PAYMENTS IN THE EVENT. EMPLOYMENT IS TERMINATED BY REASON OTHER THAN DISABILITY, SALE OF BUSINESS, EARLY RETIREMENT OR RETIREMENT. As indicated in section 2.1 above, the Employer reserves the right to terminate the Executive's employment, with or without cause but subject to any written employment agreement which may then exist. In the event that the employment of the Executive is terminated prior to the Early Retirement Date for any reason other than by reason of Disability or Sale of Business, the Executive shall be entitled to be paid the Applicable Percentage of the Annual Benefit, as determined by the applicable years of service at the time of the Executive's termination of employment with the Employer. The method for paying such amount shall be the Joint and Survivor Annuity, with each installment to be paid on the first day of each month, beginning with the month following the month in which the Executive attains sixty-five (65) years of age.
PAYMENTS IN THE EVENT. EMPLOYMENT IS TERMINATED OTHER THAN BY DEATH, DISABILITY, RETIREMENT OR A CHANGE OF CONTROL OF THE EMPLOYER. As indicated in Paragraph 2 above, the Employer reserves the right to terminate the Executive's employment, with or without cause but subject to any written employment agreement which may then exist, at any time prior to the Executive's Retirement. In the event that the employment of the Executive shall be terminated, for any reason, including voluntary termination by the Executive, but other than by reason of Disability except as provided in Paragraph 4.2, death, Retirement or a change of control of the Employer as set forth in Paragraph 5.1, the Executive or his legal representative shall be paid the Annual Benefit (with the Applicable Percentage determined by the applicable years of service Executive had with Employer at the time of Executive's termination of employment as set forth on Schedule A) for a period of twenty (20) years in Two Hundred Forty (240) equal monthly installments, with each installment to be paid on the first day of each month, (i) beginning with the month following the month in which the Executive terminates employment and attains sixty-five (65) years of age or, (ii) , beginning with the month following the Executive's death, if Executive terminates employment and dies prior to attaining age 65. If the Executive shall become entitled to the payments provided in the previous paragraph and shall die before all of the Two Hundred Forty (240) monthly payments have been paid to him, the Employer shall make the remaining monthly payments, undiminished and on the same schedule as if the Executive had not died, to the Executive's designated beneficiary. If a valid Beneficiary Designation is not in effect, then the remaining amounts due to the Executive under the term of this Agreement shall be paid to the Executive's Surviving Spouse. If the Executive leaves no Surviving Spouse, the remaining amounts due to the Executive under the terms of this Agreement shall be paid to the duly qualified personal representative, executor or administrator of the Executive's estate.
PAYMENTS IN THE EVENT of a Change in Control of Employer, shall be deleted in its entirety and replaced with the following:
PAYMENTS IN THE EVENT of a dispute Where any amount under paragraph 13.1 is in dispute:
PAYMENTS IN THE EVENT. OF DEATH OR SEPARATION FROM SERVICE PRIOR TO CHANGE OF CONTROL.
PAYMENTS IN THE EVENT. DISABILITY OCCURS PRIOR TO RETIREMENT AND PAYMENTS IN THE EVENT OF DEATH. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the Effective Date of this Agreement but prior to retirement, subject to Paragraph 6, the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, as defined above, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Executive becomes Disabled, payable until the Executive's death. Provided, benefits hereunder shall be reduced or eliminated to the extent that such benefits are duplicated by benefits payable under the Employer's long-term disability plan. There are no death benefits payable under this Agreement.
PAYMENTS IN THE EVENT. OF A TERMINATION FOR CAUSE: Upon the termination of your employment as a result of a termination for Cause, you shall be entitled to any Base Salary and accrued vacation pay if any, due and owing at the date of such termination but not yet paid. You shall not be entitled to any other compensation or payments hereunder after the date of, or otherwise with respect to, such termination of your employment.
PAYMENTS IN THE EVENT of a Change of Control. ------------------------------------------------- (a) If at any time while Employee is employed by the Company (the "Term") there is a Change of Control of the Company, as defined below, Employee shall have the option of resigning his employment with the Company, or its successor, for any reason, or for no reason, at any time up to one year following the date of the Change of Control. If Employee resigns his employment pursuant to this section within one year following a Change of Control, or Employee's employment is involuntarily terminated by the Company within one year following a Change of Control, the Company will pay to Employee an amount equal to three times his then current Base Salary, in a lump sum, within fifteen days of such resignation or termination. Employee shall also be entitled to remain on the Company's medical and dental insurance program at Company's expense for three years following termination of Employee's employment pursuant to this section. Upon payment of the lump sum payment provided for herein and the medical and dental benefits herein described, all obligations of the Company to the Employee hereunder shall be fully satisfied. The parties further expressly agree that, during the period after Employee's termination during which period Employee will receive payments or benefits hereunder, Employee will not have authority to act on behalf of the Company.
