Common use of TERMS AND CONDITIONS OF BENEFIT Clause in Contracts

TERMS AND CONDITIONS OF BENEFIT. The annual lifetime benefit calculated in accordance with Section 1 hereof shall be paid in monthly installments on the first day of each month. Such installments paid pursuant to 1.a, 1.b or 1.d shall be calculated as if they were to commence to be paid on the first day of the first month following the Employee’s separation from service. However, if the Employee is a “specified employee” as that term is defined under Section 409A, at the time of separation from service, actual payment will commence on the first day of the seventh (7th) month following the date of the Employee’s separation from service, and the first payment shall include all payments that would have been made had payments commenced on the first day of the month following the Employee’s separation from service, so that the first installment made pursuant to 1.a., 1.b. or 1.d, if the Employee is a specified employee, shall be equal to seven (7th) such installments. If the Employee is not a “specified employee” at the time of separation from service, payment of monthly installments shall commence on the first day of the first month following the Employee’s separation from service. If the Employee is a specified employee at the time of separation and should die after separation, but prior to the first day of the seventh (7th) month following separation from service, a lump sum equal to the amount the Employee would have received had she commenced receiving benefits immediately upon the first day of the month following separation from service and ending on the date of death shall be paid to the Employee’s estate; and the Employee’s surviving spouse, if any, shall receive any 50% survivor annuity payments for the period from the Employee’s date of death to the first day of the seventh (7th) month following separation from service. Any payments made pursuant to the preceding sentence shall be made on the first day of the seventh (7th) month following separation from service. The form in which the benefit hereunder shall be paid is, if the Employee is unmarried at the time of separation from service, an annuity for the life of the Employee only and, if the Employee is married at the time of separation from service, an annuity for the life of the Employee with the provision that after the Employee’s death, 50% of the annual benefit that was payable to the Employee shall be continued to the Employee’s surviving spouse for life (a “Joint and Survivor Annuity”). The benefit payable as a Joint and Survivor Annuity shall be calculated by applying to the benefit calculated in accordance with Section 1.a., 1.b., or 1.d. hereof, as appropriate, the factors for the 50% contingent annuity option set forth in the Retirement Plan. The Joint and Survivor Annuity shall be actuarially equivalent to the life annuity form of payment. Monthly installments of benefits shall be paid on the first day of the month and shall cease to be paid as of the first day of the month following the date of the Employee’s death, unless a Joint and Survivor Annuity is then in effect, in which event the installments shall continue to be paid on the first day of the month and shall cease as of the first day of the month following the death of the Employee’s surviving spouse. A Joint and Survivor Annuity shall be deemed to be in effect if the Employee is married at the time of separation from service, regardless of whether the Employee dies prior to actual commencement of benefits.

TERMS AND CONDITIONS OF BENEFIT. The annual lifetime benefit calculated in accordance with Section 1 hereof shall be paid in monthly installments on the first day of each month. Such installments paid pursuant to 1.a, 1.b or 1.d shall be calculated as if they the were to commence to be paid on the first day of the first month following the Employee’s separation from serviceretirement or termination of employment. However, if the Employee is a “specified employee” as that term is defined under Section 409A, at the time of separation from service, actual payment will commence on the first day of the seventh eighth (7th8th) month following the date of the Employee’s separation from serviceretirement or termination of employment, and although the first payment shall include all payments that would have been made had payments commenced on the first day of the month following the Employee’s separation from service, so that the retirement or termination of employment. The first installment made pursuant to 1.a., 1.b. or 1.d, if the Employee is a specified employee, 1.d shall be equal to seven eights (7th) 8) such installments. If the Employee is not a “specified employee” at the time of separation from service, payment of monthly installments shall commence on the first day of the first month following the Employee’s separation from service. If the Employee is a specified employee at the time of separation and should die after separation, but prior to the first day of the seventh (7th) month following separation from service, a lump sum equal to the amount the Employee would have received had she commenced receiving benefits immediately upon the first day of the month following separation from service and ending on the date of death shall be paid to the Employee’s estate; and the Employee’s surviving spouse, if any, shall receive any 50% survivor annuity payments for the period from the Employee’s date of death to the first day of the seventh (7th) month following separation from service. Any payments made pursuant to the preceding sentence shall be made on the first day of the seventh (7th) month following separation from service. The form in which the benefit hereunder shall be paid is, if the Employee is unmarried at the time of separation from serviceunmarried, an annuity for the life of the Employee only and, if the Employee is married at the time of separation from servicemarried, an annuity for the life of the Employee with the provision that after the Employee’s death, 50% of the annual benefit that was payable to the Employee shall be continued to the Employee’s surviving spouse for life (a “Joint and Survivor Annuity”). The benefit payable as a Joint and Survivor Annuity shall be calculated by applying to the benefit calculated in accordance with Section 1.a., 1.b., . or 1.d. hereof, as appropriate, the factors for the 50% contingent annuity option set forth in the Retirement Plan. The Joint and Survivor Annuity shall be actuarially equivalent to the life annuity form of payment. Monthly installments of benefits shall be paid on the first day of the month and shall cease to be paid as of the first day of the month following the date of the Employee’s death, unless a Joint and Survivor Annuity is was then in effect, in which event the installments shall continue to be paid on the first day of the month and shall cease as of the first day of the month following the death of the Employee’s surviving spouse. A Joint and Survivor Annuity shall be deemed to be in effect if the Employee is married at the time of separation from service, regardless of whether the Employee dies prior to actual commencement of benefits.

TERMS AND CONDITIONS OF BENEFIT. The annual lifetime benefit calculated in accordance with Section 1 hereof shall be paid in monthly installments on the first day of each month. Such installments paid pursuant to 1.a, 1.b or 1.d shall be calculated as if they were to commence to be paid on the first day of the first month following the Employee’s separation from service. However, if the Employee is a “specified employee” as that term is defined under Section 409A, at the time of separation from service, actual payment will commence on the first day of the seventh (7th) month following the date of the Employee’s separation from service, and the first payment shall include all payments that would have been made had payments commenced on the first day of the month following the Employee’s separation from service, so that the first installment made pursuant to 1.a., 1.b. ., or 1.d, if the Employee is a specified employee, shall be equal to seven (7th7) such installments. If the Employee is not a “specified employee” at the time of separation from service, payment of monthly installments shall commence on the first day of the first month following the Employee’s separation from service. If the Employee is a specified employee at the time of separation and should die after separation, but prior to the first day of the seventh (7th) month following separation from service, a lump sum equal to the amount the Employee would have received had she [he][she] commenced receiving benefits immediately upon the first day of the month following separation from service and ending on the date of death shall be paid to the Employee’s estate; and the Employee’s surviving spouse, if any, shall receive any 50% survivor annuity payments for the period from the Employee’s date of death to the first day of the seventh (7th) month following separation from service. Any payments made pursuant to the preceding sentence shall be made on the first day of the seventh (7th) month following separation from service. The form in which the benefit hereunder shall be paid is, if the Employee is unmarried at the time of separation from service, an annuity for the life of the Employee only and, if the Employee is married at the time of separation from service, an annuity for the life of the Employee with the provision that after the Employee’s 's death, 50% of the annual benefit that was payable to the Employee shall be continued to the Employee’s 's surviving spouse for life (a “"Joint and Survivor Annuity”"). The benefit payable as a Joint and Survivor Annuity shall be calculated by applying to the benefit calculated in accordance with Section 1.a., 1.b., l.b. or 1.d. hereof, as appropriate, the factors for the 50% contingent annuity option set forth in the Retirement Plan. The Joint and Survivor Annuity shall be actuarially equivalent to the life annuity form of payment. Monthly installments of benefits shall be paid on the first day of the month and shall cease to be paid as of the first day of the month following the date of the Employee’s 's death, unless a Joint and Survivor Annuity is then in effect, in which event the installments shall continue to be paid on the first day of the month and shall cease as of the first day of the month following the death of the Employee’s 's surviving spouse. A Joint and Survivor Annuity shall be deemed to be in effect if the Employee is married at the time of separation from service, regardless of whether the Employee dies prior to actual commencement of benefits.

TERMS AND CONDITIONS OF BENEFIT. The annual lifetime benefit calculated in accordance with Section 1 hereof shall be paid in monthly installments on the first day of each month. Such installments paid pursuant to 1.a, 1.b or 1.d shall be calculated as if they were to commence to be paid on the first day of the first month following the Employee’s separation from service. However, if the Employee is a “specified employee” as that term is defined under Section 409A, at the time of separation from service, actual payment will commence on the first day of the seventh (7th) month following the date of the Employee’s separation from service, and the first payment shall include all payments that would have been made had payments commenced on the first day of the month following the Employee’s separation from service, so that the first installment made pursuant to 1.a., 1.b. or 1.d, if the Employee is a specified employee, shall be equal to seven (7th7) such installments. If the Employee is not a “specified employee” at the time of separation from service, payment of monthly installments shall commence on the first day of the first month following the Employee’s separation from service. If the Employee is a specified employee at the time of separation and should die after separation, but prior to the first day of the seventh (7th) month following separation from service, a lump sum equal to the amount the Employee would have received had she [she] commenced receiving benefits immediately upon the first day of the month following separation from service and ending on the date of death shall be paid to the Employee’s estate; and the Employee’s surviving spouse, if any, shall receive any 50% survivor annuity payments for the period from the Employee’s date of death to the first day of the seventh (7th) month following separation from service. Any payments made pursuant to the preceding sentence shall be made on the first day of the seventh (7th) month following separation from service. The form in which the benefit hereunder shall be paid is, if the Employee is unmarried at the time of separation from service, an annuity for the life of the Employee only and, if the Employee is married at the time of separation from service, an annuity for the life of the Employee with the provision that after the Employee’s death, 50% of the annual benefit that was payable to the Employee shall be continued to the Employee’s surviving spouse for life (a “Joint and Survivor Annuity”). The benefit payable as a Joint and Survivor Annuity shall be calculated by applying to the benefit calculated in accordance with Section 1.a., 1.b., l.b. or 1.d. hereof, as appropriate, the factors for the 50% contingent annuity option set forth in the Retirement Plan. The Joint and Survivor Annuity shall be actuarially equivalent to the life annuity form of payment. Monthly installments of benefits shall be paid on the first day of the month and shall cease to be paid as of the first day of the month following the date of the Employee’s death, unless a Joint and Survivor Annuity is then in effect, in which event the installments shall continue to be paid on the first day of the month and shall cease as of the first day of the month following the death of the Employee’s surviving spouse. A Joint and Survivor Annuity shall be deemed to be in effect if the Employee is married at the time of separation from service, regardless of whether the Employee dies prior to actual commencement of benefits.

TERMS AND CONDITIONS OF BENEFIT. The annual lifetime benefit calculated in accordance with Section 1 hereof shall be paid in monthly installments on the first day of each month. Such installments paid pursuant to 1.a, 1.b or 1.d shall be calculated as if they were to commence to be paid on the first day of the first month following the Employee’s separation from service. However, if the Employee is a “specified employee” as that term is defined under Section 409A, at the time of separation from service, actual payment will commence on the first day of the seventh (7th) month following the date of the Employee’s separation from service, and the first payment shall include all payments that would have been made had payments commenced on the first day of the month following the Employee’s separation from service, so that the first installment made pursuant to 1.a., 1.b. or 1.d, if the Employee is a specified employee, shall be equal to seven (7th) such installments. If the Employee is not a “specified employee” at the time of separation from service, payment of monthly installments shall commence on the first day of the first month following the Employee’s separation from service. If the Employee is a specified employee at the time of separation and should die after separation, but prior to the first day of the seventh (7th) month following separation from service, a lump sum equal to the amount the Employee would have received had she he commenced receiving benefits immediately upon the first day of the month following separation from service and ending on the date of death shall be paid to the Employee’s estate; and the Employee’s surviving spouse, if any, shall receive any 50% survivor annuity payments for the period from the Employee’s date of death to the first day of the seventh (7th) month following separation from service. Any payments made pursuant to the preceding sentence shall be made on the first day of the seventh (7th) month following separation from service. The form in which the benefit hereunder shall be paid is, if the Employee is unmarried at the time of separation from service, an annuity for the life of the Employee only and, if the Employee is married at the time of separation from service, an annuity for the life of the Employee with the provision that after the Employee’s death, 50% of the annual benefit that was payable to the Employee shall be continued to the Employee’s surviving spouse for life (a “Joint and Survivor Annuity”). The benefit payable as a Joint and Survivor Annuity shall be calculated by applying to the benefit calculated in accordance with Section 1.a., 1.b., or 1.d. hereof, as appropriate, the factors for the 50% contingent annuity option set forth in the Retirement Plan. The Joint and Survivor Annuity shall be actuarially equivalent to the life annuity form of payment. Monthly installments of benefits shall be paid on the first day of the month and shall cease to be paid as of the first day of the month following the date of the Employee’s death, unless a Joint and Survivor Annuity is then in effect, in which event the installments shall continue to be paid on the first day of the month and shall cease as of the first day of the month following the death of the Employee’s surviving spouse. A Joint and Survivor Annuity shall be deemed to be in effect if the Employee is married at the time of separation from service, regardless of whether the Employee dies prior to actual commencement of benefits.

TERMS AND CONDITIONS OF BENEFIT. The annual lifetime benefit calculated in accordance with Section 1 hereof shall be paid in monthly installments on the first day of each month. Such installments paid pursuant to 1.a, 1.b or 1.d shall be calculated as if they were to commence to be paid on the first day of the first month following the Employee’s separation from service. However, if the Employee is a “specified employee” as that term is defined under Section 409A, at the time of separation from service, actual payment will commence on the first day of the seventh (7th) month following the date of the Employee’s separation from service, and the first payment shall include all payments that would have been made had payments commenced on the first day of the month following the Employee’s separation from service, so that the first installment made pursuant to 1.a., 1.b. or 1.d, if the Employee is a specified employee, shall be equal to seven (7th7) such installments. If the Employee is not a “specified employee” at the time of separation from service, payment of monthly installments shall commence on the first day of the first month following the Employee’s separation from service. If the Employee is a specified employee at the time of separation and should die after separation, but prior to the first day of the seventh (7th) month following separation from service, a lump sum equal to the amount the Employee would have received had she [he] commenced receiving benefits immediately upon the first day of the month following separation from service and ending on the date of death shall be paid to the Employee’s estate; and the Employee’s surviving spouse, if any, shall receive any 50% survivor annuity payments for the period from the Employee’s date of death to the first day of the seventh (7th) month following separation from service. Any payments made pursuant to the preceding sentence shall be made on the first day of the seventh (7th) month following separation from service. The form in which the benefit hereunder shall be paid is, if the Employee is unmarried at the time of separation from service, an annuity for the life of the Employee only and, if the Employee is married at the time of separation from service, an annuity for the life of the Employee with the provision that after the Employee’s 's death, 50% of the annual benefit that was payable to the Employee shall be continued to the Employee’s 's surviving spouse for life (a “"Joint and Survivor Annuity”"). The benefit payable as a Joint and Survivor Annuity shall be calculated by applying to the benefit calculated in accordance with Section 1.a., 1.b., l.b. or 1.d. hereof, as appropriate, the factors for the 50% contingent annuity option set forth in the Retirement Plan. The Joint and Survivor Annuity shall be actuarially equivalent to the life annuity form of payment. Monthly installments of benefits shall be paid on the first day of the month and shall cease to be paid as of the first day of the month following the date of the Employee’s 's death, unless a Joint and Survivor Annuity is then in effect, in which event the installments shall continue to be paid on the first day of the month and shall cease as of the first day of the month following the death of the Employee’s 's surviving spouse. A Joint and Survivor Annuity shall be deemed to be in effect if the Employee is married at the time of separation from service, regardless of whether the Employee dies prior to actual commencement of benefits.

TERMS AND CONDITIONS OF BENEFIT. The annual lifetime benefit calculated in accordance with Section 1 hereof shall be paid in monthly installments on the first day of each month. Such installments paid pursuant to 1.al.a, 1.b l.b or 1.d x.x shall be calculated as if they were to commence to be paid on the first day of the first month following the Employee’s 's separation from service. However, if the Employee is a “"specified employee” " as that term is defined under Section 409A, at the time of separation from service, actual payment will commence on the first day of the seventh (7th) month following the date of the Employee’s 's separation from service, and the first payment shall include all payments that would have been made had payments commenced on the first day of the month following the Employee’s 's separation from service, so that the first installment made pursuant to 1.al.a., 1.bl.b. or 1.dx.x, if the Employee is a specified employee, shall be equal to seven (7th7) such installments. If the Employee is not a “"specified employee” " at the time of separation from service, payment of monthly installments shall commence on the first day of the first month following the Employee’s 's separation from service. If the Employee is a specified employee at the time of separation and should die after separation, but prior to the first day of the seventh (7th) month following separation from service, a lump sum equal to the amount the Employee would have received had she he commenced receiving benefits immediately upon the first day of the month following separation from service and ending on the date of death shall be paid to the Employee’s 's estate; and the Employee’s 's surviving spouse, if any, shall receive any 50% survivor annuity payments for the period from the Employee’s 's date of death to the first day of the seventh (7th) month following separation from service. Any payments made pursuant to the preceding sentence shall be made on the first day of the seventh (7th) month following separation from service. The form in which the benefit hereunder shall be paid is, if the Employee is unmarried at the time of separation from service, an annuity for the life of the Employee only and, if the Employee is married at the time of separation from service, an annuity for the life of the Employee with the provision that after the Employee’s 's death, 50% of the annual benefit that was payable to the Employee shall be continued to the Employee’s 's surviving spouse for life (a “"Joint and Survivor Annuity”"). The benefit payable as a Joint and Survivor Annuity shall be calculated by applying to the benefit calculated in accordance with Section 1.al.a., 1.b., Lb. or 1.dx.x. hereof, as appropriate, the factors for the 50% contingent annuity option set forth in the Retirement Plan. The Joint and Survivor Annuity shall be actuarially equivalent to the life annuity form of payment. Monthly installments of benefits shall be paid on the first day of the month and shall cease to be paid as of the first day of the month following the date of the Employee’s 's death, unless a Joint and Survivor Annuity is then in effect, in which event the installments shall continue to be paid on the first day of the month and shall cease as of the first day of the month following the death of the Employee’s 's surviving spouse. A Joint and Survivor Annuity shall be deemed to be in effect if the Employee is married at the time of separation from service, regardless of whether the Employee dies prior to actual commencement of benefits.

TERMS AND CONDITIONS OF BENEFIT. The annual lifetime benefit calculated in accordance with Section 1 hereof shall be paid in monthly installments on the first day of each month. Such installments paid pursuant to 1.a, 1.b or 1.d shall be calculated as if they the were to commence to be paid on the first day of the first month following the Employee’s separation from serviceretirement or termination of employment. However, if the Employee is a “specified employee” as that term is defined under Section 409A, at the time of separation from service, actual payment will commence on the first day of the seventh (7th) month following the date of the Employee’s separation from serviceretirement or termination of employment, and although the first payment shall include all payments that would have been made had payments commenced on the first day of the month following the Employee’s separation from service, so that the retirement or termination of employment. The first installment made pursuant to 1.a., 1.b. or 1.d, if the Employee is a specified employee, 1.d shall be equal to seven (7th7) such installments. If the Employee is not a “specified employee” at the time of separation from service, payment of monthly installments shall commence on the first day of the first month following the Employee’s separation from service. If the Employee is a specified employee at the time of separation and should die after separation, but prior to the first day of the seventh (7th) month following separation from service, a lump sum equal to the amount the Employee would have received had she commenced receiving benefits immediately upon the first day of the month following separation from service and ending on the date of death shall be paid to the Employee’s estate; and the Employee’s surviving spouse, if any, shall receive any 50% survivor annuity payments for the period from the Employee’s date of death to the first day of the seventh (7th) month following separation from service. Any payments made pursuant to the preceding sentence shall be made on the first day of the seventh (7th) month following separation from service. The form in which the benefit hereunder shall be paid is, if the Employee is unmarried at the time of separation from serviceunmarried, an annuity for the life of the Employee only and, if the Employee is married at the time of separation from servicemarried, an annuity for the life of the Employee with the provision that after the Employee’s death, 50% of the annual benefit that was payable to the Employee shall be continued to the Employee’s surviving spouse for life (a “Joint and Survivor Annuity”). The benefit payable as a Joint and Survivor Annuity shall be calculated by applying to the benefit calculated in accordance with Section 1.a., 1.b., l.b. or 1.d. hereof, as appropriate, the factors for the 50% contingent annuity option set forth in the Retirement Plan. The Joint and Survivor Annuity shall be actuarially equivalent to the life annuity form of payment. Monthly installments of benefits shall be paid on the first day of the month and shall cease to be paid as of the first day of the month following the date of the Employee’s death, unless a Joint and Survivor Annuity is was then in effect, in which event the installments shall continue to be paid on the first day of the month and shall cease as of the first day of the month following the death of the Employee’s surviving spouse. A Joint and Survivor Annuity shall be deemed to be in effect if the Employee is married at the time of separation from service, regardless of whether the Employee dies prior to actual commencement of benefits.