Common use of Benefits Upon Normal Retirement Clause in Contracts

Benefits Upon Normal Retirement. Upon the Participant’s Termination of Employment on the Normal Retirement Date, the Company shall pay to the Participant, as compensation for services rendered prior to such date, the sum of One Hundred Seventy-one Thousand Five Hundred and 00/100 Dollars ($171,500.00) per year, payable in monthly installments of Fourteen Thousand Two Hundred Ninety-one and 66/100 Dollars ($14,291.66) 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 the life of the Participant, but in any event until a minimum of one hundred eighty (180) total monthly payments are made to the Participant or the Participant’s beneficiary per Section 3.5(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 the Participant’s Termination of Employment on the Normal Retirement Date, the Company shall pay to the Participant, as compensation for services rendered prior to such date, the sum of One Hundred SeventySixty-one eight Thousand Five Nine Hundred and 00/100 Dollars ($171,500.0068,900.00) per year, payable in monthly installments of Fourteen Five Thousand Two Seven Hundred NinetyForty-one and 66/100 Dollars ($14,291.665,741.66) 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 the life of the Participant, but in any event until a minimum of one hundred eighty (180) total monthly payments are made to the Participant or the Participant’s beneficiary per Section 3.5(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.