Common use of Death Prior to Retirement Clause in Contracts

Death Prior to Retirement. a. In the event that the Executive dies while in the employ of the Company and has a Beneficiary on the date of his death, the Executive's Beneficiary shall receive, beginning with the first day of the month following the Executive's death and payable monthly, an annual amount equal to two-thirds of the Executive's Unreduced Supplemental Retirement Benefit (computed on the basis of the Vesting Service which the Executive would have completed had the Executive remained in the employ of the Company until attainment of age 60) offset by the Other Company Plan Benefits; provided, however, that such offset shall be made at such time as Other Company Plan Benefits are payable (whether or not the Beneficiary has elected to defer payment to a later date) and in an amount equal to (i) a life annuity payable to the Executive's Beneficiary that is equal to the Actuarial Equivalent of the SGC Profit Sharing Plan balance, and (ii) the survivor annuity actually payable to Executive's Beneficiary pursuant to any Other Company Plan, each determined as of the earliest date on which payments of Other Company Plan Benefits are payable to the Beneficiary. b. In the event that the Executive dies after termination of employment with the Company but prior to commencement of Supplemental Retirement Benefit payments under this Agreement, and has a Beneficiary on the date of his death, the Executive's Beneficiary shall receive, beginning with the first day of the month following the Executive's death and payable monthly, an annual amount equal to two-thirds of the Executive's Unreduced Supplemental Retirement Benefit offset by the amount of Other Company Plan Benefits; provided, however, that such offset shall be made at such time as Other Company Plan Benefits are payable (whether or not the Beneficiary has elected to defer payment to a later date) and in an amount equal to the benefit that would have been payable to Executive's Beneficiary had Executive retired on the date of his or her death and commenced benefit payments in the form of a joint and two-thirds annuity on such date.

Death Prior to Retirement. a. In the event that the Executive dies while in the employ of the Company after his Supplemental Retirement Benefit has vested and has a Beneficiary on the date of his death, the Executive's ’s Beneficiary shall receive, beginning with the first day of the month following the Executive's ’s death and payable monthly, an annual amount equal to two-thirds of the Executive's ’s Unreduced Supplemental Retirement Benefit (computed on the basis of the Vesting Service which the Executive would have completed had the Executive remained in the employ of the Company until attainment of age 60) offset by the Other Company Plan Benefits; provided, however, that such offset shall be made at such time as Other Company Plan Benefits are payable (whether or not the Beneficiary has elected to defer payment to a later date) and in an amount equal to (i) a life annuity payable to the Executive's ’s Beneficiary that is equal to the Actuarial Equivalent of the SGC Profit Sharing Plan balance, and (ii) the survivor annuity actually payable to Executive's ’s Beneficiary pursuant to any Other Company Plan, each determined as of the earliest date on which payments of Other Company Plan Benefits are payable to the Beneficiary. b. In the event that the Executive dies after termination of employment with the Company and after his Supplemental Retirement Benefit has vested but prior to commencement of Supplemental Retirement Benefit payments under this Agreement, and has a Beneficiary on the date of his death, the Executive's ’s Beneficiary shall receive, beginning with the first day of the month following the Executive's ’s death and payable monthly, an annual amount equal to two-thirds of the Executive's ’s Unreduced Supplemental Retirement Benefit offset by the amount of Other Company Plan Benefits; provided, however, that such offset shall be made at such time as Other Company Plan Benefits are payable (whether or not the Beneficiary has elected to defer payment to a later date) and in an amount equal to the benefit that would have been payable to Executive's ’s Beneficiary had Executive retired on the date of his or her death and commenced benefit payments in the form of a joint and two-thirds annuity on such date.

Death Prior to Retirement. a. (a) In the event that the Executive dies while in the employ of the Company Company, and has a Beneficiary on the date of his death, the Executive's ’s Beneficiary shall receive, beginning with the first day of the month following the Executive's ’s death and payable monthly, an annual amount equal to two-thirds of the Executive's ’s Unreduced Supplemental Retirement Benefit (computed on the basis of the Vesting Service which the Executive would have completed had the Executive executive remained in the employ of the Company until attainment of age 60) offset by the Other Company Plan Benefits; provided, however, that such offset shall be made at such time as Other Company Plan Benefits are payable (whether or not the Beneficiary has elected to defer payment to a later date) and in an amount equal to (i) a life annuity payable to the Executive's ’s Beneficiary that is equal to the Actuarial Equivalent of the SGC Profit Sharing Plan balance, balance and (ii) the survivor annuity actually payable to Executive's ’s Beneficiary pursuant to any Other Company Plan, each determined as of the earliest date on which payments of Other Company Plan Benefits are payable to the Beneficiary. b. (b) In the event that the Executive dies after termination of employment with the Company but prior to commencement of Supplemental Retirement Benefit payments under this Agreement, and has a Beneficiary on the date of his death, the Executive's ’s Beneficiary shall receive, beginning with the first day of the month following the Executive's ’s death and payable monthly, an annual amount equal to two-thirds of the Executive's ’s Unreduced Supplemental Retirement Benefit offset by the amount of Other Company Plan Benefits; provided, however, that such offset shall be made at such time as Other Company Plan Benefits are payable (whether or not the Beneficiary has elected to defer payment to a later date) and in an amount equal to the benefit that would have been payable to Executive's ’s Beneficiary had Executive retired on the date of his or her death and commenced benefit payments in the form of a joint and two-thirds annuity on such date.