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5, PAYMENT OF DEFERRED COMPENSATION, AT SUCH TIME AS THE EMPLOYEE REACHES AGE 60~ BECOMES PERMANENTLY DISABLED~ OR DIES'~ W~ICHEVER OCCURS FIRST~ HE~ OR HIS BENEFICIARY IS ENTITLED TO RECEIVE PAYMENT OF THE BALANCE IN THE DEFERRED COHPENSATION ACCOUNT OUT- STANDING ON THE DATE ON WHICH ONE OF THE FOREGOING OCCURS, PAYMENTS OCCASIONED BY THE EMPLOYEE'S REACHING AGE 60 OR BECOMING PERMANENTLY DISABLED SHALL BE MADE IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH 6 HEREOF AS FOLLOWS: (A) PAYMENTS IN MONTHLY~ QUARTERLY~ SEMI-ANNUAL OR ANNUAL PAYMENTS OVER THE PERIOD OF LIFE EXPECTANCY OF THE EMPLOYEE IN ACCORDANCE WITH THE FOLLOWING PROCEDURE: UPON REACHING THE AGE OF 60 OR BECOMING PERMANENTLY DISABLED FROM PERMANENT FULL-TIME EMPLOYMENT~ WHICHEVER FIRST OCCURS~ THE EMPLOYEE'S LIFE EXPECTANCY SHALL BE DETERMINED BY REFERENCE TO STANDARD U. S. MORTALITY TABLES; THE AMOUNT OF ASSETS AND ACCUMULATIONS iN THE DEFERRED COMPENSATION ACCOUNT SHALL BE COMPUTED TOGETHER WITH A REASONABLE RATE OF RETURN ON SAID ASSETS~ LESS THE AMOUNT OF EXPECTED MONTHLY DISTRIBUTION~ OVER THE LIFE EXPECTANCY OF EMPLOYEE; A MONTHLY AMOUNT SHALL THEN BE MATHEMATICALLY DETERMINED~ THE PAYMENT OF WHICH~ IN EQUAL MONTHLY INSTALL- MENTS OVER THE PERIOD OF LIFE EXPECTANCY OF EMPLOYEE~ SHALL COMPLETELy DEPLETE THE SAID ACCOUNT AT THE END OF THE LAST YEAR OF SAID LIFE EXPECTANCY; OR (B) PAYMENTS IN MONTHLY~ QUARTERLY~ SEMI-ANNUAL OR ANNUAL INSTALLMENTS OVER A PERIOD NOT EXCEEDING TEN (10) YEARS~ SAID PAYMENTS TO iNCLUDE A REASONABLE RETURN ON THE ASSETS AND ACCUMULATIONS IN THE DEFERRED COMPENSATION ACCOUNT~ LESS THE AMOUNT OF EXPECTED MONTHLY~ QUARTERLY~ SENI-ANNUAL~ OR ANNUAL DISTRIBUTION~ OVER SAID TEN (10) YEAR PERIOD; OR (C) ONE LUMP-SUM PAYMENT. 6, SELECTION OF METHOD OF PAYMENT. THE METHOD OF PAYMENT SHALL BE SELECTED BY THE EMPLOYER~ ACTING THROUGH THE RETIREMENT CORP. AS IT DULY AUTHORIZED AGENT~ DUE CONSID- ERATION BEING GIVEN TO THE HEALTH~ FINANCIAL CIRCUMSTANCES~ AND FAMILY OBLIGATIONS OF THE EMPLOYEE, tN THIS REGARD~ THE EMPLOYEE MAY BE CONSULTED; HOWEVER~ HE SHALL HAVE NO VOICE iN THE DECISION REACHED. 7, PAYMENTS IN THE EVENT OF DEATH, (A) DURING THE PERIOD OF DISTRIBUTION. IN THE EVENT Of THE EMPLOYEE'S DEATH DURING THE PERIOD OF DISTRIBUTION~ THE EMPLOYEE'S BENEFICIARY SHALL BE ENTITLED TO RECEIVE PAYMENTS IN ACCORDANCE WITH THE PAYMENT METHOD BEING EMPLOYED AT THE TIME OF THE EMPLOYEEtS DEATH. WITH THE CONSENT OF THE EMPLOYER~ ACTING THROUGH THE RETIREMENT CORP, AS ITS DULY AUTHORIZED AGENT~ SAID BENEFICIARY MAY ELECT TO RECEIVE A LUMP-SUM PAYMENT IN LiEU OF INSTALLMENT PAYMENTS, (B) PRIOR TO DISTRIBUTION. IN THE EVENT OF THE DEATH OF THE EMPLOYEE PRIOR TO DISTRIBUTION~ THE FUNDS AND ASSETS OF THE DEFERRED COMPENSATION ACCOUNT SHALL BE PAID 1N ACCORDANCE WITH ONE OF THE METHODS DESCRIBED IN SUB- PARAGRAPHS (A), (B),'OR (C) OF PARAGRAPH 5 HEREOF. THE SELECTION OF SAiD METHOD SHALL BE MADE BY THE EMPLOYER ACTING THROUGH THE RETIREMENT CORP AS ITS DULY AUTHORIZED AGENT. ' 8. PAYMENT DATES. PAYMENTS SHALL COMMENCE ON THE FIRST DAY OF THE MONTH FOLLOWING THE ATTAINMENT OF AGE 60~ PERMANENT DISABILITY7 OR DEATH; AND~ IN THE CASE OF INSTALLMENT PAYMENTS~ SHALL BE MADE CONTINUOUSLY THEREAFTER ON THE FIRST DAY OF EACH SUCCEEDING MONTH UNTIL SUCH TIME AS THE DEFERRED COMPENSATION ACCOUNT IS DEPLETED IN ITS ENTIRETY, 9, DISBURSING AGENT, THE RETIREMENT CORP. SHALL ACT AS AGENT OF THE ~MPLOYER FOR PURPOSES OF DISBURSING PAYMENTS, THE ULTIMATE OBLIGATION FOR MAKING SUCH PAYMENTS~ HOW- EVER~ SHALL REMAIN WiTH THE EMPLOYER ............. 10o ACCUMULATION DURING THE DISTRIBUTION PERIOD, ~UR[~NG THE PERIOD OF DISTRIBUTION~ THE EMPLOYEE OR HIS BENEFICIARY~ AS THE CASE MAY BE~ SHA~L CONTINUE TO BE CREDITED WITH ALL INTEREST ACCUMULATION AND INCREMENTS ON THE UNDISTRIBUTED FUNDS AND ASSETS IN THE DEFERRED COMPENSATION ACCOUNT~ UNTIL SUCH ACCOUNT IS DEPLETED IN ITS ENTIRE~Yo tl. TERMINATION OF EMPLOYMENT, UPON TERMINATION OF THE EMPLOYEE'S SERVICES~ FOR x~ ANY REASON OTHER THAN DEATH~ THE FUNDS~ ASSETS~ AND ACCUMULATIONS IN THE DEFERRED COMPeN- SATION ACCOUET SHALL NOT BE TRANSFERRED TO AN ACCOUNT WITH A NEW EMPLOYER OF THE EMPLOYEE, ~NSTEAD~ THEY SHALL REMAIN iN THE ORIGINAL ACCOUNT AS ~SSETS OF THE EMPLOYER UNTIL SUCH TIME AS THEY ARE DISTRIBUTED IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT, 12. Loss/. S. THE ~MPLOYER SHALL NOT BE RESPONSIBLE FOR ANY LOSS DUE TO INVESTMENT OR FAILURE OF INVESTMENT OF FUNDS AND ASSETS IN SAID DEFERRED COMPENSATION ACCOUNT NOR SHALL THE EMPLOYER BE REQUIRED TO REPLACE ANY LOSS WHATSOEVER WHICH MAY RESULT FROM SAID INVESTMENTS, 1~, NON-ASSIGNABILITY OF DEFERRED COMPENSATION. THE EMPLOYEE DURING HIS LIFETIME SHALL NOT BE ENTITLED TO COMMUTE~ ENCUMBER~ SELL~ OR OTHERWISE DISPOSE OF HIS RIGHTS TO RECEivE DEFERRED COMPENSATION PAYMENTS PROVIDED FOR HEREIN~ AND THE RIGHT THERETO SHALL BE NON=ASSIGNABLE AND NON-TRANSFERABLE, IN THE EVENT OF ANY ATTEMPTED ASSIGNMENT OR TRANSFER THEREOF~ THE EMPLOYER SHALL HAVE NO FURTHER LIABILITY UNDER THIS AGREEMENT, 14. PARTICIPATION IN OTHER EMPLOYEE-BENEFit PLANS. ;~OTH~NG'-HE'REIN.~ C;ONTA'tNED' 3HAL;L''IN :AN'Y-'MANNER 'MODI'F:y~ ':iMPAiR7 OR AFFECT THE EXISTING OR FUTURE RIGHTS OR INTERESTS OF THE EMPLOYEE (A) TO RECEIVE ANY EMPLOYEE-BENEFITS TO WHICH HE WOULD OTHERWISE BE ENTITLED~ OR (B) AS A PARTICIPANT IN ANY FUTURE PENSION PLAN~ IT BEING UNDERSTOOD THAT THE RIGHTS AND INTERESTS OF THE EMPLOYEE TO ANY EMPLOYEE-BENEFITS OR AS A PARTICIPANT OR BENEFICIARY IN OR UNDER ANY OR ALL SUCH PLANS RESPECTIVELY SHALL CONTINUE IN FULL FORCE AND EFFECT UNIMPAIRED~ AND THE ~MPLOYEE SHALL HAVE THE RIGHT AT ANY TiME HEREAFTER TO BECOME A BENEFICIARY UNDER OR PURSUANT TO ANY AND ALL SUCH PLANS. IN WITNESS WHEREOF~ THE AGREEMENT HAS BEEN DULY EXECUTED THE DAY AND YEAR FIRST