Vested Benefit. A nonforfeitable right to receive benefits under -------------- the Plan as provided in Section 3 (c) 3. Benefits at Retirement. ---------------------- (a) The Basic Benefit. A Participant who has a Vested Benefit and ----------------- Retires will be entitled to receive a lifetime annual benefit beginning on the date of his Retirement (or beginning on his Early Retirement Date if the Participant earlier terminated employment with a Vested Benefit) that is
... equal to 50% of the Participant's Final Average Compensation, reduced as provided in paragraph 3 (b) (b) Amount of Benefit Payments. A Participant entitled to a Basic -------------------------- Benefit shall receive the following benefit under the Plan: (i) Communication of the Basic Benefit Payable. A monthly ------------------------------------------ benefit equal to (x) the Basic Benefit, reduced by (y) the sum of the Participant's monthly Pension Benefit, after application of any benefit limitations imposed by law, the Participant's monthly primary social security benefit, and any long term disability payments. (ii) Early Retirement. If a Participant Retires before Normal ---------------- Retirement Date, but after attaining his Early Retirement Date, the benefit paid under the Plan shall be the Actuarial Equivalent of the monthly benefit he would have received at Normal Retirement. (iii) Option Forms of Benefits. A Participant may, with the ------------------------ consent of the Company, elect an optional form of benefit in lieu of the annual Basic Benefit for life. The optional forms of benefits payable under the Plan shall be the same as, and the Actuarial Equivalent of, those available under the Pension Plan. (c) Vested Benefit. Except as hereinafter provided, a Participant will -------------- be entitled to a vested benefit under the Plan (i) in the case or an employee who became a Participant before -4- January 1, 1993, after one year of Service; (ii) in the case or an employee who became a Participant after December 31, 1992, after five years of service; (iii) upon attainment of age 55 regardless of years of Service; or (iv) the date on which a Change of Control occurs regardless of age or years of Service. If, prior to a Change of Control, a Participant's employment is terminated for Cause, or the Participant voluntarily terminates his employment, such Participant (or any beneficiary of such Participant) shall not be entitled to receive benefits under the Plan.
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