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. -3- ijo ""f- ""'" ~.... ( i) Nor:rnal Retirement of a Participant ( it) Late Retirement of a Participant, or (Hi) Early Retirement of a Participant, or (iV) Termination of Services of a Participant; (2) ~ath Benefits (or cash value equivalent when paid in other than the normal form of 120 months certain) payable when a Participant dies before Deferred Compensation Payments start. , ' (b) The Village and the eligible person will execute an agreement in writing, confirming their assumptions of the obligations set forth in this Plan, and the amounts of compensation to be deferred. The factors in determining the amounts of Deferred Compensation Payments and Death Benefits are the amount of deferred compensation, the age at the time compensation is deferred, and the age at the time of termination, retirement or death. For the purpose of computation of the amounts of benefits hereunder, the Participant's age at the time any compensation is deferred will Be that of the Participant's birthday nearest to the date of commencement of the agreement to defer compensation. The Deferred Compensation Payments and the Death Benefits (if paid in othen than a lump"'sum) will be a fluctuating amount equal to the amount which would have been payable under a variable annuity contract with respect to the Participant or Beneficiary for whom such payments are being determined had such a contract been purchased from Aetna Variable Annuity Life Insurance Company and such Participant been included therein with an annual premium equal to the a~ual amount of compensation that had been deferred and had the method of payment selected been 120 months certain and life, 100% variable annuity option. (c) (1) Subject to the provisions hereof, the Village agrees to pay Deferred Compensation Payments as follows: (i) In the event of an early, normal or late retirement, to the participant so qualifying for 120 consecutive months and for his remaining lifetime thereafter, commencing the first day of the month following such retirement. (ii) Incase of termination of services, to the Participant so qualifying for 120 consecutive months, commencip.g the. first day of the month following such termination provided, however, the Village may in its sole discretion postpone such payments until the terminated Participant reaches his 50th birthday or make payment in a lump-sum or in installments over some period other than 10 years.