Common use of If Termination Occurs After Having 10 or More Years of Service with Employer Clause in Contracts

If Termination Occurs After Having 10 or More Years of Service with Employer. In the event the Executive’s employment is pursuant to Executive’s Voluntary Termination and Executive has 10 or more full years of service with Employer, then Executive and Employer agree that Employer shall pay the Executive the Annual Benefit (with the Applicable Percentage being equal to 100% and the Final Average Annual Compensation being equal to Executive’s average annual Compensation for the 36 full consecutive calendar months immediately prior to Executive’s Voluntary Termination) each year for the remainder of Executive’s life on a monthly basis beginning on the first day of each month, beginning with the month following the month in which the Executive attains age 65, or the earlier effective date elected by the Executive, which alternate date satisfies the requirements relating to Early Retirement. In the event that the Executive elects to begin receiving payments at a date which satisfies the requirements relating to Early Retirement, then the Annual Benefit shall be reduced by the product of 6% times the Benefit Level Percentage for each full and partial years that remain between the earlier effective date elected and the date Executive attains age 65.