Common use of Reduced Benefit Option Clause in Contracts

Reduced Benefit Option. In lieu of receiving monthly installments as defined in paragraph 4.01 the Executive’s surviving spouse may petition the Board of Directors to receive a reduced benefit payable in monthly installments with the first payment due on the first day of the third month following the decease of the Executive. The amount of the benefit will be the “Actuarial Equivalent” of the normal benefit payable as defined in paragraph 4.01 above. The reduced benefit shall be payable for the lesser of one-hundred eighty (180) months or the lifetime of the surviving spouse. It is understood that the Board of Directors, as demonstrated by a simple majority vote, shall have the final authority to either grant or reject such a request.

Reduced Benefit Option. In lieu of receiving monthly installments as defined in paragraph 4.01 the Executive’s 's surviving spouse may petition the Board of Directors to receive a reduced benefit payable in monthly installments with the first payment due on the first day of the third month following the decease death of the Executive. The amount of the benefit will be the “Actuarial Equivalent” of the normal benefit as payable as defined in paragraph 4.01 above. The reduced benefit shall be payable for the lesser of one-hundred eighty (180) months or the lifetime of the surviving spouse. It is understood that the Board of Directors, as demonstrated by a simple majority vote, shall have the final authority to either grant or reject such a request.

Reduced Benefit Option. In lieu of receiving monthly installments as defined in paragraph 4.01 the Executive’s surviving spouse may petition the Board of Directors to receive a reduced benefit payable in monthly installments with the first payment due on the first day of the third month following the decease of the Executive. The amount of the benefit will be the “Actuarial Equivalent” of the normal benefit payable as defined in paragraph 4.01 above. The reduced benefit shall be payable for the lesser of onethree-hundred eighty sixty (180360) months or the lifetime of the surviving spouse. It is understood that the Board of Directors, as demonstrated by a simple majority vote, shall have the final authority to either grant or reject such a request.

Reduced Benefit Option. In lieu of receiving monthly installments as defined in paragraph 4.01 the Executive’s surviving spouse may petition the Board of Directors to receive a reduced benefit payable in monthly installments with the first payment due on the first day of the third month following the decease of the Executive. The amount of the benefit will be the “Actuarial Equivalent” of the normal benefit payable as defined in paragraph 4.01 above. The reduced benefit shall be payable for the lesser of one-hundred eighty (180) months or the lifetime of the surviving spouse. It is understood that the Board of Directors, as demonstrated by a simple majority vote, shall have the final authority to either grant or reject such a request.

Reduced Benefit Option. In lieu of receiving monthly installments as defined in paragraph 4.01 the Executive’s surviving spouse may my petition the Board of Directors to receive a reduced benefit payable in monthly installments with the first payment due on the first day of the third month following the decease of the Executive. The amount of the benefit will be the “Actuarial Equivalent” of the normal benefit payable as defined in paragraph 4.01 above. The reduced benefit shall be payable for the lesser of one-hundred eighty (180) months or the lifetime of for the surviving spouse. It is understood that the Board of Directors, as demonstrated by a simple majority vote, shall have the final authority to either grant or reject such a request.

Reduced Benefit Option. In lieu of receiving monthly installments as defined in paragraph 4.01 the Executive’s surviving spouse may petition the Board of Directors to receive a reduced benefit payable in monthly installments with the first payment due on the first day of the third month following the decease of the Executive. The amount of the benefit will be the “Actuarial Equivalent” of the normal benefit payable as defined in paragraph 4.01 above. The reduced benefit shall be payable for the lesser of one-hundred eighty (180) months or the lifetime of the surviving spouse. It is understood that the Board of Directors, as demonstrated by a simple majority vote, shall have the final authority to either grant or to reject such a request.