Common use of Normal Retirement Benefits Clause in Contracts

Normal Retirement Benefits. Subject to the other provisions of this Section 2C hereof, when Executive attains 65 years of age, or if later, upon separation of service, Executive shall be entitled to retire from the Company and to receive retirement benefits of Forty-Five Thousand Dollars ($45,000) annually (“Normal Retirement Benefits”), payable, commencing as of the first of the month following the month in which normal retirement occurs, in equal monthly installments, for a period of ten (10) years. Notwithstanding the foregoing, if Executive is deemed to be a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the Internal Revenue Code and the regulations and guidance issued thereunder relating to deferred compensation, then such Normal Retirement Benefits shall commence as of the first of the month after the sixth month following the date in which separation from service on account of the Executive’s normal retirement occurs.

Normal Retirement Benefits. Subject to the other provisions of this Section 2C 2C(f) hereof, when Executive attains 65 years of age, or if later, upon separation of service, Executive shall be entitled to retire from the Company and to receive retirement benefits of Forty-Five Forty Thousand Dollars ($45,00040,000) annually (“Normal Retirement Benefits”), payable, commencing as of the first of the month following the month in which normal retirement occurs, in equal monthly installments, for a period of ten (10) years. Notwithstanding the foregoingforgoing, if Executive is deemed to be a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the of the Internal Revenue Code and the regulations and guidance issued thereunder relating to deferred compensation, then such Normal Retirement Benefits shall commence as of the first of the month after the sixth month following the date in which separation from service on account of the Executive’s normal retirement occurs.

Normal Retirement Benefits. Subject to the other provisions of this Section 2C 2C(f) hereof, when Executive attains 65 years of age, or if later, upon separation of service, Executive shall be entitled to retire from the Company and to receive retirement benefits of Forty-Five Forty Thousand Dollars ($45,00040,000) annually (“Normal Retirement Benefits”), payable, commencing as of the first of the month following the month in which normal retirement occurs, in equal monthly installments, for a period of ten (10) years. Notwithstanding the foregoingforgoing, if Executive is deemed to be a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the Internal Revenue Code and the regulations and guidance issued thereunder relating to deferred compensation, then such Normal Retirement Benefits shall commence as of the first of the month after the sixth month following the date in which separation from service on account of the Executive’s normal retirement occurs.