Common use of While Employed Clause in Contracts

While Employed. In the event of the Executive's death while still in the employ of the Company, prior to the commencement of benefit payments otherwise due under this Plan, the Company shall pay to the Executive's Beneficiary the vested percentage of the Executive's Retirement Benefit, calculated as of the date of the Executive's death, over a period of fifteen (15) years in equal, monthly installments for one hundred eighty (180) months. The first installment shall commence on the first day of the first month following the date of the Executive's death, with subsequent installments being paid on the first day of each month thereafter.