Common use of Payments on Death Clause in Contracts

Payments on Death. Notwithstanding the provisions of Section 1, if the Executive dies prior to the date on which he has received all of the payments due to him hereunder, then all of the then remaining Retirement Benefits to which he is entitled hereunder, determined in accordance with Exhibit A (without any adjustment for early payment), shall be paid in a lump sum as soon as practicable following the Executive’s death to the trustees of the Acton Trust or such other person or entity nominated by the Executive in writing and delivered to Axis.

Payments on Death. Notwithstanding the provisions of Section 1, if the Executive dies prior to the date on which he has received all of the payments due to him hereunder, then all of the then remaining Retirement Benefits to which he is entitled hereunder, determined in accordance with Exhibit A (without any adjustment for early payment), shall be paid in a lump sum as soon as practicable following the Executive’s death to the trustees of the Acton Trust or such other person or entity nominated by the Executive in writing and delivered to AxisAXIS.