Common use of Payments Upon Retirement Clause in Contracts

Payments Upon Retirement. If the Executive shall remain in the continuous employment of the Employer until attaining sixty-two (62) years of age, the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, as defined in Schedule B, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Executive Retires or upon such later date as may be mutually agreed upon by the Executive and the Employer in advance of said Retirement date, payable until the Executive’s death. At the Employer’s sole and absolute discretion, the Employer may increase the Executive Benefits as and when the Employer determines the same to be appropriate.

Payments Upon Retirement. (a) If the Executive shall remain remains in the continuous employment of the Employer until attaining sixty-two (62) years of age, the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, as defined in Schedule B, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Executive Retires retires or upon such later date as may be mutually agreed upon by the Executive and the Employer in advance of said Retirement date, payable until for the Executive’s deathperiod of one hundred eighty (180) months. At the Employer’s 's sole and absolute discretion, the Employer may increase the Executive Benefits as and when the Employer determines the same to be appropriate.