Common use of Retired Early Employee Clause in Contracts

Retired Early Employee. If a Change of Control or Change of Authority (as such terms are defined in subparagraph 6(f) below) occurs during the term of the Executive's employment under this Employment Agreement, either the Executive, on the one hand, or Arrow or the Bank, on the other, may elect by written notice, given to the other party or parties, at any time within twelve (12) months after such Change of Control or Change of Authority, to terminate the employment of the Executive by Arrow and the Bank, whereupon the Executive will become a "Retired Early Employee," and will be entitled to receive such payments as are provided hereafter in this Paragraph 6. Such election and the termination of the Executive's employment shall become effective on the first day of the second calendar month commencing after delivery of the notice or on such earlier date as the Executive in his sole discretion may specify (the "Effective Date").

Retired Early Employee. If a Change of Control or and Change of Authority (Authority, as such terms are defined in subparagraph 6(f) 4.4.7 below) , occurs during the term of the Executive's employment under this Employment Agreement, either the Executive, on the one hand, or Arrow or the BankEmployer, on the other, may elect by written notice, given to the other party or parties, at any time within twelve (12) months after such Change of Control or and Change of Authority, to terminate the employment of the Executive by Arrow and the BankEmployer, whereupon the Executive will become a "Retired Early Employee," and will be entitled to receive such payments as are provided hereafter in this Paragraph 6Section 4.4. Such election and the termination of the Executive's employment shall become effective on the first day of the second calendar month commencing after delivery of the notice or on such earlier date as the Executive in his sole discretion may specify (the "Effective Date").

Retired Early Employee. If a Change of Control or Change of Authority (as such terms are defined in subparagraph 6(f) below) occurs during the term of the Executive's employment under this Employment Agreement, either the Executive, on the one hand, or Arrow or the Bank, on the other, may elect by written notice, given to the other party or parties, at any time within twelve (12) months after such Change of Control or Change of Authority, to terminate the employment of the Executive by Arrow and the Bank, whereupon the Executive will become a "Retired Early Employee," and will be entitled to receive such payments as are provided hereafter in this Paragraph Section 6. Such election and the termination of the Executive's employment shall become effective on the first day of the second calendar month commencing after delivery of the notice or on such earlier date as the Executive in his sole discretion may specify (the "Effective Date").

Retired Early Employee. If a Change of Control or and Change of Authority (Authority, as such terms are defined in subparagraph 6(f) 4.4.7 below) , occurs during the term of the Executive's ’s employment under this Employment Agreement, either the Executive, on the one hand, or Arrow or the BankEmployer, on the other, may elect by written notice, given to the other party or parties, at any time within twelve (12) months after such Change of Control or and Change of Authority, to terminate the employment of the Executive by Arrow and the BankEmployer, whereupon the Executive will become a "“Retired Early Employee," ” and will be entitled to receive such payments as are provided hereafter in this Paragraph 6Section 4.4. Such election and the termination of the Executive's ’s employment shall become effective on the first day of the second calendar month commencing after delivery of the notice or on such earlier date as the Executive in his sole discretion may specify (the "“Effective Date"”).

Retired Early Employee. If a Change of Control or Change of Authority (as such terms are defined in subparagraph 6(f) below) occurs during the term of the Executive's employment under this Employment Agreement, either the Executive, on the one hand, or Arrow or the Bank, on the other, may elect by written notice, given to the other party or parties, at any time within twelve (12) months after such Change of Control or Change of Authority, to terminate the employment of the Executive by Arrow and the Bank, whereupon the Executive will become a "Retired Early Employee," and will be entitled to receive such payments as are provided hereafter in this Paragraph Section 6. Such election and the termination of the Executive's employment shall become effective on the first day of the second calendar month commencing after delivery of the notice or on such earlier date as the Executive in his sole discretion may specify (the "Effective Date").

Retired Early Employee. If a Change of Control or and Change of Authority (Authority, as such terms are defined in subparagraph 6(f) 4.4.7 below) , occurs during the term of the Executive's employment under this 4 Employment Agreement, either the Executive, on the one hand, or Arrow or the BankEmployer, on the other, may elect by written notice, given to the other party or parties, at any time within twelve (12) months after such Change of Control or and Change of Authority, to terminate the employment of the Executive by Arrow and the BankEmployer, whereupon the Executive will become a "Retired Early Employee," and will be entitled to receive such payments as are provided hereafter in this Paragraph 6Section 4.4. Such election and the termination of the Executive's employment shall become effective on the first day of the second calendar month commencing after delivery of the notice or on such earlier date as the Executive in his sole discretion may specify (the "Effective Date").