Common use of Payments in the Event Employment is Terminated Other than by Death, Termination for Cause or Retirement Clause in Contracts

Payments in the Event Employment is Terminated Other than by Death, Termination for Cause or Retirement. As indicated in Paragraph 2 above, the Employer reserves the right to terminate the Executive’s employment, with or without cause but subject to any written employment agreement which may then exist, at any time prior to the Executive’s Retirement. In the event that the employment of the Executive shall be terminated for any reason, including voluntary termination by the Executive, but other than by reason of (i) death, (ii) Termination for Cause, or (iii) Retirement, the Executive or her legal representative shall be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by the applicable years of service at the time of termination of employment with the Employer, for a period of fifteen (15) years in one hundred eighty (180) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the month in which the Executive terminates employment and attains sixty-five (65) years of age, provided that in the event the Executive dies after such termination but prior to age 65 then such benefits are to be paid beginning with the month following the Executive’s death.