Common use of AMOUNT OF RETIREMENT BENEFITS Clause in Contracts

AMOUNT OF RETIREMENT BENEFITS. Following a Qualified Termination the Executive shall receive, beginning with the later of the date of such Qualified Termination or the Executive's 65th birthday (the "Commencement Date"), an annual retirement benefit equal to 65% of the highest rate of annual base salary in effect for the Executive with the Company at any time prior to the Executive's 61st birthday (the "Base Salary") with such benefit payable on each January 1 on or after the Commencement Date on which he is living; provided, however, that if the Executive's Commencement Date is other than on January 1, the Executive shall receive a partial annual retirement benefit for the remainder of the year in which such Commencement Date occurs in an amount equal to the full annual benefit that will commence on the next January 1 but reduced by a fraction, the numerator of which is the number of calendar months during such year that have elapsed prior to the Commencement Date (with any partial month rounded up to a complete month), and the denominator of which is 12 and such partial benefit shall be paid to the Executive on the first day of the month coinciding with or next following the Commencement Date; provided further, however, that:

AMOUNT OF RETIREMENT BENEFITS. Following a Qualified Termination the Executive shall receive, beginning with the later of the date of such Qualified Termination or the Executive's 65th birthday (the "Commencement Date"), an annual retirement benefit equal to 65% of the highest rate of annual base salary in effect for the Executive with the Company at any time prior to the Executive's 61st birthday (the "Base Salary") with such benefit payable on each January 1 I on or after the Commencement Date on which he is living; provided, however, that if the Executive's Commencement Date is other than on January 1, the Executive shall receive a partial annual retirement benefit for the remainder of the year in which such Commencement Date occurs in an amount equal to the full annual benefit that will commence on the next January 1 but reduced by a fraction, the numerator of which is the number of calendar months during such year that have elapsed prior to the Commencement Date (with any partial month rounded up to a complete month), and the denominator of which is 12 and such partial benefit shall be b-e paid to the Executive on the first day of the month coinciding with or next following the Commencement Date; provided further, however, that:

AMOUNT OF RETIREMENT BENEFITS. Following a Qualified Termination the Executive shall receive, beginning with the later of the date of such Qualified Termination or the Executive's 65th birthday (the "Commencement Date"), an annual retirement benefit equal to 65% of the highest rate of annual base salary in effect for the Executive with the Company at any time prior to the Executive's 61st birthday (the "Base Salary") with such benefit payable on each January 1 on or after the Commencement Date on which he is living; provided, however, that if the Executive's Commencement Date is other than on January 1, the Executive shall receive a partial annual retirement benefit for the remainder of the year in which such Commencement Date occurs in an amount equal to the full annual benefit that will commence on the next January 1 but reduced by a fraction, the numerator of which is the number of calendar months during such year that have elapsed prior to the Commencement Date (with any an 'y partial month rounded up to a complete month), and the denominator of which is 12 and such partial benefit shall be paid to the Executive on the first day of the month coinciding with or next following the Commencement Date; provided further, however, thatthat if on the Commencement Date:

AMOUNT OF RETIREMENT BENEFITS. Following a Qualified Termination the Executive shall receive, beginning with the later of the date of such Qualified Termination or the Executive's 65th birthday (the "Commencement Date"), an annual retirement benefit equal to 65% of the highest rate of annual base salary in effect for the Executive with the Company at any time prior to the Executive's 61st birthday (the "Base Salary") with such benefit payable on each January JANUARY 1 on or OR after the Commencement Date on which he is living; provided, however, that if the Executive's Commencement Date is other than on January 1, the Executive shall receive a partial annual retirement benefit for the remainder of the year in which such Commencement Date occurs in an amount equal to the full annual benefit that will commence on the next January 1 but reduced by a fraction, the numerator of which is the number of calendar months during such year that have elapsed prior to the Commencement Date (with any partial month rounded up to a complete month), and the denominator of which is 12 and such partial benefit shall be paid to the Executive on the first day of the month coinciding with or next following the Commencement Date; provided further, however, that:

AMOUNT OF RETIREMENT BENEFITS. Following a Qualified Termination the Executive shall receive, beginning with the later of the date of such Qualified Termination or the Executive's 65th 62nd birthday (the "Commencement Date"), an annual retirement benefit it equal to 65% of the highest rate of annual base salary in annual retirement benefit effect for the Executive with the Company at any time prior to the Executive's 61st birthday (the "Base Salary") with such benefit payable on each January 1 on or after the Commencement Date on which he is living; provided, however, that if the Executive's Commencement Date is other than on January 1, the Executive shall receive a partial annual retirement benefit for the remainder of the year in which such Commencement Date occurs in an amount equal to the full annual benefit that will commence on the next January 1 but reduced by a fraction, the numerator of which is the number of calendar months during such year that have elapsed prior to the Commencement Date (with any partial month rounded up to a complete month), and the denominator of which is 12 and such partial benefit shall be paid to the Executive on the first day of the month coinciding with or next following the Commencement Date; provided further, however, thatthat if on the Commencement Date: