Death Benefit. In the event that a married Participant dies while in the employment of the Company, for purposes of determining the amount of benefits payable under the Plan to the Participant’s surviving spouse, if any, the Participant shall be deemed to have # elected to receive payment of his Supplemental Retirement Benefit in the form of a Joint & Survivor Annuity (determined in accordance with Section 3.2.2) and # incurred a Separation from Service on the day immediately preceding the date of the Participant’s death. If a deceased Participant has attained age 55 at the time of his death, the survivor benefit portion of his Supplemental Retirement Benefit shall begin to be paid as of the first day of the month following the Participant’s death. In the event the Participant has not attained age 55, such benefit shall begin to be paid as of the first day of the month following the date the Participant would have attained age 55. In the event that a Participant dies while in the employ of the Company and does not have a surviving spouse, then, except as provided in Section 3.2.3, the Company shall have no further liability or obligation under the Plan to the Participant or any person or entity claiming rights through the Participant (including his estate).

Joint and Survivor Annuity. At any time prior to the date of a Participant’s Separation from Service, a Participant may elect, by delivering written notice to the Company, to have the Participant’s Supplemental Retirement Benefit paid in the form of a Joint and Survivor Annuity with either a 50% or 100% survivor benefit (as selected by the Participant), beginning as of the first day of the month following the Participant’s Separation from Service (but no earlier than the Participant’s 55th birthday). Such election shall become irrevocable upon the Participant’s Separation from Service. Such Joint & Survivor Annuity shall be the equivalent actuarial value of the normal form of Supplemental Retirement Benefit provided in Section 3.2.1, using the assumptions set forth in [Appendix A] to Rider No. 1 of the Pension Plan.