Common use of Election to Receive Alternative Benefit Clause in Contracts

Election to Receive Alternative Benefit. In lieu of the benefit described in Section 3.2(a), the Executive may elect, in the event the Executive dies before distribution of his benefits under Article II has started, for the Company to pay a cash lump sum to the Executive’s designated beneficiary, equal to the lump sum the Executive would have received under the applicable section of Article II (after reduction, as provided in subsection (e) below, for the cumulative additional actuarial cost, if any, associated with such election) had he terminated employment on the day immediately preceding his death. Such payment shall be made as soon as administratively practicable (but in any event no later than 90 days) after the date of the Executive’s death. The Executive’s election pursuant to this Section 3.2(d) to receive the alternative lump-sum benefit (including any change thereto or revocation thereof) shall be made on or prior to the first day in which he begins to accrue any benefits under this Agreement or otherwise shall not take effect until twelve months after the date on which it is made.

Election to Receive Alternative Benefit. In lieu of the benefit described in Section 3.2(a), the Executive may elect, in the event the Executive dies before distribution of his benefits under Article II has started, for the Company to pay a cash lump sum to the Executive’s designated beneficiary, equal to the lump sum the Executive would have received under the applicable section of Article II (after reduction, as provided in subsection (e) below, for the cumulative additional actuarial cost, if any, associated with such election) had he terminated employment on the day immediately preceding his death. Such payment shall be made as soon as administratively practicable (but in any event no later than 90 days) after the date of the Executive’s death. The Executive’s election pursuant to this Section 3.2(d) to receive the alternative lump-sum benefit (including any change thereto or revocation thereof) shall be made on or prior to in accordance with the first day transitional election rules stated in which he begins to accrue any benefits under this Agreement Section 2.2.10 or otherwise shall not take effect until twelve months after the date on which it is made.

Election to Receive Alternative Benefit. In lieu of the benefit described in Section 3.2(a)3.2.1, the Executive may elect, in the event the Executive dies before distribution of his benefits under Article II has started, for the Company to pay a cash lump sum to the Executive’s designated beneficiary, equal to the lump sum the Executive would have received under the applicable section of Article II (after reduction, as provided in subsection (e) Section 3.2.5 below, for the cumulative additional actuarial cost, if any, associated with such election) had he terminated employment on the day immediately preceding his death. Such payment shall be made as soon as administratively practicable (but in any event no later than 90 days) after the date of the Executive’s death. The Executive’s election pursuant to this Section 3.2(d) 3.2.4 to receive the alternative lump-sum benefit (including any change thereto or revocation thereof) shall be made on or prior to in accordance with the first day transitional election rules stated in which he begins to accrue any benefits under this Agreement Section 2.2.9 or otherwise shall not take effect until twelve months after the date on which it is made.