Common use of Election by Beneficiary to Receive Lump Sum Benefit Clause in Contracts

Election by Beneficiary to Receive Lump Sum Benefit. In the event that, prior to his death, the Director has not made a Timely Election to receive a lump sum benefit payment by filing with the Administrator a Notice of Election to Change Form of Payment (Exhibit C of the Joinder Agreement), the Director’s Beneficiary may request to receive the appropriate death benefit pursuant to Subsection 5.1 (a) in the form of a lump sum benefit payment. Payment of the death benefit in such lump sum form shall be made only if (i) Board of Director approval is obtained, and (ii) the Director’s Beneficiary notifies the Administrator in writing of such election within ninety (90) days of the Director’s death. Such lump sum benefit, if approved by the Board of Directors, shall be payable within thirty (30) days of such Board of Director approval.

Election by Beneficiary to Receive Lump Sum Benefit. In the event thatof the Director’s death after commencement of the monthly Deferred Compensation Benefit, but prior to his death, the Director has not made a Timely Election to receive a lump sum benefit payment by filing with the Administrator a Notice completion of Election to Change Form of Payment (Exhibit C of the Joinder Agreement)all such payments due and owing hereunder, the Director’s Beneficiary may request to receive the appropriate death benefit pursuant to Subsection 5.1 (a) unpaid balance of the Director’s Elective Contribution Account in the form of a lump sum benefit payment. Payment of the death benefit balance of the Elective Contribution Account in such lump sum form shall be made only if (i) Board of Director approval is obtained, ; and (ii) the Director’s Beneficiary notifies the Administrator in writing of such election within ninety (90) days of the Director’s death. Such lump sum benefitpayment, if approved by the Board of Directors, shall be payable within thirty (30) days of such Board of Director approval.

Election by Beneficiary to Receive Lump Sum Benefit. In the event thatof the Executive’s death after commencement of the monthly Deferred Compensation Benefit, but prior to his deathcompletion of all such payments due and owing hereunder, the Director has not made a Timely Election to receive a lump sum benefit payment by filing with the Administrator a Notice of Election to Change Form of Payment (Exhibit C of the Joinder Agreement), the DirectorExecutive’s Beneficiary may request to receive the appropriate death benefit pursuant to Subsection 5.1 (a) unpaid balance of the Executive’s Elective Contribution Account in the form of a lump sum benefit payment. Payment of the death benefit balance of the Elective Contribution Account in such lump sum form shall be made only if (i) Board of Director approval is obtained, and (ii) the DirectorExecutive’s Beneficiary notifies the Administrator in writing of such election within ninety (90) days of the DirectorExecutive’s death. Such lump sum benefitpayment, if approved by the Board of Directors, shall be payable within thirty (30) days of such Board of Director approval.

Election by Beneficiary to Receive Lump Sum Benefit. In the event that, prior to his death, the Director Executive has not made a Timely Election to receive a lump sum benefit payment by filing with the Administrator a Notice of Election to Change Form of Payment (Exhibit C D of the Joinder Agreement), the DirectorExecutive’s Beneficiary may request to receive the appropriate death benefit pursuant to Subsection 5.1 (a5.1(a) in the form of a lump sum benefit payment. Payment of the death benefit in such lump sum form shall be made only if (i) Board of Director approval is obtained, and (ii) the DirectorExecutive’s Beneficiary notifies the Administrator in writing of such election within ninety (90) days of the DirectorExecutive’s death. Such lump sum benefit, if approved by the Board of Directors, shall be payable within thirty (30) days of such Board of Director approval.