Common use of Executive’s Interest – After Reaching Retirement Clause in Contracts

Executive’s Interest – After Reaching Retirement. If Executive dies upon or after Retirement, and subject to Sections 2.5 and 2.6 herein, Executive’s designated beneficiary shall have the right to a DB in an amount equal to the Accrual Balance, calculated as of the date of Executive’s death, provided that in no event shall the DB exceed the greater of (i) Net Death Proceeds or (ii) premiums paid by the Employer for the Policy(ies).