Common use of Retirement Compensation Clause in Contracts

Retirement Compensation. For each complete year worked under this Agreement the Employee shall earn and be entitled to receive an annual retirement payment equal to $7,500 (the "Retirement Payment"). (For example, if the Employee is employed for five years and eight months under this agreement the annual retirement payment would be 5 X $7,500 = $37,500) The Retirement Payment will be payable to the Employee, or in the event of the Employee's death, to his estate, beneficiaries, or designees, on the first business day of January in each of the first ten years following the date the Employee leaves the service of the Company. The Retirement Payment will be in addition to any deferred compensation, pension, or other payments the Employee has earned under this and any other previous and subsequent agreements with the Company and any other payments he may be due under the Company's employee benefit plans.

Retirement Compensation. For each complete year worked under this Agreement beginning from the Effective Date and each anniversary thereof, the Employee shall earn and be entitled to receive an annual retirement payment equal to $7,500 (the "“Retirement Payment"”). (For example, if the Employee is employed for five years and eight months under this agreement Agreement, the annual retirement payment Retirement Payment would be 5 X x $7,500 = $37,500) . The Retirement Payment will be payable to the Employee, or in the event of the Employee's ’s death, to his estate, beneficiaries, or designees, on the first business day of January in each of the first ten years anniversary dates following the date the Employee leaves the service of the Company. The Retirement Payment will be in addition to any deferred compensation, pension, or other payments the Employee has earned under this and any other previous and subsequent agreements with the Company and any other payments he may be due under the Company's ’s employee benefit plans.