2 RETIREMENT BENEFIT. If the Executive continues in the employment of the Company until attaining age 55 and terminates employment for any reason other than death on or after attaining age 55 but prior to or upon attaining age 65 ("Normal Retirement Date"), the Company shall pay to him, an annual amount stated in Appendix A based on his last attained age, payable monthly for a period of ten (10) years. The first monthly payments will be due on the first day of the month following his Normal Retirement Date and the remaining monthly payments will be due on the first day of each month thereafter. If the Executive continues employment beyond age 65, payments will not begin until his actual termination of employment which occurs for any reason other than death ("Late Retirement Date"). At the Late Retirement Date, the annual benefit payable at age 65 under Appendix A will be adjusted, assuming a simple interest rate of 6%, compounded annually from the date the Executive attained age 65 until his Late Retirement Date. The Company shall pay to him the adjusted amount monthly for a period of ten (10) years beginning on the first day of the month following the Executive's Late Retirement Date and the remaining monthly payments will be due on the first day of each month thereafter. Notwithstanding the foregoing, if the Executive continues in the employment of the Company until attaining age 70, the last day of the month in which the Executive attains age 70 will be deemed to be his Late Retirement Date for purposes of this Agreement, and payments will begin under this section on the first day of the month following such date as if the Executive had retired, even if he is still employed by the Company. If the Executive dies after the applicable retirement date under Section 2.1 or 2.2, but prior to the completion of payment of the 120 monthly payments specified therein, the remaining payments shall be continued to such beneficiary or beneficiaries as the Executive may have designated in a written beneficiary designation executed by him and filed with the Company. In the absence of any effective written beneficiary designation filed with the Company, any such monthly payments remaining unpaid at the death of the Executive shall be payable to the duly qualified executor or administrator of the Executive's estate.