ESCP Benefit(s means the Normal Retirement Benefit or Reduced Normal Retirement due an ESCP Participant, Surviving Spouse, Beneficiary or estate as a result of termination of employment of an ESCP Participant with a Vested Percentage, an ESCP Participant's Disability while employed by an Alcon Affiliated Company or an ESCP Participant's death.
ESCP Benefits paid before Separation from Service at or after Normal Retirement Age shall be subject to the Applicable Penalty Percentage described in subparagraph 3.01(b)(ii).
An ESCP Participant still receiving LTD benefits at Separation from Service at or after Normal Retirement Age shall have his ESCP Benefits reduced by the LTD benefits paid for the same month on a dollar for dollar basis.
The provisions of this Article V supersede all other provisions of the ESCP regarding benefit calculation and payment; however, this Article V does not affect ESCP Benefits of ESCP Participants, Surviving Spouses, Beneficiaries, or estates being paid or pending ESCP Benefits of ESCP Participants who Separated from Service prior to Early Retirement Age at the time Nest1e S.A. ceases to hold Majority Ownership of the Alcon Affiliated Company.
If an ESCP Participant suffers a Disability and is approved for Long-Term Disability ("LTD") coverage by the LTD insurance carrier of any Alcon Affiliated Company (or LTD is approved by another LTD carrier which is concurred in by the ESCP Committee), ESCP Benefits shall begin when (aa) the ESCP Participant attains Normal Retirement Age, or (bb) the first day of the month following the date on which LTD benefits cease.
At the time of the ESCP Participant's death, if there is no Surviving Spouse, ESCP Benefits shall be paid to the ESCP Participant's Beneficiary or estate until such time as the total combined months benefit payments have been made to the ESCP Participant or ESCP Participant's Beneficiary or estate, as the case may be, equal the guaranteed minimum benefit period.