Common use of Benefits Upon Retirement Clause in Contracts

Benefits Upon Retirement. In the event the Executive elects to retire and Retires from active employment with the Employer on a date after Executive attains age 65, then the Executive shall be entitled to be paid the Annual Benefit each year for the remainder of Executive’s life with the Applicable Percentage being based on Executive’s years of service as of the Executive’s Retirement. The Annual Benefit, shall be paid in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Executive Retires and continuing until the Executive’s death. In the event that (i) the Participant is a “Key Employee,” as defined in Code section 416, and (ii) the Employer is publicly traded at the time of Executive’s Retirement, the benefit payable under this subsection shall commence on the first day of the seventh (7th) month following Participant’s termination of Employment. No payments shall be made to Executive, beneficiary or estate pursuant to this Section 3.1 after Executive’s death.