Common use of Benefits Upon Normal Retirement Clause in Contracts

Benefits Upon Normal Retirement. Upon a Participant's Termination of Employment on or after the Normal Retirement Date, the Company shall pay to the Participant the sum of $8,300 per year, payable in monthly installments of $691.67 each, commencing on the first day of the month coincident with or next following the date of Termination of Employment and continuing on the first day of each month thereafter for a period of 15 years, but in any event until a minimum of 180 total monthly payments are made to the Participant or the Participant's beneficiary per Section 3.6(b). At the sole discretion of the board of directors, the initial benefit may be increased in subsequent years to offset the effect of inflation.

Benefits Upon Normal Retirement. Upon a Participant's Termination of Employment on or after the Normal Retirement Date, the Company shall pay to the Participant the sum of $8,300 $ (ii) per year, payable in monthly installments of $691.67 $ (iii) each, commencing on the first day of the month coincident with or next -5- following the date of Termination of Employment and continuing on the first day of each month thereafter for a period of 15 years, but in any event until a minimum of 180 total monthly payments are made to the Participant or the Participant's beneficiary per Section 3.6(b). At the sole discretion of the board of directors, the initial benefit may be increased in subsequent years to offset the effect of inflation.

Benefits Upon Normal Retirement. Upon a Participant's Termination of Employment on or after the Normal Retirement Date, the Company shall pay to the Participant the sum of $8,300 $ (ii) per year, payable in monthly installments of $691.67 $ (iii) each, commencing on the first day of the month coincident with or next following the date of Termination of Employment and continuing on the first day of each month thereafter for a period of 15 years, but in any event until a minimum of 180 total monthly payments are made to the Participant or the Participant's beneficiary per Section 3.6(b). At the sole discretion of the board of directors, the initial benefit may be increased in subsequent years to offset the effect of inflation.

Benefits Upon Normal Retirement. Upon a Participant's Termination of Employment on or after the Normal Retirement Date, the Company shall pay to the Participant the sum of $8,300 $ (ii) per year, payable in monthly installments of $691.67 $ (iii) each, commencing on the first day of the month coincident with or next following the date of Termination of Employment and continuing on the first day of each month -4- thereafter for a period of 15 years, but in any event until a minimum of 180 total monthly payments are made to the Participant or the Participant's beneficiary per Section 3.6(b). At the sole discretion of the board of directors, the initial benefit may be increased in subsequent years to offset the effect of inflation.

Benefits Upon Normal Retirement. Upon a Participant's Termination of Employment on or after the Normal Retirement Date, the Company shall pay to the Participant the sum of $8,300 (ii) per year, payable in monthly installments of $691.67 (iii) each, commencing on the first day of the month coincident with or next following the date of Termination of Employment and continuing on the first day of each month thereafter for a period of 15 years, but in any event until a minimum of 180 total monthly payments are made to the Participant or the Participant's beneficiary per Section 3.6(b). At the sole discretion of the board of directors, the initial benefit may be increased in subsequent years to offset the effect of inflation.