Retirement Payable

The Company does not have a formal retirement plan, however, the Company agrees to grant the
following benefits to all qualified employees who resign or retire in good standing:

1) Retirement Benefits.
A member of the Fund who is retired upon reaching the age of sixty (60) years at any time
thereafter shall be entitled to retirement benefits as follows:

a) Fifty-five (55%) of one month’s basic salary for each year of service for a retiring member
with less than ten (10) years of continuous service with the Company.
b) One Hundred Ten percent (110%) of one month’s basic salary for each year of service for a
retiring member with at least ten (10) years bu less than fifteen (15) years of continuous
service with the Company
c) One Hundred Twenty percent (120%) of one month’s basic salary for each year of service for
a retiring member with at least fifteen (15) years of continuous service with the Company

2) Optional Retirement Benefits

A member of the Fund who voluntary retires at the age of at least fifty (50) years but before
reaching the age of sixty (60) years and with at least ten (10) years of continuous service, shall
be entitled to gratuity in accordance with the following schedule:
Years % of Basic Pay
10 65 per year of service
13 70
15 80
18 95
20 105
23 110
25 & up 120

3) Resignation Benefits
A member of the Fund who voluntarily resigns before reaching the age of sixty (60) years and
who is not qualified for optional retirement shall be entitled to gratuity in accordance with the
following schedule:
Years % of Basic Pay
5 70
8 10
10 80
13 85
15 90
18 95
20 105
21 110
25 & up 120