Common use of Forfeiture of Benefits Clause in Contracts

Forfeiture of Benefits. This Agreement is subject to termination by Employer at any time and without stated cause. In the event Employer shall terminate this Agreement, Employee shall forfeit all rights to receive any payment provided for herein. Likewise, in the event Employee does not retire from employment on Employee's Retirement Date or Employee's employment is terminated, either voluntarily or involuntarily, for reasons other than death or retirement, Employee shall forfeit all rights to receive any payment provided for herein. Employee acknowledges and agrees that any benefit provided for herein is merely a contractual benefit and that nothing contained herein shall be construed as conferring upon Employee any vested benefits or any vested rights to receive any payment provided for herein and that any and all payments provided for herein shall be subject to a substantial risk of forfeiture until such time as said payments are actually made by Employer. Employee also acknowledges that the contractual benefit provided for herein is specifically conditioned upon Employee's retirement from employment on Employee's Retirement Date.

Forfeiture of Benefits. This Agreement is subject to termination by Employer at any time and without stated cause. In the event Employer shall terminate this Agreement, Employee shall forfeit all rights to receive any payment provided for herein. Likewise, in the event Employee does not retire from employment on Employee's ’s Retirement Date or Employee's ’s employment is terminated, either voluntarily or involuntarily, for reasons other than death or retirement, Employee shall forfeit all rights to receive any payment provided for herein. Employee acknowledges and agrees that any benefit provided for herein is merely a contractual benefit and that nothing contained herein shall be construed as conferring upon Employee any vested benefits or any vested rights to receive any payment provided for herein and that any and all payments provided for herein shall be subject to a substantial risk of forfeiture until such time as said payments are actually made by Employer. Employee also acknowledges that the contractual benefit provided for herein is specifically conditioned upon Employee's ’s retirement from employment on Employee's ’s Retirement Date.

Forfeiture of Benefits. This Agreement is subject to termination by Employer at any time and without stated cause. In ln the event Employer shall terminate this Agreement, Employee shall forfeit all rights to receive any payment provided for herein. Likewise, in the event Employee does not retire from employment on Employee's Retirement Date or Employee's employment is terminated, either voluntarily or involuntarily, for reasons other than death or retirement, Employee shall forfeit all rights to receive any payment provided for herein. Employee acknowledges and agrees that any benefit provided for herein is merely a contractual benefit and that nothing contained herein shall be construed as conferring upon Employee any vested benefits or any vested rights to receive any payment provided for herein and that any and all payments provided for herein shall be subject to a substantial risk of forfeiture until such time as said payments are actually made by Employer. Employee also acknowledges that the contractual benefit provided for herein is specifically conditioned upon Employee's retirement from employment on Employee's Retirement Date.