Common use of Supplemental Retirement Payment Clause in Contracts

Supplemental Retirement Payment. In the event of a Change in Control; a termination by Executive pursuant to Section 5.2.(iii); or the Executive completes two (2) years of active employment under this Agreement, the Company will make an annual supplemental retirement payment of One Hundred Fifty Thousand Dollars ($150,000.00) beginning on Executive's sixty-fifth (65th) birthday or Executive's death, whichever first occurs, and continuing for fifteen (15) years to Executive; provided, however, in the event of Executive's death prior to the end of such fifteen (15) year period, the supplemental retirement payment will be paid or continue to be paid to Executive's estate or designated beneficiary, if any, for the remainder of such fifteen (15) year period.

Supplemental Retirement Payment. In the event of a Change in Control; a termination by Executive pursuant to Section 5.2.(iii5.2(iii); or the Executive completes two four (24) years of active employment under this Agreement, the Company will make an annual supplemental retirement payment of One Hundred Fifty Thousand Dollars ($150,000.00) beginning on Executive's sixty-fifth (65th) birthday or Executive's death, whichever first occurs, and continuing for fifteen (15) years to Executive; provided, however, in the event of Executive's death prior to the end of such fifteen (15) year period, the supplemental retirement payment will be paid or continue to be paid to Executive's estate or designated beneficiary, if any, for the remainder of such fifteen (15) year period.

Supplemental Retirement Payment. In the event of a Change in Control; , a termination by Executive pursuant to Section 5.2.(iii5.2(iii); , or the Executive completes two four (24) years of active employment under this Agreement, the Company will make an annual supplemental retirement payment of One Two Hundred Fifty Eighty Thousand Dollars ($150,000.00280,000.00) beginning on Executive's sixty-fifth (65th) birthday or Executive's death, whichever first occurs, and continuing for fifteen (15) years to Executive; provided, however, in the event of Executive's death prior to the end of such fifteen (15) year period, the supplemental retirement payment will be paid or continue to be paid to Executive's estate or designated beneficiary, if any, for the remainder of such fifteen (15) year period.

Supplemental Retirement Payment. In the event of a Change in Control; , a termination by Executive pursuant to Section 5.2.(iii5.2(iii); , or the Executive completes two (2) years of active employment under this Agreement, the Company will make an annual supplemental retirement payment of One Two Hundred Fifty Thousand Dollars ($150,000.00200,000.00) beginning on Executive's sixty-fifth (65th) birthday or Executive's death, whichever first occurs, and continuing for fifteen (15) years to Executive; provided, however, in the event of Executive's death prior to the end of such fifteen (15) year period, the supplemental retirement payment will be paid or continue to be paid to Executive's estate or designated beneficiary, if any, for the remainder of such fifteen (15) year period.