Termination of Employment Prior to Normal Retirement Age. In the event of the Employee’s Separation from Service before the Employee’s Normal Retirement Age for reasons other than death, the Corporation shall pay to the Employee a benefit (the “Vested Benefit”), as follows. Where such Separation from Service occurs prior to the close of business on December 26, 2008, the Vested Benefit shall be a lump sum equal to the amount on Exhibit A applicable to 2008, which shall be paid within thirty (30) days of the Employee’s Early Retirement Date, with the date of such payment within such period determined by the Corporation in its sole discretion. For each day beginning at the close of business on December 26, 2008 until and including the close of business on December 31, 2008, the Vested Benefit payable in a lump sum shall increase by one-sixth of the difference between the computed Vested Benefit applicable on January 1, 2009 (applying the Conversion Interest Rate as a discount rate and calculating the present value thereof) and the amount on Exhibit A applicable to 2008, and the resulting lump sum with respect to Separation from Service as of such times shall be paid within thirty (30) days of the Employee’s Early Retirement Date, with the date of such payment within such period determined by the Corporation in its sole discretion. Where such Separation from Service occurs on or after January 1, 2009, the Vested Benefit shall be an annual benefit equal to fifty percent (50%) of the Employee’s Base Salary as of the Employee’s Early Retirement Date paid in equal monthly installments for a period of fifteen (15) years (one-hundred eighty (180) payments) commencing on the date the Employee attains his Normal Retirement Age; notwithstanding the foregoing, if the present value (using the Conversion Interest Rate as a discount rate) of the aggregate amount payable under this sentence as of the Employee’s Separation from Service is less than the designated dollar amount on attached Exhibit A as the vested amount that would apply on the relevant date of termination (the “Minimum Lump Sum”), then the Employee shall instead receive a Vested Benefit paid in equal monthly installments for a period of fifteen (15) years (one-hundred eighty (180) payments) commencing on the date the Employee attains his Normal Retirement Age, with the monthly payment amount as an annuity payable for the period based on the Minimum Lump Sum and the Conversion Interest Rate.
Termination of Employment Prior to Normal Retirement Age. The following provisions shall apply, subject to Section 6, with respect to a Participant who ceases to be employed by the Employer for any reason other than death, Total and Permanent Disability or retirement on or after his Normal Retirement Age:
