Late Retirement Benefit: When permitted by Company policy, a Participant may continue his employment beyond his Normal Retirement Date. The Participant’s Accrued Benefit as of his Late Retirement Date (“Late Retirement Benefit”) shall commence on his Late Retirement Date. The Participant’s Late Retirement Benefit shall consist of two components: # the Participant’s Standard Accrued Benefit or, if applicable, Modified Accrued Benefit, paid in the normal form described in [Section 3.7] and # if applicable, the Participant’s Incremental Accrued Benefit and/or the Participant’s Supplemental Accrued Benefit paid in the form elected by the Participant pursuant to [Section 3.8].

Normal Retirement Benefit: A Participant may retire on his Normal Retirement Date, on which date he shall be fully vested. The Participant’s Accrued Benefit as of his Normal Retirement Date (“Normal Retirement Benefit”) shall commence on his Normal Retirement Date. The Participant’s Normal Retirement Benefit shall consist of two components: # the Participant’s Standard Accrued Benefit or, if applicable, Modified Accrued Benefit, paid in the normal form described in [Section 3.7] and # if applicable, the Participant’s Incremental Accrued Benefit and/or the Participant’s Supplemental Accrued Benefit paid in the form elected by the Participant pursuant to [Section 3.8].