Common use of Termination Due to Voluntary Retirement Clause in Contracts

Termination Due to Voluntary Retirement. The Executive has the right, at any time during the Term, subject to all of the provisions hereof, exercisable by serving notice of at least ninety (90) days, effective on or after the date of service of such notice as specified therein, to terminate his/her employment under this Agreement due to Voluntary Retirement. Voluntary Retirement is the termination of employment after age 65 with no expectation of returning to the industry. The provisions of Section 3 remain in full force and effect upon Voluntary Retirement. Upon Voluntary Retirement, in exchange for the Executive executing and delivering a Release as described in Section 4.5.2, Executive shall be entitled to receive: (A) The Accrued Amounts (payable at the same time and in the same manner as set forth in Section 4.2); and (B) An amount equal to twelve (12) months of Executive’s then current salary, payable in bi-monthly installments, beginning on the sixtieth day after Voluntary Retirement (the “Retirement Payment”). The Retirement Payment shall be made in accordance with the company’s payroll practices. (C) The Company shall have the right to cease or terminate the Retirement Payment in the event the Executive breaches, in the Company’s sole discretion, any covenant contained in Section 3 of this Agreement.

Termination Due to Voluntary Retirement. The Executive has the right, at any time during the Term, subject to all of the provisions hereof, exercisable by serving notice of at least ninety (90) days, effective on or after the date of service of such notice as specified therein, to terminate his/her employment under this Agreement due to Voluntary Retirement. Voluntary Retirement is the termination of employment after age 65 with no expectation of returning to the industry. The provisions of Section 3 remain in full force and effect upon Voluntary Retirement. Upon Voluntary Retirement, in exchange for the Executive executing and delivering a Release as described in Section 4.5.2, Executive shall be entitled to receive: (A) The Accrued Amounts (payable at the same time and in the same manner as set forth in Section 4.2); and (B) An amount equal to twelve fifteen (1215) months of Executive’s then current salary, payable in bi-monthly installments, beginning on the sixtieth day after Voluntary Retirement (the “Retirement Payment”). The Retirement Payment shall be made in accordance with the company’s payroll practices. (C) The Company shall have the right to cease or terminate the Retirement Payment in the event the Executive breaches, in the Company’s sole discretion, any covenant contained in Section 3 of this Agreement.

Termination Due to Voluntary Retirement. The Executive has the right, at any time during the Term, subject to all of the provisions hereof, exercisable by serving notice of at least ninety (90) days, effective on or after the date of service of such notice as specified therein, to terminate his/her employment under this Agreement due to Voluntary Retirement. Voluntary Retirement is the termination of employment after age 65 with no expectation of returning to the industry. The provisions of Section 3 remain in full force and effect upon Voluntary Retirement. Upon Voluntary Retirement, in exchange for the Executive executing and delivering a Release as described in Section 4.5.2, Executive shall be entitled to receive: (A) The Accrued Amounts (payable at the same time and in the same manner as set forth in Section 4.2); and (B) An amount equal to twelve twenty four (1224) months of Executive’s then current salary, payable in bi-monthly installments, beginning on the sixtieth day after Voluntary Retirement (the “Retirement Payment”). The Retirement Payment shall be made in accordance with the company’s payroll practices. (C) The Company shall have the right to cease or terminate the Retirement Payment in the event the Executive breaches, in the Company’s sole discretion, any covenant contained in Section 3 of this Agreement.