Common use of Retired Early Employee Clause in Contracts

Retired Early Employee. If a Change of Control occurs during the Term, either the Executive, on the one hand, or Arrow or the Bank, on the other, may elect by written notice, given to the other party or parties, at any time within twelve (12) months after such Change of Control, to effect the Executive’s “Termination of Employment as a Retired Early Employee”, whereupon the Executive will become a "Retired Early Employee," in which event the Executive will be entitled to receive such payments (in addition to any other payments then receivable by him) as are provided hereafter in this Paragraph 6. Any such Termination of Employment shall become effective on the first day of the second calendar month commencing after delivery of the notice or on such earlier date as the Executive in his sole discretion may specify.