Common use of Lump Sum Death Benefit Clause in Contracts

Lump Sum Death Benefit. In the event that an Executive dies after a Severance Event and prior to receipt of the full amount of such Executive’s Severance Pay, then a lump sum death benefit shall be paid to the estate or beneficiary within ninety (90) days after the date of death of the Executive; provided, however, that payment may be deferred until the Executive’s executor or personal representative has been appointed and qualified pursuant to the laws in effect in the Executive’s jurisdiction of residence at the time of the Executive’s death. The lump sum death benefit shall be equal to the aggregate amount of the Severance Pay to which the Executive is entitled, but that has not been paid as of the date of death. Notwithstanding the foregoing, if, as of the date of death, the Executive has not executed the Release, or if executed, the time for revocation of the Release has not expired, then the payment of the lump sum death benefit shall be subject to the execution by such personal representative or beneficiary of a release substantially similar in scope to the Release.