Retirement Xxxxfits Sample Clauses

Retirement Xxxxfits. Except as provided in Section 3.5, the Retirement Benefit credited to Employee's bookkeeping account pursuant to Section 3.1, to the extent vested under Section 3.4, shall become payable in the form described herein to Employee as soon as administratively practicable, but not later than 30 days, following Employee's Normal Retirement Date, or if earlier, the date Employee ceases active employment with the Company due to his Disability. Employee's Retirement Benefit shall be paid on January 15th of each calendar year in equal annual installments over a period of 10 years if, on each annual payment date, Employee has not breached or violated any of his or her covenants set forth in Article V hereof. If Employee dies prior to receiving the entire Retirement Benefit to which he or she is entitled and has not breached or violated any of his or her covenants set forth in Article V hereof, Employee's Beneficiary shall receive the unpaid portion of Employee's Retirement Benefit in equal annual payments during the remainder of the 10-year period. Notwithstanding any other provision of this Agreement to the contrary, if Employee breaches or violates any of his or her covenants set forth in Article V hereof, Employee immediately shall forfeit his or her rights to any remaining Retirement Benefit under this Agreement.