Common use of PAYMENTS IN THE EVENT THE EXECUTIVE ELECTS EARLY RETIREMENT Clause in Contracts

PAYMENTS IN THE EVENT THE EXECUTIVE ELECTS EARLY RETIREMENT. If the Executive shall remain in the continuous employment of the Employee until his Early Retirement Date and shall then Retire, the Executive's Annual Benefit shall be reduced by determining the discounted value of the Annual Benefit based on a capitalization rate of five percent (5%) for the period of time between the elected Early Retirement Date and the Executive's normal Retirement Date. The Applicable Percentage shall be 100% and the method for paying the Annual Benefit, as adjusted herein, shall be the Joint and Survivor Annuity, with each installment to be paid on the first day of each month, following the month of the Executive's Early Retirement. Each installment shall consist of one-twelfth (1/12) of the Applicable Percentage on the reduced Annual Benefit, as actuarially adjusted in accordance with Section 1.10. Prior to the date the Executive reaches age sixty-five (65), no payments shall be made under this Section 3.6 during any period in which the Executive is performing services for a competitor of the Employer. Such payments shall be forfeited and shall not be used to actuarially increase the Early Retirement payments which shall recommence upon the earlier of the date the Executive reaches age sixty-five (65) or ceases to work for such competitor. The term "competitor" shall refer to a business entity conducting a business competitive to one conducted by Employer, but only if the Executive is providing services in a California county where Employer conducts business.

PAYMENTS IN THE EVENT THE EXECUTIVE ELECTS EARLY RETIREMENT. If the Executive shall remain in the continuous employment of the Employee until his Early Retirement Date and shall then Retire, the Executive's Annual Benefit shall be reduced by determining the discounted value of the Annual Benefit based on a capitalization rate of five percent (5%) for the period of time between the elected Early Retirement Date and the Executive's normal Retirement Date. The Applicable Percentage shall be 100% and the method for paying the Annual Benefit, as adjusted herein, shall be the Joint and Survivor Annuity, with each installment to be paid on the first day of each month, following the month of the Executive's Early RetirementRetirement . Each installment shall consist of one-twelfth (1/12) of the Applicable Percentage on the reduced Annual Benefit, as actuarially adjusted in accordance with Section 1.10. Prior to the date the Executive reaches age sixty-five (65), no payments shall be made under this Section 3.6 during any period in which the Executive is performing services for a competitor of the Employer. Such payments shall be forfeited and shall not be used to actuarially increase the Early Retirement payments which shall recommence upon the earlier of the date the Executive reaches age sixty-five (65) or ceases to work for such competitor. The term "competitor" shall refer to a business entity conducting a business competitive to one conducted by Employer, but only if the Executive is providing services in a California county where Employer conducts business.

PAYMENTS IN THE EVENT THE EXECUTIVE ELECTS EARLY RETIREMENT. If the Executive shall remain in the continuous employment of the Employee Employer until his Early Retirement Date and shall then Retire, the Executive's Annual Benefit shall be reduced by determining the discounted value of the Annual Benefit based on a capitalization rate of five percent (5%) for the period of time between the elected selected Early Retirement Date and the Executive's normal Retirement Date. The Applicable Percentage shall be 100% and the method for paying the Annual Benefit, as adjusted herein, shall be the Joint and Survivor Annuity, with each installment to be paid on the first day of each month, following the month of the Executive's Early Retirement. Each installment shall consist of one-one- twelfth (1/12) of the Applicable Percentage on of the reduced Annual Benefit, as actuarially adjusted in accordance with Section section 1.10. Prior to the date the Executive reaches age sixty-five (65), no payments shall be made under this Section 3.6 section 3.5 during any period in which the Executive is performing services for a competitor of the Employer. Such payments shall be forfeited and shall not be used to actuarially increase the Early Retirement payments which shall recommence upon the earlier of the date the Executive reaches age sixty-five (65) or ceases to work for such competitor. The term "competitor" shall refer to a business entity conducting a business competitive to one conducted by Employer, but only if the Executive is providing services in a California county where Employer conducts business.for

PAYMENTS IN THE EVENT THE EXECUTIVE ELECTS EARLY RETIREMENT. If the Executive shall remain in the continuous employment of the Employee Employer until his Early Retirement Date and shall then Retire, the Executive's Annual Benefit shall be reduced by determining the discounted value of the Annual Benefit based on a capitalization rate of five percent (5%) for the period of time between the elected selected Early Retirement Date and the Executive's normal Retirement Date. The Applicable Percentage shall be 100% and the method for paying the Annual Benefit, as adjusted herein, shall be the Joint and Survivor Annuity, with each installment to be paid on the first day of each month, following the month of the Executive's Early Retirement. Each installment shall consist of one-twelfth (1/12) of the Applicable Percentage on of the reduced Annual Benefit, as actuarially adjusted in accordance with Section section 1.10. Prior to the date the Executive reaches age sixty-five (65), no payments shall be made under this Section 3.6 section 3.5 during any period in which the Executive is performing services for a competitor of the Employer. Such payments shall be forfeited and shall not be used to actuarially increase the Early Retirement payments which shall recommence upon the earlier of the date the Executive reaches age sixty-five (65) or ceases to work for such competitor. The term "competitor" shall refer to a business entity conducting a business competitive to one conducted by Employer, but only if the Executive is providing services in a California county where Employer conducts business.five