Common use of Payment in the Event of Death Clause in Contracts

Payment in the Event of Death. Upon the death of the Executive prior to a termination, any payment due and owing by the Employer to Executive under this Agreement shall be made to such beneficiary as Executive may designate in writing, or failing such designation, the executor of his or her estate. Upon the death of the Executive after a termination has occurred, then the beneficiary designated by the Executive or, if no beneficiary has been designated, his or her executor shall be entitled to a lump sum death benefit equal to the present value of the payments that were remaining to be paid under Paragraph 6(a) as of the date of death. Such lump sum present value payment shall be determined using an interest rate per annum equal to the prime rate of interest as published in The Wall Street Journal (Midwest Edition) on the first business day of the month in which the Executive's death occurred and shall be paid within 30 days of the date of death. Such payments shall be in addition to the amount of the bonus payment, if any, which may thereafter be due under Paragraph 6(b), any other death benefits provided by the Employer or under any plan, program or arrangement maintained by the Employer.

Payment in the Event of Death. Upon the death of the Executive ----------------------------- prior to a termination, any payment due and owing by the Employer to Executive under this Agreement shall be made to such beneficiary as Executive may designate in writing, or failing such designation, the executor of his or her estate. Upon the death of the Executive after a termination has occurred, then the beneficiary designated by the Executive or, if no beneficiary has been designated, his or her executor shall be entitled to a lump sum death benefit equal to the present value of the payments that were remaining to be paid under Paragraph 6(a7(a) as of the date of death. Such lump sum present value payment shall be determined using an interest rate per annum equal to the prime rate of interest as published in The Wall Street Journal (Midwest Edition) on the first business ----------------------- day of the month in which the Executive's death occurred and shall be paid within 30 days of the date of death. Such payments shall be in addition to the amount of the bonus payment, if any, which may thereafter be due under Paragraph 6(b7(b), any other death benefits provided by the Employer or under any plan, program or arrangement maintained by the Employer.

Payment in the Event of Death. Upon the death of the Executive prior to a termination, any payment due and owing by the Employer to Executive under this Agreement shall be made to such beneficiary as Executive may designate in writing, or failing such designation, the executor of his or her estate. Upon the death of the Executive after a termination has occurred, then the beneficiary designated by the Executive or, if no beneficiary has been designated, his or her executor shall be entitled to a lump sum death benefit equal to the present value of the payments that were remaining to be paid under Paragraph 6(a) as of the date of death. Such lump sum present value payment shall be determined using an interest rate per annum equal to the prime rate of interest as published in The Wall Street Journal (Midwest Edition) on the first business day of the month in which the Executive's ’s death occurred and shall be paid within 30 days of the date of death. Such payments shall be in addition to the amount of the bonus payment, if any, which may thereafter be due under Paragraph 6(b), any other death benefits provided by the Employer or under any plan, program or arrangement maintained by the Employer.

Payment in the Event of Death. Upon the death of the Executive ----------------------------- prior to a termination, any payment due and owing by the Employer to Executive under this Agreement shall be made to such beneficiary as Executive may designate in writing, or failing such designation, the executor of his or her estate. Upon the death of the Executive after a termination has occurred, then the beneficiary designated by the Executive or, if no beneficiary has been designated, his or her executor shall be entitled to a lump sum death benefit equal to the present value of the payments that were remaining to be paid under Paragraph 6(a) as of the date of death. Such lump sum present value payment shall be determined using an interest rate per annum equal to the prime rate of interest as published in The Wall Street Journal (Midwest Edition) on the first business ----------------------- day of the month in which the Executive's death occurred and shall be paid within 30 days of the date of death. Such payments shall be in addition to the amount of the bonus payment, if any, which may thereafter be due under Paragraph 6(b), any other death benefits provided by the Employer or under any plan, program or arrangement maintained by the Employer.