Election by Surviving Spouse or Qualified Domestic Partner

A surviving spouse or Qualified Domestic Partner who is eligible to receive the Surviving Spouse Benefit may elect to receive a lump sum instead of the Surviving Spouse Benefit. The lump sum will be the greater of (1) the Normal and/or Screen Credit Death Benefit or (2) the actuarial equivalent of the Surviving Spouse Benefit. When the Directors receive notice of a Participant’s death, they will send the surviving spouse or Qualified Domestic Partner an explanation of the amount of benefits payable under each type of death benefit. The spouse or Qualified Domestic Partner will then have 90 days to elect the type of death benefit preferred. Such an election cannot be changed once payments have begun.