Normal Benefits Sample Clauses

Normal Benefits. Subject to the terms hereof, the Company will pay to the Employee the sum of $1,833.33 per month for a period of 180 consecutive months (“Normal Benefits”) beginning on the first day of the month coinciding with or next following the later of (a) the Employee’s attainment of age sixty-five or (b) his retirement from the employ of the Company. However, upon the attainment of age sixty-five, his retirement from the employ of the Company and upon the request of the Employee, the Board of Directors or a committee appointed by the Board of Directors (the “Committee”) may consent to (which consent shall not be unreasonably withheld), a lump-sum payout of the present value of the Normal Benefits provided for above. For the purposes of this Agreement, present value should be determined using the 30-year treasury rate for the month of October of the calendar year prior to the calendar year in which the payment is to be made.