the amount the Alternate Payee would have received under the domestic relations
order had the PERI Participant not died before commencing payment of his PERI
Benefit.
ARTICLE 4
TIME AND FORM OF PERI BENEFIT PAYMENT
Section 4.1.
Time of Payment. Except as provided in Section 4.7 of the PERI
Plan or Section 3.13 of the Plan, payment of a PERI Participant's vested PERI
Benefit will commence as soon as practicable, but not later than 90 days,
following the later of (i) the PERI Participant's Separation from Service or
(ii) the PERI Participant's attainment of age 60.
Section 4.2.
Normal Form of Payment. If a PERI Participant does not make an
election in the time and manner specified in this Article to receive payment of
his PERI Benefit in one of the optional forms of PERI Benefit described in
Section 4.3, the PERI Participant's PERI Benefit will be paid as follows:
(a)
If the PERI Participant is married at the time PERI Benefit payment
commences, payment will be made in the form of a joint and 50% survivor annuity
with the PERI Participant's spouse.
(b)
If the PERI Participant is not married at the time PERI Benefit payment
commences, payment will be in the form of a straight life annuity.
Section 4.3.
Optional Forms of Payment.
(a)
The payment options that may be elected under this Article are:
(1)
Option 1. A straight life annuity.
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(2)
Option 2. An actuarially reduced annuity payable to the PERI Participant
during the PERI Participant's life, with a life annuity payable after the PERI
Participant's death to a Contingent Annuitant in an amount selected by the PERI
Participant that is equal to 50%, 66 2/3%, 75%, or 100% of the amount payable to
the PERI Participant. The PERI Participant may divide his PERI Benefit into two
or more parts, not necessarily equal, and apply each part separately under this
Option and designate a different Contingent Annuitant for each part. Election of
Option 2 is conditional upon the statement in the election of the name and sex
of each Contingent Annuitant and also upon the delivery to the Corporation,
within 90 days after filing the election of proof satisfactory to the
Compensation Committee, of the age of each Contingent Annuitant. If the
Contingent Annuitant dies prior to the commencement of payment of the PERI
Benefit to the PERI Participant, the election of the option will be considered
null and void. If a PERI Participant dies before the first PERI Benefit payment
is made, no payments will be made to the Contingent Annuitant, except as
provided under Section 3.4 for a spouse or Alternate Payee. If the Contingent
Annuitant predeceases the PERI Participant after payment of PERI Benefits have
commenced to the PERI Participant, the PERI Participant will continue to receive
the reduced annuity without change.
(3)
Option 3. An actuarially reduced annuity payable to the PERI Participant
for the PERI Participant's life or for a stated minimum period of years,
whichever is