Common use of Payment to Beneficiary Clause in Contracts

Payment to Beneficiary. By delivery of notice in writing to the Company, the Executive may designate a beneficiary to receive his Benefit in the event of the Executive’s death (i) while still employed, or (ii) after a Separation from Service but before payment of the Benefit. In the event of the Executive’s death while still employed, the amount of the Benefit will be determined as though the Executive had experienced a Separation from Service immediately prior to his death. Any beneficiary designation that is duly made will supersede all prior designations. If no designation is duly made, the Executive’s beneficiary will be his spouse or, if the Executive is unmarried at the time of his death, the Executive’s estate.

Payment to Beneficiary. By delivery of notice in writing to the Company, the Executive may designate a beneficiary to receive his her Benefit in the event of the Executive’s death (i) while still employed, or (ii) after a Separation from Service but before payment of the Benefit. In the event of the Executive’s death while still employed, the amount of the Benefit will be determined as though the Executive had experienced a Separation from Service immediately prior to his her death. Any beneficiary designation that is duly made will supersede all prior designations. If no designation is duly made, the Executive’s beneficiary will be his her spouse or, if the Executive is unmarried at the time of his her death, the Executive’s estate.