Common use of Retirement Payments Clause in Contracts

Retirement Payments. On January 1, 2003, if this Agreement and the Executive's employment hereunder have not been terminated, the Executive shall be eligible to receive retirement payments (the "RETIREMENT PAYMENTS") upon certain terminations of this Agreement and the Executive's employment hereunder occurring on or after the Executive's 60th birthday (the "ELIGIBILITY Date"). On and after the Eligibility Date, if this Agreement and the Executive's employment hereunder are terminated pursuant to paragraphs 7(a)(i), 7(a)(ii)(C) or 7(a)(iv) (the "EMPLOYMENT TERMINATION DATE"), the Company shall pay the Retirement Payments to the Executive during each 12 month period after the Employment Termination Date until the 7th anniversary thereof. The Retirement Payments shall be in the following amounts: (A) for each 12 month period after the Employment Termination Date and ending on the 4th anniversary thereof, 50% of the Executive's base salary in effect immediately prior to the Employment Termination Date (the "BASE Rate"); and (B) for each 12 month period after the 4th anniversary of the Employment Termination Date and ending on the 7th anniversary thereof, 25% of the Base Rate. All such Retirement Payments shall be paid to the Executive in appropriate installments in accordance with the Company's usual and customary payroll practices for executive officers. The provisions of this paragraph 2(d) shall survive the termination of this Agreement pursuant to paragraphs 7(a)(i), 7(a)(ii)(C) or 7(a)(iv) hereof.

Retirement Payments. On January 1, 2003, if this Agreement and the Executive's ’s employment hereunder have not been terminated, the Executive shall be eligible to receive retirement payments (the "RETIREMENT PAYMENTS"“Retirement Payments”) upon certain terminations of this Agreement and the Executive's ’s employment hereunder occurring on or after the Executive's ’s 60th birthday (the "ELIGIBILITY “Eligibility Date"”). On and after the Eligibility Date, if this Agreement and the Executive's ’s employment hereunder are terminated pursuant to paragraphs 7(a)(i), 7(a)(ii)(C) or 7(a)(iv) (the "EMPLOYMENT TERMINATION DATE"“Employment Termination Date”), the Company shall pay the Retirement Payments to the Executive during each 12 month period after the Employment Termination Date until the 7th anniversary thereof. The Retirement Payments shall be in the following amounts: (A) for each 12 month period after the Employment Termination Date and ending on the 4th anniversary thereof, 50% of the Executive's ’s base salary in effect immediately prior to the Employment Termination Date (the "BASE “Base Rate"”); and (B) for each 12 month period after the 4th anniversary of the Employment Termination Date Data and ending on the 7th anniversary thereof, 25% of the Base Rate. All such Retirement Payments shall be paid to the Executive in appropriate installments in accordance with the Company's ’s usual and customary payroll practices for executive officers. The provisions of this paragraph 2(d) shall survive the termination of this Agreement pursuant to paragraphs 7(a)(i), 7(a)(ii)(C) or 7(a)(iv) hereof.