PAYMENTS IN THE EVENT THE EXECUTIVE ELECTS EARLY RETIREMENT Sample Clauses

PAYMENTS IN THE EVENT THE EXECUTIVE ELECTS EARLY RETIREMENT. The Executive shall have the right to elect to receive salary continuation benefits prior to attaining sixty-five (65) years of age if Executive (i) remains in the active employ of Employer until a date which constitutes an Early Retirement Date and (ii) retires on such date. In the event the Executive elects to Retire and Retires on a date which constitutes an Early Retirement Date, the Executive shall be entitled to be paid the Annual Benefit (with the Applicable Percentage determined by the applicable years of service Executive will have with Employer at the time of early retirement) 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, beginning with the month following the month in which Early Retirement Date occurs. The Employer and Executive agree that if the Executive Retires at an Early Retirement Date, but shall die before receiving all of the two hundred forty (240) monthly payments, 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.
Sample 1See All (4)
AutoNDA by SimpleDocs
PAYMENTS IN THE EVENT THE EXECUTIVE ELECTS EARLY RETIREMENT. The Executive shall have the right to elect to receive the Schedule B Annuity prior to attaining sixty-five (65) years of age if he elects to Retire on a date which constitutes an Early Retirement Date as defined in subparagraph 1.8 above. In the event the Executive elects to Retire on a date which constitutes an Early Retirement Date, the Executive shall be entitled to be paid the Schedule B Annuity, as defined above, with payments thereunder to begin on the month following the month in which the Early Retirement Date occurs.
Sample 1Sample 2
PAYMENTS IN THE EVENT THE EXECUTIVE ELECTS EARLY RETIREMENT. The Executive shall have the right to elect to receive the Annual Benefit prior to attaining sixty-five (65) years of age if he chooses to Retire on a date which constitutes an Early Retirement Date as defined in subparagraph 1.8 above. In the event the Executive elects to Retire on a date which constitutes an Early Retirement Date, the Executive shall be entitled to be paid the Annual Benefit, as defined above, in equal monthly installments, for a period of fifteen (15) years (One Hundred Eighty (180) months), with each installment to be paid on the first day of each month, beginning with the month following the month in which the Early Retirement Date occurs.
Sample 1Sample 2
PAYMENTS IN THE EVENT THE EXECUTIVE ELECTS EARLY RETIREMENT. The Executive shall have the right to elect to receive the Annual Benefit prior to attaining sixty-five (65) years of age if he chooses to Retire on a date which constitutes an Early Retirement Date as defined in subparagraph 1.6 herein. In the event the Executive elects to Retire on a date which constitutes an. Early Retirement Date, the Executive shall be entitled to be paid the Annual Benefit for a period of fifteen (15) years, as set forth on Schedule “A” and determined by the applicable years of service at the time of early retirement, as defined above, in One Hundred Eighty (180) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the month in which Early Retirement Date occurs.
Sample 1
PAYMENTS IN THE EVENT THE EXECUTIVE ELECTS EARLY RETIREMENT. The Executive shall have the right to elect to receive the Annual Benefit prior to attaining sixty-five (65) years of age if he chooses to Retire on a date which constitutes an Early Retirement Date as defined in Article 1.08 above. In the event the Executive elects to Retire on a date which constitutes an Early Retirement Date, the Executive shall be entitled to be paid the Annual Benefit for a period of fifteen (15) years determined by the applicable years of service at the time of early retirement, as defined above, in one hundred eighty (180) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the month in which the Early Retirement Date occurs. XXXXX XXXXXXXXXX & LONG PC
Sample 1
PAYMENTS IN THE EVENT THE EXECUTIVE ELECTS EARLY RETIREMENT. If the Executive shall remain in the continuous employment of the Employer until his Early Retirement Date and shall then Retire, the Executive's Annual Benefit shall be reduced by determining the discounted value of the Annual Benefit based on a capitalization rate of five percent (5%) for the period of time between the selected Early Retirement Date and the Executive's normal Retirement Date. The Applicable Percentage shall be 100% and the method for paying the Annual Benefit, as adjusted herein, shall be the Joint and Survivor Annuity, with each installment to be paid on the first day of each month, following the month of the Executive's Early Retirement. Each installment shall consist of one- twelfth (1/12) of the Applicable Percentage of the reduced Annual Benefit, as actuarially adjusted in accordance with section 1.10. Prior to the date the Executive reaches age sixty-five (65), no payments shall be made under this section 3.5 during any period in which the Executive is performing services for
Sample 1

Related to PAYMENTS IN THE EVENT THE EXECUTIVE ELECTS EARLY RETIREMENT

  • Compensation Following Termination In the event that Executive’s employment hereunder is terminated, Executive shall be entitled only to the following compensation and benefits upon such termination:

  • Compensation in the Event of Termination In the event that the Executive’s employment hereunder terminates prior to the expiration of this Agreement for any reason provided in Section 5 hereof, the Company shall pay the Executive, compensation and provide the Executive and the Executive’s eligible dependents with benefits as follows:

  • Termination on Death or Disability Upon a termination of employment due to the Executive’s death or Disability, the Company shall have no further liability or further obligation to the Executive except that the Executive (or, if applicable, his estate or designated beneficiaries under any Company-sponsored employee benefit plan in the event of his death) shall be entitled to receive:

  • Termination Following a Change in Control (a) In the event of the occurrence of a Change in Control, the Executive's employment may be terminated by the Company or a Subsidiary during the Severance Period and the Executive shall be entitled to the benefits provided by Section 4 unless such termination is the result of the occurrence of one or more of the following events:

  • Involuntary Termination in Connection with a Change in Control Notwithstanding anything contained herein, in the event of an Involuntary Termination prior to a Change in Control, if the Involuntary Termination (1) was at the request of a third party who has taken steps reasonably calculated to effect such Change in Control or (2) otherwise arose in connection with or in anticipation of such Change in Control, then the Executive shall, in lieu of the payments described in Section 4 hereof, be entitled to the Post-Change in Control Severance Payment and the additional benefits described in this Section 5 as if such Involuntary Termination had occurred within two (2) years following the Change in Control. The amounts specified in Section 5 that are to be paid under this Section 5(h) shall be reduced by any amount previously paid under Section 4. The amounts to be paid under this Section 5(h) shall be paid within sixty (60) days after the Change in Control Date of such Change in Control.

  • Termination of Employment Following a Change in Control Notwithstanding the provisions of Section 6.3 hereof to the contrary, if the Employee’s employment by the Company is terminated by the Company in accordance with the terms of Section 4 of the Termination Agreement and the Employee is entitled to benefits provided in Section 5 of the Termination Agreement, the Company shall pay to the Employee, in a lump sum in cash within 30 days after the Date of Termination, the aggregate of the Employee’s Base Salary (as in effect on the Date of Termination) through the Date of Termination, if not theretofore paid, and, in the case of compensation previously deferred by the Employee, all amounts of such compensation previously deferred shall be paid in accordance with the plan documents governing such deferral. Except with respect to the obligations set for forth in the Termination Agreement, notwithstanding any provisions herein to the contrary, all other obligations of the Company and rights of the Employee hereunder shall terminate effective as of the Date of Termination.

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Termination After a Change in Control You will receive Severance Benefits under this Agreement if, during the Term of this Agreement and after a Change in Control has occurred, your employment is terminated by the Company without Cause (other than on account of your Disability or death) or you resign for Good Reason.

  • Termination in the Event of Death or Disability This Agreement shall terminate in the event of death or disability of Executive.

  • Early Termination of the Employment Period Notwithstanding Section 1(b) hereof, the Employment Period shall end upon the earliest to occur of (i) a Termination For Cause, (ii) a Termination Without Cause, (iii) a Voluntary Termination, (iv) a Termination Due to Retirement, (v) a Termination Due to Disability, or (vi) a Termination Due to Death.

Time is Money Join Law Insider Premium to draft better contracts faster.