Common use of PAYMENTS IN THE EVENT Clause in Contracts

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 BY REASON OTHER THAN DISABILITY, SALE OF BUSINESS, EARLY RETIREMENT OR RETIREMENT. As indicated in section Section 2.1 above, the Employer reserves the right to terminate the Executive's employment, employment with or without cause but subject to any written employment agreement which may then exist. In 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.