Common use of Normal Retirement Benefits Clause in Contracts

Normal Retirement Benefits. Executive's benefit under the Plan shall be paid only in a lump sum payment in an amount that is the actuarial equivalent, based on the actuarial assumptions set forth in paragraph 3.5(vii), of the Base Benefit for the life of Executive paying equal monthly installments beginning on the Retirement Date (the "Normal Retirement Benefit"). The portion of the Normal Retirement Benefit equal to the Grandfathered Benefit shall be paid to Executive on or within five business days following the Retirement Date. The portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit shall be paid to Executive on or within five business days following the Retirement Date or, if later and if required to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, on or within five business days after the Section 409A Payment Date. If the Section 409A Payment Date is after the Retirement Date, then payment of the portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit (with interest on such portion of the benefit from the Retirement Date to the actual date of payment at the Aa Corporate Bond Rate (as defined in paragraph 3.5(vii)) shall be paid by Company to Executive (or, in the event of Executive's death, Executive's Beneficiary) not earlier than but as soon as practicable on, and in any event within five business days after, the Section 409A Payment Date. For purposes hereof: (a) "Beneficiary" is defined as (1) Executive's surviving spouse, if Executive is married on the date of Executive's death, or (2) Executive's estate, if Executive is not married on the date of Executive's death; (b) "Grandfathered Benefit" is defined in paragraph 3.5(ix); (c) "Retirement Date" is defined as the first day of the month coincident with or next following the later of (1) the date on which Executive attains (or in the event of Executive's earlier death, would have attained) age 60 or (2) the date of Executive's retirement from employment with Company; and (d) "Section 409A Payment Date" is defined as the earlier of (1) the date of Executive's death or (2) the date which is six months after the date of termination of Executive's employment with Company.

Normal Retirement Benefits. Executive's benefit under If the Plan Executive continues in employment with the Corporation until his sixty-fifth (65th) birthday (the "Normal Retirement Date"), he shall be paid only in entitled to a lump sum payment in an amount that is the actuarial equivalent, based on the actuarial assumptions set forth in paragraph 3.5(vii), of the Base Benefit for the life of Executive paying equal monthly installments beginning on the Retirement Date retirement benefit (the "Normal Retirement Benefit"). The portion of the Normal Retirement Benefit equal to the Grandfathered Benefit shall be paid to Executive ) commencing on or within five business days following the Retirement Date. The portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit shall be paid to Executive on or within five business days following the Retirement Date or, if later and if required to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, on or within five business days after the Section 409A Payment Date. If the Section 409A Payment Date is after the Retirement Date, then payment of the portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit (with interest on such portion of the benefit from the Retirement Date to the actual date of payment at the Aa Corporate Bond Rate (as defined in paragraph 3.5(vii)) shall be paid by Company to Executive (or, in the event of Executive's death, Executive's Beneficiary) not earlier than but as soon as practicable on, and in any event within five business days after, the Section 409A Payment Date. For purposes hereof: (a) "Beneficiary" is defined as (1) Executive's surviving spouse, if Executive is married on the date of Executive's death, or (2) Executive's estate, if Executive is not married on the date of Executive's death; (b) "Grandfathered Benefit" is defined in paragraph 3.5(ix); (c) "Retirement Date" is defined as the first day of the month coincident with or next following his actual retirement (the later "Commencement Date") and continuing for fifteen (15) years certain (the "Payment Period"), payable monthly in the annual amount of sixty-five percent (65%) of his Benefit Computation Base (defined in Section 2.2), multiplied by a fraction, not to exceed one (1), the numerator of which is the actual number of months of the Executive's employment with the Corporation (including partial months for month of hire and month of termination) plus sixty-six (66) and the denominator of which is three hundred (300) months, and reduced by: (1) fifty percent (50%) of the date on which Executive attains (or in the event of Executive's earlier death, would have attained) age 60 or (2) Primary Social Security retirement benefit estimated as of the date of Executive's Normal Retirement Date based on the Social Security retirement from employment with Company; and (d) "Section 409A Payment Date" is defined as the earlier of (1) the date of Executive's death or (2) the date which is six months after benefit formula assuming level future earnings based on his Benefit Computation Base in effect on the date of termination of the Executive's employment with Companythe Corporation; (2) the annual amount of benefits payable to the Executive, stated as a life annuity commencing at the Normal Retirement Date, from the tax-qualified defined benefit pension plan maintained by the Corporation (such plan, as it may hereafter be amended, restated, otherwise modified or replaced, is hereinafter referred to as the "Pension Plan"); (3) the annual amount of benefits payable to the Executive, stated as a life annuity commencing at the Normal Retirement Date, which is the actuarial equivalent (determined as described below) at the date of determination of the Normal Retirement Benefit, of that portion of the Executive's account balances attributable to contributions by the Corporation to any and all qualified defined contribution plans maintained by the Corporation; and (4) the annual amount of benefits payable to the Executive, stated as a life annuity commencing at the Normal Retirement Date, attributable to contributions by the Corporation (but not any amounts attributable to deferrals or contributions by the Executive) from any other qualified or non-qualified retirement plan or agreement maintained or entered into by the Corporation. Whenever an "actuarial equivalent" is required to be determined under this Agreement, such actuarial equivalent shall be determined in the manner provided for determining actuarial equivalents under the Pension Plan; provided however that such manner of determination shall be no less favorable to the Executive than that prescribed for determining actuarial equivalents under the Pension Plan as in effect on the date of this Agreement.

Normal Retirement Benefits. Executive's ’s benefit under the Plan shall be paid only in a lump sum payment in an amount that is the actuarial equivalent, based on the actuarial assumptions set forth in paragraph 3.5(vii), of the Base Benefit for the life of Executive paying equal monthly installments beginning on the Retirement Date (the "“Normal Retirement Benefit"”). The portion of the Normal Retirement Benefit equal to the Grandfathered Benefit shall be paid to Executive on or within five 10 business days following the Retirement Date. The portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit shall be paid to Executive on or within five 10 business days following the Retirement Date or, if later and if required to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, on or within five business days after the Section 409A Payment Date. If the Section 409A Payment Date is after the Retirement Date, then payment of the portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit (with interest on such portion of the benefit from the Retirement Date to the actual date of payment at the Aa Corporate Bond Rate (as defined in paragraph 3.5(vii)) shall be paid by Company the Employers to Executive (or, in the event of Executive's ’s death, Executive's ’s Beneficiary) not earlier than but as soon as practicable on, and in any event within five business days after, the Section 409A Payment Date. For purposes hereof: (a) "“Beneficiary" ” is defined as (1) Executive's ’s surviving spouse, if Executive is married on the date of Executive's ’s death, or (2) Executive's ’s estate, if Executive is not married on the date of Executive's ’s death; (b) "“Grandfathered Benefit" ” is defined in paragraph 3.5(ix); (c) "“Retirement Date" ” is defined as the first day of the month coincident with or next following the later of (1) the date on which Executive attains (or in the event of Executive's ’s earlier death, would have attained) age 60 or (2) the date of Executive's ’s retirement from employment with Companythe Employers; and (d) "“Section 409A Payment Date" ” is defined as the earlier of (1) the date of Executive's ’s death or (2) the date which is six months after the date of termination of Executive's ’s employment with Companythe Employers.

Normal Retirement Benefits. Executive's benefit under the Plan shall be paid only in a lump sum payment in an amount that is the actuarial equivalent, based on the actuarial assumptions set forth in paragraph 3.5(vii), of the Base Benefit for the life of Executive paying equal monthly installments beginning on the Retirement Date (the "Normal Retirement Benefit"). The portion of the Normal Retirement Benefit equal to the Grandfathered Benefit shall be paid to Executive on or within five business days following the Retirement Date. The portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit shall be paid to Executive on or within five business days following the Retirement Date or, if later and if required to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, on or within five business days after the Section 409A Payment Date. If the Section 409A Payment Date is after the Retirement Date, then payment of the portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit (with interest on such portion of the benefit from the Retirement Date to the actual date of payment at the Aa Corporate Bond Rate (as defined in paragraph 3.5(vii)) shall be paid by Company to Executive (or, in the event of Executive's death, Executive's Beneficiary) not earlier than but as soon as practicable on, and in any event within five business days after, the Section 409A Payment Date. For purposes hereof: (a) "Beneficiary" is defined as (1) Executive's surviving spouse, if If the Executive is married on shall continue in the date employment of Executive's death, or (2) Executive's estate, if Executive is not married on the date of Executive's death; (b) "Grandfathered Benefit" is defined in paragraph 3.5(ix); (c) "Retirement Date" is defined as Corporation until the first day of the month coincident with or next following his sixtieth birthday (hereinafter referred to as the later "Normal Retirement Date"), he shall be entitled to a Normal Retirement Benefit, determined as of the effective date of his actual retirement and continuing for twenty (20) years, payable monthly, in the annual amount of sixty percent (60%) of his Benefit Computation Base (hereinafter defined), reduced by the sum of (1) the date on which Executive attains (or in the event of Executive's earlier death), would have attained) age 60 or (2) and (3) below. 1. Fifty percent (50%) of the date of Executive's (actual or projected) annual primary social security retirement from employment with Company; and (d) "Section 409A Payment Date" is defined benefit projected as of the earlier of (1) the date of Executive's death or (2) the date which is six months after social security normal retirement age based on his Benefit Computation Base in effect on the date of termination of the Executive's employment with Companythe Corporation; 2. The annual amount of benefits payable to the Executive (or his beneficiaries) at the Normal Retirement Date calculated on a single life annuity basis from any qualified defined benefit pension plan maintained and funded by the Corporation, as such plan or plans may be amended or modified from time to time; 3. The annual amount of benefits payable at the Normal Retirement Date on a single life annuity basis attributable to the portion of the account balances of the Executive arising from employer contributions (but excluding the portion of such balances arising from employee salary reduction and elective contributions) at the date of determination, from the Corporation's Employee Stock Ownership Plan ("ESOP"), 401(k) and other defined contribution retirement plans maintained by the Corporation as of the date of this agreement, or their successors, as such plan or plans may be modified from time to time. (b) If the Executive has (or will have) completed fewer than twenty-five (25) years (or 300 months) of service with the Corporation as of his Normal Retirement Date, then the Normal Retirement Benefit shall be the amount determined by multiplying the amount which would otherwise be the Normal Retirement Benefit under paragraph (a) above, by a fraction, not to exceed one (1), the numerator of which is the actual number of months of the Executive's employment with the Corporation, and the denominator of which is three hundred (300) months.

Normal Retirement Benefits. Executive's benefit under the Plan shall be paid only in a lump sum payment in an amount that is the actuarial equivalent, based on the actuarial assumptions set forth in paragraph 3.5(vii), of the Base Benefit for the life of Executive paying equal monthly installments beginning on the Retirement Date (the "Normal Retirement Benefit"). The portion of the Normal Retirement Benefit equal to the Grandfathered Benefit shall be paid to Executive on or within five business days following the Retirement Date. The portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit shall be paid to Executive on or within five business days following the Retirement Date or, if later and if required to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, on or within five business days after the Section 409A Payment Date. If the Section 409A Payment Date is after the Retirement Date, then payment of the portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit (with interest on such portion of the benefit from the Retirement Date to the actual date of payment at the Aa Corporate Bond Rate (as defined in paragraph 3.5(vii)) shall be paid by Company to Executive (or, in the event of Executive's death, Executive's Beneficiary) not earlier than but as soon as practicable on, and in any event within five business days after, the Section 409A Payment Date. For purposes hereof: (a) "Beneficiary" is defined as (1) Executive's surviving spouse, if Executive is married on the date of Executive's death, or (2) Executive's estate, if Executive is not married on the date of Executive's death; (b) "Grandfathered Benefit" is defined in paragraph 3.5(ix); (c) "Retirement Date" is defined as the first day of the month coincident with or next following the later of (1) the date on which Executive attains (or in the event of Executive's earlier death, would have attained) age 60 or (2) the date of Executive's retirement from employment with Company; and (dc) "Section 409A Payment Date" is defined as the earlier of (1) the date of Executive's death or (2) the date which is six months after the date of termination of Executive's employment with Company.

Normal Retirement Benefits. Executive's benefit under (a) If the Plan Executive shall continue in the employment of the Corporation until his sixty-fifth (65th) birthday (hereinafter referred to as the “Normal Retirement Date”), he shall be paid only entitled to a Normal Retirement Benefit, determined as of the date the Executive incurs a separation from service as defined in a lump sum payment Code Section 409A and continuing until the death of the Executive, payable monthly, in an the annual amount that is of sixty-five percent (65%) of his Benefit Computation Base (hereinafter defined), reduced by; 1. Fifty percent (50%) of the actuarial equivalentExecutive’s (actual or estimated) Primary Social Security retirement benefit projected as of the Social Security Normal Retirement Age, based on the actuarial assumptions set forth Social Security retirement benefit based on his Benefit Computation Base in paragraph 3.5(vii), of the Base Benefit for the life of Executive paying equal monthly installments beginning effect on the Retirement Date (the "Normal Retirement Benefit"). The portion of the Normal Retirement Benefit equal to the Grandfathered Benefit shall be paid to Executive on or within five business days following the Retirement Date. The portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit shall be paid to Executive on or within five business days following the Retirement Date or, if later and if required to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, on or within five business days after the Section 409A Payment Date. If the Section 409A Payment Date is after the Retirement Date, then payment of the portion of the Normal Retirement Benefit in excess of the Grandfathered Benefit (with interest on such portion of the benefit from the Retirement Date to the actual date of payment at the Aa Corporate Bond Rate (as defined in paragraph 3.5(vii)) shall be paid by Company to Executive (or, in the event of Executive's death, Executive's Beneficiary) not earlier than but as soon as practicable on, and in any event within five business days after, the Section 409A Payment Date. For purposes hereof: (a) "Beneficiary" is defined as (1) Executive's surviving spouse, if Executive is married on the date of Executive's death, or (2) Executive's estate, if Executive is not married on the date of Executive's death; (b) "Grandfathered Benefit" is defined in paragraph 3.5(ix); (c) "Retirement Date" is defined as the first day of the month coincident with or next following the later of (1) the date on which Executive attains (or in the event of Executive's earlier death, would have attained) age 60 or (2) the date of Executive's retirement from employment with Company; and (d) "Section 409A Payment Date" is defined as the earlier of (1) the date of Executive's death or (2) the date which is six months after the date of termination of the Executive (Note: If the Executive retires before age sixty-two (62), the age sixty-two (62) benefit shall be used); 2. The annual amount of benefits payable at the Normal Retirement Date calculated on a single life annuity basis from the total sum value of the qualified defined benefit pension plan formerly maintained and funded by the Corporation; 3. The annual amount of benefits payable at the Normal Retirement Date calculated on a single life annuity basis, using the actuarial equivalent of the portion of account balances of the Executive arising from employer contributions (but excluding the portion of such balances arising from employee salary reduction and elective contributions) at the date of determination, from the 401(k), profit sharing and any other qualified defined contribution retirement-oriented plans maintained by the Corporation, as such plan or plans may be amended or modified from time to time; and 4. The annual amount of benefits payable at the Normal Retirement Date calculated on a single life annuity basis, using the actuarial equivalent of such amounts as may be accrued by the Corporation for the account of the Executive under the terms of any other retirement-oriented or incentive compensation (excluding stock options and the incentive bonus plan) plan or plans that involve employer monetary contribution or investment as may be instituted by the Corporation from time to time, all subject to the conditions and limitations hereafter set forth. 5. If so elected by the Executive's , either as a new payment election on or before December 31, 2008 as provided in Section 2.07 below, or upon initially becoming eligible in accordance with Code Section 409A, the Normal Retirement Benefit can be paid in the form of an actuarially-equivalent annuity payable over the lifetime of the Executive and/or his or her spouse. The determination of actuarial equivalence shall be made using uniform, non-discriminatory actuarial tables adopted by the Corporation from time to time. The Normal Retirement Benefit shall be the amount determined by multiplying the amount which would otherwise be the Normal Retirement Benefit under paragraph (a)described above, by a fraction, the numerator of which is the actual number of months of the Executive’s employment with Companythe Corporation, and the denominator of which is three hundred (300) months. If the Executive’s employment with the Corporation exceeds three hundred (300) months, the total retirement benefit may exceed sixty-five percent (65%) of his Benefit Computation Base, up to a maximum limit of seventy-five percent (75%) of his Benefit Computation Base. If the Executive is a Specified Employee, as defined in Code Section 409A, and said Corporation is publicly traded at the time of retirement, any such benefit payment shall be withheld for six (6) months following the Executive’s separation from service.