Common use of Payment Method and Duration Clause in Contracts

Payment Method and Duration. This Executive Benefit amount shall be paid in one lump sum on the first day of the first month immediately following Executive’s Separation From Service. In the event Executive Separates From Service after a Change in Control, and after qualifying for Early or Normal Retirement, then Executive shall be deemed to have elected Early or Normal Retirement and shall receive the benefit specified under the applicable provisions of this Agreement.

Payment Method and Duration. This Executive Benefit amount shall be paid in one lump sum on the first day of the first month immediately following Executive’s Separation From Service. In the event Executive Separates From Service after a Change in Control, and after qualifying for Early or Normal Retirement, then Executive shall be deemed to have elected Early or Normal Retirement and shall receive the benefit specified under the applicable provisions of this Agreement.