Common use of Early Separation Clause in Contracts

Early Separation. In the event Employee has a Separation From Service with the Corporation before reaching age 65 (unless the Employee is terminated by the Corporation for Cause, or if the separation is by reason of disability pursuant to subparagraph 6(c), or by reason of death), then on the last day of the month next following the month of Employee’s Separation From Service, the Corporation shall pay to Employee a lump sum cash payment of an amount equal to the present value of his Discounted Vested Monthly Benefit. For the purpose of determining the present value, the following assumptions shall apply:

Early Separation. In the event Employee has a Separation From Service separation from service with the Corporation before reaching age 65 (unless the Employee is terminated by the Corporation for Cause, or if the separation is by reason of disability pursuant to subparagraph 6(c3(c), or by reason of death), then on the last day of the month next following the month of Employee’s Separation From Serviceseparation from service, the Corporation shall pay to Employee a lump sum cash payment of an amount equal to the present value of his Employee’s Discounted Vested Monthly Benefit. For the purpose of determining the present value, the following assumptions shall apply:

Early Separation. (i) In the event Employee has a Separation From Service with the Corporation before reaching age 65 (unless the Employee is terminated by the Corporation for Cause, or if the separation is by reason of disability pursuant to subparagraph 6(c(c), or by reason of death), then on the last day of the month next following the month of Employee’s Separation From Service, the Corporation shall pay to Employee a lump sum cash payment of an amount equal to the present value of his Discounted Vested Monthly Benefit. For the purpose of determining the present value, the following assumptions shall apply: