, survived until the Retirement Date, been entitled to elect and elected a joint and 50% survivor annuity and began begun to receive Executive's Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date, the death benefit such spouse would have received had Executive been entitled to elect and elected a joint and 50% survivor annuity and begun to receive Executive's Plan benefit beginning on the day prior to Executive's death. Payment of such survivor annuity Such benefit shall begin be paid on or within 10 business days following the first day of the month coincident with or next following the later date of (1) Executive's date of death or (2) the Retirement Datedeath; provided, however, that if Executive was eligible dies prior to elect an Early Retirement Benefit as of the date of Executive's deathreaching age 60, then Executive's surviving spouse shall be entitled to elect to commence to receive such survivor annuity as of the first day of the month next following the date of Executive's death, or as the first day of any subsequent month preceding the Retirement Date. Notice amount of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefit, and each payment of such survivor annuity benefit shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third first sentence of paragraph 3.5(iii3.5(iv).

Death Benefit. Except as provided in this paragraph 3.5(v)(a) Upon the death of the Executive after the commencement of the Executive’s retirement benefit under Section 3.1, no benefits the Executive’s Surviving Spouse shall be paid under entitled to fifty percent (50%) of the Plan annuity benefit the Executive was receiving at the time of his death, but only if the Executive dies elected the fifty percent (50%) joint and survivor annuity form pursuant to Section 3.1. The monthly retirement benefit payable by the Company, if any, to the Surviving Spouse shall be one-twelfth (1/12) of such annual retirement benefit and shall be payable on the first day of each month beginning with the month after the month of the Executive’s death through and including the month of the Surviving Spouse’s death. (b) Upon the death of the Executive prior to the date commencement of the Executive's ’s retirement benefit commences under Section 3.1, the Executive’s Surviving Spouse, if any, shall be entitled to fifty percent (50%) of the annuity benefit payable by the Company to the Executive under this Agreement, determined under Section 3.1, provided that all of the following conditions are satisfied: (A) the Executive is Vested at the time of his death, as defined in Section I; (B) the Executive elected the fifty percent (50%) joint and survivor annuity form pursuant to paragraph 3.5(iiiSection 3.1; and, (C) the Surviving Spouse survives until the date upon which the Executive would have attained his Retirement Age if the Executive’s death occurs prior to his Retirement Date. The monthly retirement benefit payable by the Company, if any, under this subsection to the Surviving Spouse shall equal one-twelfth (1/12) of said annual retirement benefit for the Surviving Spouse and shall be payable on the first day of each month commencing on the later of the Executive’s Retirement Age or the month after the month of the Executive’s death through and including the month of the Surviving Spouse’s death. The date utilized for the Years of Service Reduction shall be the date of the Executive’s death (or the date of the Executive’s termination of employment, if earlier). In , and the age utilized for the Early Retirement Reduction shall be the greater of (1) the Executive’s actual age at the time of his death (or the date of the Executive’s termination of employment, if earlier), and (2) the Retirement Age. (c) Upon the death of the Executive with no Surviving Spouse, or, if in the event of the Executive's ’s death prior to the commencement of the Executive's ’s retirement benefit pursuant to paragraph 3.5(iii)under Section 3.1, the Executive's surviving spouse, if ’s Surviving Spouse shall not survive the Executive is married on until the date of Executive's death, will receive a single life annuity consisting of monthly payments for upon which the life of such surviving spouse determined as follows: (a) if Executive dies on or before reaching would have attained the Retirement DateAge, there shall be no benefit payment under Section 3 to the Executive, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's actual date of termination of employment or Executive's date of death, survived until the Retirement Date, elected a joint and survivor annuity and began to receive Executive's Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date’s Surviving Spouse, the death benefit such spouse would have received had estate of either the Executive elected a joint and survivor annuity and begun to receive Executive's Plan benefit beginning on or the day prior to Executive's death. Payment of such survivor annuity shall begin on the first day of the month following the later of (1) Executive's date of death or (2) the Retirement Date; provided, however, that if Executive was eligible to elect an Early Retirement Benefit as of the date of Executive's death, then Executive's surviving spouse shall be entitled to elect to commence to receive such survivor annuity as of the first day of the month next following the date of Executive's deathSurviving Spouse, or as the first day of any subsequent month preceding the Retirement Date. Notice of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefit, and each payment of such survivor annuity shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third sentence of paragraph 3.5(iii)otherwise.

Death Benefit. Except as provided in this paragraph 3.5(v)(a) Upon the death of the Executive after the commencement of the Executive’s retirement benefit under Section 3.1, no benefits the Executive’s Surviving Spouse, if any, shall be paid entitled to an annual retirement benefit payable by the Company under this Agreement equal to fifty percent (50%) of the Plan if annual retirement benefit which the Executive dies prior had been receiving. The monthly retirement benefit payable by the Company to the date Surviving Spouse shall be one-twelfth (1/12) of such annual retirement benefit and shall be payable on the first day of each month beginning with the month after the month of the Executive's benefit commences pursuant to paragraph 3.5(iii). In ’s death through and including the event month of Executive's the Surviving Spouse’s death. (b) Upon the death of the Executive prior to the commencement of the Executive's ’s retirement benefit pursuant to paragraph 3.5(iii)under Section 3.1, the Executive's surviving spouse’s Surviving Spouse, if any, shall be entitled to an annual retirement benefit payable by the Company under this Agreement equal to fifty percent (50%) of the annual retirement benefit, determined under Section 3.1, in which the Executive is married on vested at the time of his death; provided, that the Surviving Spouse survives until the date upon which the Executive would have attained the age specified in Section 2.2(a) if the Executive’s death occurs prior to his Retirement Date. The monthly retirement benefit payable by the Company to the Surviving Spouse shall equal one-twelfth (1/12) of Executive's death, will receive a single life annuity consisting of monthly payments said annual retirement benefit for the life of such surviving spouse determined as follows: (a) if Executive dies on or before reaching the Retirement Date, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's actual date of termination of employment or Executive's date of death, survived until the Retirement Date, elected a joint Surviving Spouse and survivor annuity and began to receive Executive's Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date, the death benefit such spouse would have received had Executive elected a joint and survivor annuity and begun to receive Executive's Plan benefit beginning on the day prior to Executive's death. Payment of such survivor annuity shall begin be payable on the first day of the each month following commencing on the later of (1) the Executive's date of death ’s Retirement Date or (2) the Retirement Date; provided, however, that if Executive was eligible to elect an Early Retirement Benefit as month after the month of the Executive’s death through and including the month of the Surviving Spouse’s death. (c) Upon the death of an Executive with no Surviving Spouse, or if the Executive’s Surviving Spouse shall not survive the Executive until the date of Executive's deathupon which the Executive would have attained the age specified in Section 2.2(a), then Executive's surviving spouse there shall be entitled no benefit payment under this Agreement to elect to commence to receive such survivor annuity as the Executive, the Executive’s Surviving Spouse, the estate of either the first day of Executive or the month next following the date of Executive's deathSurviving Spouse, or as the first day of any subsequent month preceding the Retirement Date. Notice of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefit, and each payment of such survivor annuity shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third sentence of paragraph 3.5(iii)otherwise.

Death Benefit. Except (a) as provided in Section 1.3 with respect to the portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit if the Section 409A Payment Date is after the Retirement Date, (b) as provided in Section 1.4 if the payment of the portion of the Early Retirement Benefit in excess of the Grandfathered Benefit must be delayed beyond the Earliest ▇▇▇ Payment Date to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, and (c) as provided in the remaining provisions of this paragraph 3.5(v)Section 1.5, no benefits shall be paid under the Plan if Executive dies prior to the date Executive's ’s benefit commences is paid pursuant to paragraph 3.5(iii)Sections 1.3 or 1.4, as applicable. In the event of Executive's ’s death prior to the commencement of Executive's benefit pursuant to paragraph 3.5(iii), Executive's surviving spouse, if Executive is married on the date of Executive's death, will receive a single life annuity consisting of monthly payments for the life of such surviving spouse determined as follows:payment of (a) if Executive dies on or before reaching the Retirement Date, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's ’s actual date of termination of employment or Executive's ’s date of death, survived until the Retirement Date, been entitled to elect and elected a joint and 50% survivor annuity and began begun to receive Executive's ’s Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date, the death benefit such spouse would have received had Executive been entitled to elect and elected a joint and 50% survivor annuity and begun to receive Executive's ’s Plan benefit beginning on the day prior to Executive's ’s death. Payment of such survivor annuity Such benefit shall begin be paid on or within 10 business days following the first day of the month coincident with or next following the later of (1) Executive's date of death or (2) the Retirement DateExecutive’s death; provided, however, that if Executive was eligible dies prior to elect an Early Retirement Benefit as of the date of Executive's deathreaching age 60, then Executive's surviving spouse shall be entitled to elect to commence to receive such survivor annuity as of the first day of the month next following the date of Executive's death, or as the first day of any subsequent month preceding the Retirement Date. Notice amount of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefit, and each payment of such survivor annuity benefit shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third first sentence of paragraph 3.5(iii)Section 1.4.

Death Benefit. Except as provided in this paragraph 3.5(v)(a) Upon the death of the Executive after the commencement of the Executive’s retirement benefit under Section 3.1, no benefits the Executive’s Surviving Spouse shall be paid under entitled to fifty percent (50%) of the Plan annuity benefit the Executive was receiving at the time of his death, but only if the Executive dies elected the fifty percent (50%) joint and survivor annuity form pursuant to Section 3.1. The monthly retirement benefit payable by the Company, if any, to the Surviving Spouse shall be one-twelfth (1/12) of such annual retirement benefit and shall be payable on the first day of each month beginning with the month after the month of the Executive’s death through and including the month of the Surviving Spouse’s death. (b) Upon the death of the Executive prior to the date commencement of the Executive's ’s retirement benefit commences under Section 3.1, the Executive’s Surviving Spouse, if any, shall be entitled to fifty percent (50%) of the annuity benefit payable by the Company to the Executive under this Agreement, determined under Section 3.1, provided that all of the following conditions are satisfied: (A) the Executive is Vested at the time of his death, as defined in Section I; (B) the Executive elected the fifty percent (50%) joint and survivor annuity form pursuant to paragraph 3.5(iiiSection 3.1; and, (C) the Surviving Spouse survives until the date upon which the Executive would have attained his Retirement Age if the Executive’s death occurs prior to his Retirement Date. The monthly retirement benefit payable by the Company, if any, under this subsection to the Surviving Spouse shall equal one-twelfth (1/12) of said annual retirement benefit for the Surviving Spouse and shall be payable on the first day of each month commencing on the later of the Executive’s Retirement Age or the month after the month of the Executive’s death through and including the month of the Surviving Spouse’s death. The date utilized for the Years of Service Reduction shall be the date of the Executive’s death (or the date of the Executive’s termination of employment, if earlier). In , and the age utilized for the Early Retirement Reduction shall be the greater of (1) the Executive’s actual age at the time of his death (or the date of the Executive’s termination of employment, if earlier) , and (2) the Retirement Age. (c) Upon the death of the Executive with no Surviving Spouse, or, if in the event of the Executive's ’s death prior to the commencement of the Executive's ’s retirement benefit pursuant to paragraph 3.5(iii)under Section 3.1, the Executive's surviving spouse, if ’s Surviving Spouse shall not survive the Executive is married on until the date of Executive's death, will receive a single life annuity consisting of monthly payments for upon which the life of such surviving spouse determined as follows: (a) if Executive dies on or before reaching would have attained the Retirement DateAge, there shall be no benefit payment under Section 3 to the Executive, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's actual date of termination of employment or Executive's date of death, survived until the Retirement Date, elected a joint and survivor annuity and began to receive Executive's Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date’s Surviving Spouse, the death benefit such spouse would have received had estate of either the Executive elected a joint and survivor annuity and begun to receive Executive's Plan benefit beginning on or the day prior to Executive's death. Payment of such survivor annuity shall begin on the first day of the month following the later of (1) Executive's date of death or (2) the Retirement Date; provided, however, that if Executive was eligible to elect an Early Retirement Benefit as of the date of Executive's death, then Executive's surviving spouse shall be entitled to elect to commence to receive such survivor annuity as of the first day of the month next following the date of Executive's deathSurviving Spouse, or as the first day of any subsequent month preceding the Retirement Date. Notice of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefit, and each payment of such survivor annuity shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third sentence of paragraph 3.5(iii)otherwise.

Death Benefit. Except as provided in this paragraph 3.5(v3.6(e), no benefits shall be paid under the Plan if Executive dies prior to the date Executive's benefit commences pursuant to paragraph 3.5(iii3.6(c). In the event of Executive's death prior to the commencement of Executive's benefit pursuant to paragraph 3.5(iii3.6(c), Executive's surviving spouse, if Executive is married on the date of Executive's death, will receive a single life annuity consisting of monthly payments for the life of such surviving spouse determined as follows: (ai) if Executive dies on or before reaching the Retirement Date, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's actual date of termination of employment or Executive's date of death, survived until the Retirement Date, elected a joint and survivor annuity and began to receive Executive's Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (bii) if Executive dies after reaching the Retirement Date, the death benefit such spouse would have received had Executive elected a joint and survivor annuity and begun to receive Executive's Plan benefit beginning on the day prior to Executive's death. Payment of such survivor annuity shall begin on the first day of the month following the later of (1) Executive's date of death or (2) the Retirement Date; provided, however, that if Executive was eligible to elect an Early Retirement Benefit as of the date of Executive's death, then Executive's surviving spouse shall be entitled to elect to commence to receive such survivor annuity as of the first day of the month next following the date of Executive's death, or as the first day of any subsequent month preceding the Retirement Date. Notice of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefit, and each payment of such survivor annuity shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third sentence of paragraph 3.5(iii3.6(c).

Death Benefit. Except as provided in this paragraph 3.5(v)(a) Upon the death of the Executive after the commencement of the Executive’s retirement benefit under Section 3.1, no benefits the Executive’s Surviving Spouse shall be paid under entitled to fifty percent (50%) of the Plan annuity benefit the Executive was receiving at the time of his death, but only if the Executive dies elected the fifty percent (50%) joint and survivor annuity form pursuant to Section 3.1. The monthly retirement benefit payable by the Company, if any, to the Surviving Spouse shall be one-twelfth (1/12) of such annual retirement benefit and shall be payable on the first day of each month beginning with the month after the month of the Executive’s death through and including the month of the Surviving Spouse’s death. (b) Upon the death of the Executive prior to the date commencement of the Executive's ’s retirement benefit commences under Section 3.1, the Executive’s Surviving Spouse, if any, shall be entitled to fifty percent (50%) of the annuity benefit payable by the Company to the Executive under this Agreement, determined under Section 3.1, provided that all of the following conditions are satisfied: (A) the Executive is Vested at the time of his death, as defined in Section I; (B) the Executive elected the fifty percent (50%) joint and survivor annuity form pursuant to paragraph 3.5(iii)Section 3.1; and, (C) the Surviving Spouse survives until the date upon which the Executive would have attained his Retirement Age if the Executive’s death occurs prior to his Retirement Date. In The monthly retirement benefit payable by the Company, if any, under this subsection to the Surviving Spouse shall equal one-twelfth (1/12) of said annual retirement benefit for the Surviving Spouse and shall be payable on the first day of each month commencing on the later of the Executive’s Retirement Age or the month after the month of the Executive’s death through and including the month of the Surviving Spouse’s death. (c) Upon the death of the Executive with no Surviving Spouse, or, if in the event of the Executive's ’s death prior to the commencement of the Executive's ’s retirement benefit pursuant to paragraph 3.5(iii)under Section 3.1, the Executive's surviving spouse, if ’s Surviving Spouse shall not survive the Executive is married on until the date of Executive's death, will receive a single life annuity consisting of monthly payments for upon which the life of such surviving spouse determined as follows: (a) if Executive dies on or before reaching would have attained the Retirement DateAge, there shall be no benefit payment under Section 3 to the Executive, the death benefit such spouse would have received had Executive terminated employment on the earlier of Executive's actual date of termination of employment or Executive's date of death, survived until the Retirement Date, elected a joint and survivor annuity and began to receive Executive's Plan benefit beginning immediately at the Retirement Date, and died on the day after the Retirement Date; or (b) if Executive dies after reaching the Retirement Date’s Surviving Spouse, the death benefit such spouse would have received had estate of either the Executive elected a joint and survivor annuity and begun to receive Executive's Plan benefit beginning on or the day prior to Executive's death. Payment of such survivor annuity shall begin on the first day of the month following the later of (1) Executive's date of death or (2) the Retirement Date; provided, however, that if Executive was eligible to elect an Early Retirement Benefit as of the date of Executive's death, then Executive's surviving spouse shall be entitled to elect to commence to receive such survivor annuity as of the first day of the month next following the date of Executive's deathSurviving Spouse, or as the first day of any subsequent month preceding the Retirement Date. Notice of such election must be received by Company not less than 15 days prior to the proposed date of commencement of the benefit, and each payment of such survivor annuity shall be reduced based on the principles used for the reductions described in clauses (2) and (3) of the proviso to the third sentence of paragraph 3.5(iii)otherwise.