Common use of Applicable Percentage Clause in Contracts

Applicable Percentage. The term "Applicable Percentage" shall mean that percentage listed on Schedule "A" attached hereto which is adjacent to the number of complete years (with a "year" being the performance of personal services for or on behalf of the Employer for a period of 365 days) which have elapsed starting from the Effective Date of this Agreement and ending on the earlier of: (a) the date Executive dies (except as provided below in this Paragraph); (b) the date Executive Retires (as defined below); (c) the date Executive ceases to be employed by Employer (other than by reason of Disability, as defined below); or (d) in the case of Executive's Disability (as defined below), the date Executive becomes Disabled (as defined below). Notwithstanding the foregoing or the percentages set forth on Schedule "A," but subject to all other terms and conditions set forth herein, the "Applicable Percentage" shall be: (i) one hundred percent (100%) in the event the Executive dies prior to Retirement but while employed full time by the employer; and (ii) zero percent (0%) in the event the Executive takes any action which prevents the Employer from collecting the proceeds of any life insurance policy which the Employer may happen to own at the time of the Executive's death and of which the Employer is the designated beneficiary.