Common use of Death of Executive Prior to Commencement of SERP Benefit Clause in Contracts

Death of Executive Prior to Commencement of SERP Benefit. If the Executive dies before his SERP Benefit has commenced to be paid but after he has completed three (3) full Years of Service, the Executive’s surviving spouse, if any, shall be entitled to receive a benefit during her lifetime, to cease upon her death, in an annual amount equal to 50% of the SERP Benefit that the Executive would have received had he retired on the day before his death, begun receiving his SERP Benefit in the Normal Form on the first date he could have commenced receiving such benefit had he so retired, and died immediately thereafter. Such benefit will be paid monthly in an amount equal to one twelfth (1/12th) of the benefit determined under the preceding sentence and will commence on the first day of the month following the Executive’s death or, if later, the date on which the Executive’s SERP Benefit would have begun to be paid if the Executive had retired on the date of death. If Executive is not survived by his spouse, or if his surviving spouse is no longer living at the date benefit payments are scheduled to commence, no death benefit shall be paid under the SERP.

Death of Executive Prior to Commencement of SERP Benefit. If the Executive dies before his SERP Benefit has commenced to be paid but after he has completed three (3) full Years of Servicepaid, the Executive’s surviving spouse, if any, shall be entitled to receive a benefit during her lifetime, to cease upon her death, in an annual amount equal to 50% of the SERP Benefit that the Executive would have received had he retired on the day before his death, begun receiving his SERP Benefit in the Normal Form on the first date he could have commenced receiving such benefit had he so retired, and died immediately thereafter. Such benefit will be paid monthly in an amount equal to one twelfth (1/12th) of the benefit determined under the preceding sentence and will commence on the first day of the month following the Executive’s death or, if later, the date on which the Executive’s SERP Benefit would have begun to be paid if the Executive had retired on the date of death. If Executive is not survived by his spouse, or if his surviving spouse is no longer living at the date benefit payments are scheduled to commence, no death benefit shall be paid under the SERP.

Death of Executive Prior to Commencement of SERP Benefit. If the Executive dies before his SERP Benefit has commenced to be paid but after he has completed three (3) full Years of Servicepaid, the Executive’s surviving spouse, if any, shall be entitled to receive a benefit during her lifetime, to cease upon her death, in an annual amount equal to 50% of the SERP Benefit that the Executive would have received had he retired on the day before his death, begun receiving his SERP Benefit in the Normal Form on the first date he could have commenced receiving such benefit had he so retired, and died immediately thereafter. Such benefit will be paid monthly in an amount equal to one twelfth (( 1/12th) of the benefit determined under the preceding sentence and will commence on the first day of the month following the Executive’s death or, if later, the date on which the Executive’s SERP Benefit would have begun to be paid if the Executive had retired on the date of death. If Executive is not survived by his spouse, or if his surviving spouse is no longer living at the date benefit payments are scheduled to commence, no death benefit shall be paid under the SERP.