Common use of Compensation Amount Clause in Contracts

Compensation Amount. 3.1 Subject to the provisions of Section 3.2, in the event that the Executive (i) retires from employment with Corporation (as defined below), (ii) becomes disabled (as defined below), (iii) dies, or (iv) his employment relationship with the Corporation terminates pursuant to the provisions of the Employment Agreement by and between the Corporation and the Executive of even date herewith (the "Employment Agreement") (each such event individually a "Trigger Event'), the Executive or the beneficiary or beneficiaries designated by the Executive pursuant to Section 6 hereof, as the case may be, shall receive an amount equal to [50% of the amount of the Executive's Base Salary at the time of the Trigger Event - how long is Deferred Comp. paid for?], less such sums as may be required to be deducted or withheld under the provisions of federal, state or local law. [Twenty percent (20%) of such amount shall be payable within sixty (60) days of the determination of such amount by the Accountant and the balance shall be payable in four (4) consecutive equal semi-annual installments, without interest, beginning six (6) months after the Trigger Date.] 3.2 For purposes of this Agreement, "disabled" or "disability" shall have the same meaning as given to the term "disability" in the disability insurance policy(ies) maintained by the Corporation under which the Executive is insured (the "Disability Policy") on the date of the occurrence of the disability. "Retirement" shall mean the retirement from employment with the Corporation, at any time after the completion of [ten (10) years] of service with the Corporation (measured from the date the Executive commences employment with the Corporation).