Common use of Executive’s Interest – Prior to Retirement Clause in Contracts

Executive’s Interest – Prior to Retirement. If the Executive dies while actively employed by Employer prior to Retirement, and subject to Sections 2.5 and 2.6 herein, Executive’s designated beneficiary shall have the right to a death benefit (“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). The aforementioned present value shall be computed using the long term monthly Applicable Federal Rate at the time of the Executive’s death.