Upon a Participant's Early Retirement, Disability or death, payment of his Accrued Benefit shall commence or be made pursuant to [Article 3, 6 or 77]7]7]], as applicable. Upon a Participant's separation from service at or after Normal Retirement Age, # his pre-2005 Benefit shall commence or be made at the time elected by the Participant in accordance with the terms of the First Bancorp Employees' Pension Plan, and # his Post-2004 Benefit shall commence or be made on his Normal Retirement Date or Delayed Retirement Date, as applicable.

Early Retirement Benefit - If a Participant'sParticipant shall separate from service as an Employee following his 55th birthday but prior to. his Normal Retirement Date, this shall be considered as an Early Retirement, Disability or death, paymentprovided the Participant shall have completed 15 Years of his Accrued Benefit shall commence or be made pursuant to [Article 3, 6 or 77]7]7]], as applicable. Upon aService in the employ of the Employer. Payment of the Participant's separation from service at or after Normal Retirement Age, # his pre-Pre-2005 Benefit shall commence or be made atstart on the time elected bydate the Participant in accordance with the terms ofParticipant's retirement benefits under the First Bancorp Employees' Pension Plan,Plan start, and #payment of his Post-2004 Benefit shall commence or be madestart on his Normal Retirement Date or Delayed Retirement Date,Date. In either case, the amount of such benefit shall be determined as applicable.follows: