Common use of Death During Payment of a Benefit Clause in Contracts

Death During Payment of a Benefit. If the Director dies after any benefit payments have commenced under Article 2 of this Agreement but before receiving all such payments, the Company shall cease paying the benefit and, in lieu thereof, the Company shall pay to the Director’s beneficiary the present value of the remaining benefit in a split-dollar arrangement described in the Split Dollar Agreement attached as Addendum A between the Company and the Director. In the event that said benefit was paid in full and no liability remains on the books of the Company, no death benefit is due to the Director.