Commencing on the first of the month following Separation from Service after the Normal Retirement Date, the Company shall pay a Primary Normal Retirement Benefit to the Director which is equal to the Retirement Account balance as of the Plan Anniversary Date immediately preceding Separation from Service (without adjustment for interest or earnings during the payment period).
Within sixty (60) days following the end of each Plan Anniversary Date following Separation from Service after the Normal Retirement Date and continuing until the Directors death, the Company shall pay a Secondary Normal Retirement Benefit to the Director.
The Secondary Normal Retirement Benefit shall be paid in a lump sum in an amount equal to the hypothetical growth, if any, of the Retirement Account from the immediately preceding Plan Anniversary Date, determined pursuant to the method set forth in Sections 2.1 and 2.2 hereof.
Consistent with Sections 3.14 and 3.15 of this Plan, as of each Plan Anniversary Date, the Plan Administrator shall determine whether there are any Excess Aggregate Contributions for the Plan Year.
Upon the Directors death prior to termination of this Agreement, the Company shall pay THE FIRST NATIONAL BANK OF MIFFLINTOWN Director Revenue Neutral Retirement Agreement the Directors Beneficiary a benefit equal to the Retirement Account balance as of the Plan Anniversary Date immediately preceding the Directors death.