Common use of Amount of Retirement Compensation Clause in Contracts

Amount of Retirement Compensation. In recognition that Executive founded the Company and will not be eligible for any retirement plan to be offered by the Company to its executives (as provided in Section 5.3 above), Executive shall be entitled to retirement compensation ("Retirement Compensation") equal to the product of (a) 150% times (b) the highest annual Salary paid to the Executive during his employment by the Company multiplied by (c) the number of years of service provided by Executive to the Company, such service having commenced as of August 1, 1987 ("Commencement Date"), with a ratable adjustment should Executive's final period of service be less than a full year. The Retirement Compensation as so determined shall be paid to Executive (or in the event of Executive's subsequent death, to such person as Executive shall have designated in a notice filed with the Company or, if no such person shall have been designated, to his estate) at the times specified in Sections 7.6(b)(ii) hereof within five (5) business days after the Termination Date. The amount of the Retirement Compensation so due and payable shall not be present-valued or otherwise reduced by use of any other discount or discounting method.

Amount of Retirement Compensation. In recognition that Executive founded the Company and will not be eligible for any retirement plan to be offered by the Company to its executives (as provided in Section 5.3 above), Executive shall be entitled to retirement compensation ("Retirement Compensation") equal to the product of (ai) 150100% times (bii) the highest annual Salary paid to the Executive during his employment by the Company Employment Period (the "Highest Annual Salary") multiplied by (ciii) the number of years of service provided by Executive to the Company, such service having commenced as of August 1, 1987 ("Commencement Date"), with a ratable adjustment should Executive's final period of service be less than a full year. The Retirement Compensation as so determined shall be paid to Executive (or in the event of Executive's subsequent death, to such person as Executive shall have designated in a notice filed with the Company or, if no such person shall have been designated, to his estate) at the times specified in Sections 7.6(b)(ii) hereof within five (5) business days after Section 7.6.2 below, or contributed to the Termination DateRetirement Trust described in Section 7.6.3 below in accordance with that Section. The amount of the Retirement Compensation so due and payable shall not be present-valued or otherwise reduced by use of any other discount or discounting method.

Amount of Retirement Compensation. In recognition that Executive founded the Company and will not be eligible for any retirement plan to be offered by the Company to its executives (as provided in Section 5.3 above), Executive shall be entitled to retirement compensation ("“Retirement Compensation"”) equal to the product of (ai) 150% times (bii) the highest annual Salary paid to then in effect (the Executive during his employment by the Company “Specified Annual Salary”) multiplied by (ciii) the number of years of service provided by Executive to the Company, such service having commenced as of August 1, 1987 ("“Commencement Date"”), with a ratable adjustment should Executive's final period of service be less than a full year. The Retirement Compensation as so determined shall be paid to Executive (or in the event of Executive's subsequent death, to such person Person as Executive shall have designated in a notice filed with the Company or, if no such person Person shall have been designated, to his estate) at the times specified in Sections 7.6(b)(ii) hereof within five (5) business days after Section 7.6.2 below, or contributed to the Termination DateRetirement Trust described in Section 7.6.3 below in accordance with that Section. The amount of the Retirement Compensation so due and payable shall not be present-valued or otherwise reduced by use of any other discount or discounting method.