Common use of The Retirement Period Clause in Contracts

The Retirement Period. (a) The Retirement Period shall commence on the first day of the first calendar month occurring after Executive's sixty-fifth (65th) birthday, but may be postponed by mutual agreement between Executive and Employer. The Retirement Period shall end on the day of Executive's death. The commencement and continuance of the Retirement Period shall not depend in any way upon the existence of an active period of employment relationship between Executive and Employer immediately prior to the commencement of the Retirement Period. (b) During the Retirement Period, the Employer agrees to pay to Executive each year, in equal monthly installments, the sum of $29,000; provided, however, that the $29,000 annual payment shall be increased annually after the first year of the Retirement Period to the product derived by multiplying the payment in what is then the immediately preceding year by the lesser of (i) one (1) plus 50% of the "fraction" forming a part of the definition of the Cost of Living Adjustment Factor (as heretofore defined) for the period in question, and (ii) 1.05. (c) Executive's right to receive the payments provided for in this Section 12 (i) shall not be contestable by Employer for any reason whatsoever and (ii) shall be in lieu of any right of Executive to receive retirement payments under any previous employment agreement with Employer, and Executive hereby waives and relinquishes any such rights. (d) Furthermore, provided that Executive continuously remains an employee of Employer from the date of this Employment Agreement through Executive's 65th birthday, unless otherwise agreed by the parties, during the Retirement Period the Employer shall maintain in full force and effect, Group Life policies and Major Medical and/or "medigap" policies, which (together with Medicare or other benefits which may otherwise then be available to Executive without cost to Executive), shall provide Executive with benefits substantially similar to those existing for senior employees of the Company at the time of Executive's retirement. Executive shall continue to be responsible for any and all premiums attributable to Executive's spouse and children.

The Retirement Period. (a) The Retirement Period shall commence on the first day following the termination of the Consulting Term or if there is no Consulting Term, the first calendar month occurring after Executive's sixty-fifth (65th) birthday, but may be postponed by mutual agreement between Executive and Employerday following the termination of the Employment Term. The Retirement Period shall end on the day of Executive's death. The commencement and continuance of the Retirement Period shall not depend in any way upon the existence of an active period of employment or consulting relationship between Executive and Employer Company immediately prior to the commencement of the Retirement Period. (b) During Commencing with the 49th month of the Retirement Period, the Employer Company agrees to pay to Executive each yearExecutive, until the expiration of the Retirement Period, in equal monthly installments, the sum of $29,00029,000 per annum (the "Retirement Payments"); provided, however, that the $29,000 annual payment shall be increased annually after the first full year of the Retirement Period such payments to an amount equal to the product derived by multiplying the payment in what is then the immediately preceding year by the lesser of (i) one (1) plus 50% of the "fraction" forming a part of the definition of the Cost of Living Adjustment Factor (as heretofore defined) for the period in question, and (ii) 1.05. (c) Executive's right to receive the payments provided for in this Section 12 (i) shall not be contestable by Employer Company for any reason whatsoever and (ii) shall be in lieu of any right of Executive to receive retirement payments under any previous employment agreement with EmployerCompany, except with respect to Company's Defined Benefit Plan, and Executive hereby waives and relinquishes any such rights. (d) Furthermore, provided that Executive continuously remains an employee of Employer from the date of this Employment Agreement through Executive's 65th birthday, unless otherwise agreed by the parties, during During the Retirement Period the Employer shall Company shall, without duplication, maintain in full force and effect, Group Life policies and Major Medical and/or "medigap" policiespolicies and disability insurance, which (together with Medicare or other benefits which may otherwise then be available to Executive without cost to Executive), shall provide Executive with benefits substantially similar to those existing for senior employees of the Company at the time of Executive's retirement. Executive shall continue to be responsible for any and all premiums attributable to Executive's spouse and children.

The Retirement Period. (a) The Retirement Period shall commence on the first day of the first calendar month occurring after Executive's ’s sixty-fifth (65th) birthday, but may be postponed by mutual agreement between Executive and Employer. The Retirement Period shall end on the day of Executive's ’s death. The commencement and continuance of the Retirement Period shall not depend in any way upon the existence of an active period of employment relationship between Executive and Employer immediately prior to the commencement of the Retirement Period. (b) During Commencing at the beginning of the 49th month following the commencement of the Retirement Period, the Employer agrees to pay to Executive each yearyear- during the Retirement Period, in equal monthly installments, the sum of $29,000; provided, however, that the $29,000 annual payment shall be increased annually after the first year of the Retirement Period payment to an amount equal to the product derived by multiplying the payment in what is then the immediately preceding year by the lesser of (i) one (1) plus 50% of the "“fraction" ” forming a part of the definition of the Cost of Living Adjustment Factor (as heretofore defined) for the period in question, and (ii) 1.05. (c) Executive's ’s right to receive the payments provided for in this Section 12 (i) shall not be contestable by Employer for any reason whatsoever and (ii) shall be in lieu of any right of Executive to receive retirement payments under any previous employment agreement with Employer, and Executive hereby waives and relinquishes any such rights. (d) Furthermore, provided that Executive continuously remains an employee of Employer from the date of this Employment Agreement through Executive's ’s 65th birthday, unless otherwise agreed by the parties, during the Retirement Period the Employer shall maintain in full force and effect, Group Life policies and Major Medical and/or "“medigap" ” policies, which (together with Medicare or other benefits which may otherwise then be available to Executive without cost to Executive), shall provide Executive with benefits substantially similar to those existing for senior employees of the Company at the time of Executive's ’s retirement. Executive shall continue to be responsible for any and all premiums attributable to Executive's ’s spouse and children.

The Retirement Period. (a) The Retirement Period shall commence on the first day of the first calendar month occurring after Executive's ’s sixty-fifth (65th) birthday, but may be postponed by mutual agreement between Executive and Employer. The Retirement Period shall end on the day of Executive's ’s death. The commencement and continuance of the Retirement Period shall not depend in any way upon the existence of an active period of employment relationship between Executive and Employer immediately prior to the commencement of the Retirement Period. (b) During Commencing at the beginning of the 49th month following the commencement of the Retirement Period, the Employer agrees to pay to Executive each yearyear during the Retirement Period, in equal monthly installments, the sum of $29,000; provided, however, that the $29,000 annual payment shall be increased annually after the first year of the Retirement Period payment to an amount equal to the product derived by multiplying the payment in what is then the immediately preceding year by the lesser of (i) one (1) plus 50% of the "“fraction" ” forming a part of the definition of the Cost of Living Adjustment Factor (as heretofore defined) for the period in question, and (ii) 1.05. (c) Executive's ’s right to receive the payments provided for in this Section 12 (i) shall not be contestable by Employer for any reason whatsoever and (ii) shall be in lieu of any right of Executive to receive retirement payments under any previous employment agreement with Employer, and Executive hereby waives and relinquishes any such rights. (d) Furthermore, provided that Executive continuously remains an employee of Employer from the date of this Employment Agreement through Executive's ’s 65th birthday, unless otherwise agreed by the parties, during the Retirement Period the Employer shall maintain in full force and effect, Group Life policies and Major Medical and/or "“medigap" ” policies, which (together with Medicare or other benefits which may otherwise then be available to Executive without cost to Executive), shall provide Executive with benefits substantially similar to those existing for senior employees of the Company at the time of Executive's ’s retirement. Executive shall continue to be responsible for any and all premiums attributable to Executive's ’s spouse and children.