DIEBOLD, INCORPORATED SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN

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Title: DIEBOLD, INCORPORATED SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN
Governing Law: Ohio Date: 2/27/2009
Industry: Office Equipment Sector: Technology

DIEBOLD, INCORPORATED SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN, Parties: diebold incorporated

Exhibit 10.5(i)

DIEBOLD, INCORPORATED
SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN I

As Amended and Restated January 1, 2008

DIEBOLD, INCORPORATED

SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN I

as Amended and Restated January 1, 20018

Table of Contents


	Page

ARTICLE I PLAN		1
ARTICLE II PURPOSE OF THE PLAN		1
ARTICLE III DEFINITIONS		1
(1) “Actuarial Equivalent”		1
(2) “Affiliate”		2
(3) “Annual Compensation”		2
(4) “Beneficiary”		2
(5) “Board”		2
(6) “Change in Control		2
(7) “Change in Control Benefit”		2
(8) “Code”		2
(9) “Committee”		2
(10) “Company”		2
(11) “Company Service”		2
(12) “Disability Benefit”		2
(13) “Early Retirement Age”		2
(14) “Early Retirement Benefit”		2
(15) “Early Retirement Date”		3
(16) “Employer”		3
(17) “15-Year Service Benefit”		3
(18) “50% Joint and Survivor Annuity”		3
(19) “Final Average Monthly Compensation”		3
(20 “Grandfathered Benefits”		3
(21) “Involuntary Termination Benefit”		4
(22) “Normal Retirement Benefit”		4
(23) “Normal Retirement Date”		4
(24) “100% Joint and Survivor Annuity”		4
(25) “Participant”		4
(26) “Plan”		4
(27) “Post-Retirement Death Benefit”		4
(28) “Pre-Retirement Death Benefit”		4


	Page
(29) “Qualified Retirement Plan”		4
(30) “Separation from Service”		4
(31) “Service Fraction”		5
(32) “Social Security Benefit”		5
(33) “Specified Employee”		5
(34) “Spouse”		5
(35) “Supplemental Retirement Benefit”		5
(36) “10-Year Service Benefit”		5
(37) “Terminated For Cause”		5
(38) “Termination of Employment”		6
(39) “Total Disability”		6
ARTICLE IV ELIGIBILITY, PARTICIPATION AND VESTING		7
(a) Eligibility for Participation in the Plan		7
(b) Eligibility for Benefits		7
(c) Vesting		7
(d) Forfeiture of Plan Benefits		7
ARTICLE V NORMAL RETIREMENT BENEFITS		8
(a) Qualification for Benefit		8
(b) Computation of Amount of Normal Retirement Benefit		8
ARTICLE VI EARLY RETIREMENT BENEFIT		8
(a) Qualification for Benefit		8
(b) Computation of Amount of Early Retirement Benefit		8
ARTICLE VII INVOLUNTARY TERMINATION BENEFIT		9
(a) Qualification for Benefit		9
(b) Computation of Amount of Involuntary Termination Benefit		9
ARTICLE VIII 10-YEAR SERVICE BENEFIT		10
(a) Qualification for Benefit		10
(b) Computation of Amount of 10-Year Service Benefit		10
ARTICLE IX 15-YEAR SERVICE BENEFIT		11
(a) Qualification for Benefit		11
(b) Computation of Amount of 15-Year Service Benefit		11
ARTICLE X DISABILITY BENEFIT		12
(a) Qualified for Benefit		12
(b) Computation of Amount of Disability Benefit		12
ARTICLE XI BENEFIT UPON CHANGE IN CONTROL		12
(a) Qualification for Benefit		12
(b) Change in Control		12
(c) Computation of Amount of Change in Control Benefit		14
ARTICLE XII DEATH BENEFIT		15


	Page
(a) Pre-Retirement		15
(b) Post-Retirement Death Benefit		15
(c) Minimum Death Benefit		16
ARTICLE XIII PLAN ADMINISTRATION AND CLAIMS		17
(a) Administration by Committee		17
(b) Powers of the Committee		17
(c) Committee Actions		17
(d) Claims and Review Procedure		17
(e) Deadline to File Claim		19
(f) Exhaustion of Administrative Remedies		19
(g) Deadline to File Legal Action		20
(h) Knowledge of Fact by Participant Imputed to Beneficiary		20
(i) Information Furnished by Participants		20
(j) Overpayments		20
ARTICLE XIV OPTIONAL FORMS AND TIMING OF BENEFITS		20
(a) Automatic Form of Payment		20
(b) Annuity Options		20
(c) Timing of Benefit Payments		21
ARTICLE XV MISCELLANEOUS		23
(a) Funding		23
(b) No Guaranty of Benefits		24
(c) Assignments and Restrictions		24
(d) Headings		24
(e) Employment		25
(f) Applicable Law		25
(g) Binding Effect on Employer, Participants, Spouses and Their Successors		25
(h) Participant Information		25
(i) Incapacity		25
(j) Code Section 409A		25
ARTICLE XVI AMENDMENT AND TERMINATION		26
(a) Amendment		26
(b) Termination		26

iii

DIEBOLD, INCORPORATED

SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN I

Amended and Restated January 1, 2008

ARTICLE I

PLAN

The Diebold, Incorporated Supplemental Employee Retirement Plan (the “Plan”) originally adopted effective January 1, 1990 is hereby amended and restated, effective as of January 1, 2008. This Amended and Restated Plan applies to any Participant who retires, is disabled or is deceased on or after January 1, 2008, except as to such Participant’s Grandfathered Benefits. Any Participant who reaches any one of these events prior to January 1, 2008 and any Participant’s Grandfathered Benefits would be governed by the terms of the plan then in effect. The Plan is being amended as of January 1, 2008 to comply with the final regulations under Code Section 409A, as enacted by the American Jobs Creation Act.

ARTICLE II

PURPOSE OF THE PLAN

This Plan was created for the principal purpose of providing retirement income for a select group of executive and highly compensated management employees, within the meaning of Section 201(2), 301(a)(3) and 401(a)(i) of ERISA, of Diebold, Incorporated and its subsidiary organizations. It is intended to supplement benefits payable under the Diebold, Incorporated Retirement Plan for Salaried Employees, as well as benefits payable under the Federal Social Security Act and certain other deferred compensation arrangements. During the period from January 1, 2005 and until the effective date of this Restatement, the Plan was operated in good faith compliance with IRS Notice 2005-1 proposed regulations under Code §409A and other applicable guidance.

ARTICLE III

DEFINITIONS

(a)

The following definitions shall apply with respect to this Plan:

(1)

“Actuarially Equivalent” shall mean, except where otherwise indicated, a benefit of equivalent value to the benefit it replaces calculated on the basis of the UP-1984 Mortality Table and a six and one-half percent (6 ¹ / 2 ) interest rate per annum, compounded annually.

	(2)		“Affiliate” shall mean any entity included with the Company in a controlled group of corporations or trades or businesses under common control within the meaning of Code §414(b) or §414(c), an affiliated service group within the meaning of Code §414(n), or any other entity required to be aggregated with the Company under Code §414(o). For all purposes under this Plan, in applying Code §1563(a)(1), (2) and (3) for purposes of determining the Company’s Affiliates under Code §414(b), the language “at least 80%” shall be applied as it appears in those sections, and in applying Treas. Reg. §1.414(c)-2 for purposes of determining trades or business (whether or not incorporated) that are under common control for purposes of Code §414(c), the language “at least 80%” shall be used as it appears in such regulation.

	(3)		“Annual Compensation” shall mean a Participant’s base pay from an Employer for any Plan Year plus the Participant’s Annual Cash Bonus in the Plan Year in which it is accrued. Annual Compensation shall also include amounts paid to individuals who are citizens or residents of the United States and who are employees of, or provide services to, a foreign Affiliate of the Company to which an agreement entered into by the Company under Code Section 3121(l) applies.

	(4)		“Beneficiary” shall mean a person or entity selected by the Participant or an eligible surviving Spouse that may receive death benefits under this Plan, as are outlined in Article X.

	(5)		“Board” shall mean the Board of Directors of Diebold, Incorporated.

	(6)		“Change in Control” shall have the meaning assigned to such term in Article XI.

	(7)		“Change in Control Benefit” shall mean the benefit determined in accordance with Article XI.

	(8)		“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

	(9)		“Committee” shall mean the Compensation Committee of the Board, as such Committee may be constituted from time to time.

	(10)		“Company” shall mean Diebold, Incorporated.

	(11)		“Company Service” shall mean years of employment (measured in years and completed months) with an Employer.

	(12)		“Disability Benefit” shall mean the benefit determined in accordance with Article X hereof.

	(13)		“Early Retirement Age” shall mean the 60th birthday of a Participant.

	(14)		“Early Retirement Benefit” shall mean the benefit determined in accordance with Article VI hereof.

	(15)		“Early Retirement Date” shall mean the first day of the month coinciding with or next following the 60th birthday of a Participant.

	(16)		“Employer” shall mean (a) the Company or its successors, and (b) any Affiliate or other entity which may specifically adopt this Plan with the consent of the Company, or its successors.

	(17)		“15-Year Service Benefit” shall mean the benefit determined in accordance with Article IX hereof.

	(18)		“50% Joint and Survivor Annuity” shall mean a reduced monthly Supplemental Retirement Benefit which is the Actuarial Equivalent of the single life annuity under the Plan and is payable to the Participant for his life, with continuance of monthly payments of 50% of such reduced amount after his death to his surviving Spouse until the first day of the month in which occurs the surviving Spouse’s death.

	(19)		“Final Average Monthly Compensation” shall mean one-twelfth of the average of the Participant’s Annual Compensation for the five complete consecutive calendar years during his last 10 calendar years of employment with the Employer during which his compensation was the highest. In the event a Participant has been employed for a period of less than five consecutive calendar years, the Participant’s Final Average Monthly Compensation shall be the average of his monthly compensation amounts in effect for all of the complete calendar months during which he was employed by the Employer.

	(20)		“Grandfathered Benefits” shall mean the amount of annuity benefit, if any, of a Participant under the Plan that was earned and vested as of December 31, 2004 and that the Committee has determined to grandfather within the meaning of Code §409A. Such Grandfathered Benefit shall be based on the present value as of December 31, 2004, of the vested amount to which the Participant would be entitled under the Plan if the Participant voluntarily terminated services without cause on December 31, 2004, and received a payment of the benefits with the maximum value available at the earliest possible date allowed under the Plan following the termination of services. Notwithstanding the foregoing, for any calendar year after December 31, 2004, such Grandfathered Benefit may increase (or decrease) to equal the present value of the benefit the Participant actually becomes entitled to, determined under the terms of the Plan (including the applicable limits under the Code), as in effect on October 3, 2004, without regard to any further amounts affecting the amount of or the entitlement to benefits (other than a Participant election with respect to the time and form of an available benefit).

	(21)		“Involuntary Termination Benefit” shall mean the benefit determined in accordance with Article VII.

	(22)		“Normal Retirement Benefit” shall mean the benefit determined in accordance with Article V.

	(23)		“Normal Retirement Date” shall mean the first day of the month coinciding with or next following the 62nd birthday of a Participant.

	(24)		“100% Joint and Survivor Annuity” shall mean a reduced monthly Supplemental Retirement Benefit which is the Actuarial Equivalent of the single life annuity under the Plan and is payable to the Participant for his life, with continuance of monthly payments of 100% of such reduced amount after his death to his surviving Spouse until the first day of the month in which occurs the surviving Spouse’s death.

	(25)		“Participant” shall mean any executive highly paid or management employee of an Employer who is selected to participate in this Plan pursuant to the provisions of Article IV.

	(26)		“Plan” shall mean this Diebold, Incorporated Supplemental Employee Retirement Plan I, as in effect from time to time.

	(27)		“Post-Retirement Death Benefit” shall mean the benefit determined in accordance with Section (b) of Article XII.

	(28)		“Pre-Retirement Death Benefit” shall mean the benefit determined in accordance with Section (a) of Article XII.

	(29)		“Qualified Retirement Plan” shall mean the Diebold, Incorporated Retirement Plan for Salaried Employees, as presently set forth and as it may subsequently be amended, or its successor.

	(30)		“Separation from Service” shall mean a Participant dies, retires, or otherwise has a Termination of Employment from the Employer. A Separation from Service shall not be considered to have occurred if the Participant’s employment relationship is treated by the Employer as continuing while the Participant is on military leave, sick leave, or other bona fide leave of absence if such period of leave does not exceed 6 months or, if longer, so long as the individual’s right to reemployment is provided by statute or by contract. If the period of leave exceeds 6 months and such reemployment rights are not provided, the employment relationship is deemed to terminate on the first date immediately following such 6-month period. Whether a Separation from Service has occurred will be determined in accordance with the requirements of Code §409A.

	(31)		“Service Fraction” shall mean, for any Participant, a fraction, the numerator of which is the lesser of (A) the Participant’s years of Company Service, or (B) 15, and the denominator of which is 15.

	(32)		“Social Security Benefit” shall mean the Primary Insurance Amount under the Federal Social Security Act to which a Participant would be entitled as of the later of his Normal Retirement Date or the date of his actual retirement, computed on the basis of the Participant’s average wage history (estimated or actual) for years before the date of determination and, in the case of a Participant who terminates employment with the Employer prior to his Normal Retirement Date, by assuming that the Participant will earn wages after his termination of employment and prior to his Normal Retirement Date at a rate equal to the Participant’s wage rate at the time of his termination of employment. If a Participant in this Plan is not eligible for full Social Security Benefits (for example, an individual who has previously worked in the military), for purposes of determining benefits under this Plan, such Social Security Benefits would be imputed as if he had been so eligible and had been covered by Social Security for his entire working career.

	(33)		“Specified Employee” shall mean a key employee as defined in Code Section 416(i) as further interpreted by the Treasury Regulations issued under Code Section 409A.

	(34)		“Spouse” shall mean the surviving spouse of a Participant at the time of his death, but only if the Participant and such spouse were married at least one year prior to the Participant’s Separation from Service.

	(35)		“Supplemental Retirement Benefit” shall mean the Change in Control Benefit, Disability Benefit, Early Retirement Benefit, 10-Year Service Benefit, 15-Year Service Benefit, Involuntary Termination Benefit, Normal Retirement Benefit, Pre-Retirement Death Benefit or Post-Retirement Death Benefit for which a Participant or his Spouse may qualify.

	(36)		“10-Year Service Benefit” shall mean the benefit determined in accordance with Article VIII hereof,

	(37)		“Terminated for Cause” shall mean Participant’s Termination of Employment by an Employer due to the Participant’s:

	(i)		intentional act of fraud, embezzlement or theft in connection with his duties or in the course of his employment with the Employer;

	(ii)		intentional wrongful damage to property of the Employer;

	(iii)		intentional wrongful disclosure of secret processes or confidential information of the Employer; or

(iv)

intentional wrongful engagement in any competitive activity which would constitute a material breach of the duty of loyalty to the Employer and any such at shall have been materially harmful to the Employer.

			For purposes of the Plan, no act, or failure to act, on the part of the Participant shall be deemed “intentional” if it was due primarily to an error in judgment or negligence, but shall be deemed “intentional” only if done, or omitted to be done, by the Participant not in good faith or without reasonable belief that his action or omission was not in or opposed tot eh best interest of the Employer. Notwithstanding the foregoing, a Participant shall not be deemed to have been Terminated for Cause hereunder unless and until there shall have been delivered to the Participant a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the Board then in office at a meeting of the Board called and held for such purposes, finding that, in the good faith opinion of the Board, the Participant had committed an act set forth above and specifying the particulars thereof in detail. The Participant shall receive reasonable notice and an opportunity for the Participant, together with his counsel, to be heard before the Board. Nothing herein shall limit the right of the Participant or his Beneficiaries to contest the validity or propriety of any such determination.

	(38)		“Termination of Employment” shall mean the severing of employment with the Employer, voluntarily or involuntarily. A Participant is presumed to have incurred a Termination of Employment from the Employer where the facts and circumstances indicate that the Employer and the Participant reasonably anticipated that no further services would be performed after a certain date or the level of bona fide services the Participant would perform after such date would permanently decrease to 20% or less of the average level of services over the immediately preceding 36-month period (or the full period of such services, if less than 36 months). A Termination of Employment will be determined in accordance with treasury Regulation 1.409A-1(h)(l)(ii).

	(39)		“Total Disability” shall mean a physical or mental impairment that causes a Participant to be unable to engage in any substantial gainful activity, which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. Such determination of disability may be made by the Social Security Administration or may be made pursuant to the Company’s long term disability insurance program.

(b)

Throughout this Plan, and whenever appropriate, the masculine gender shall be deemed to include the feminine and neuter, the singular shall be deemed to include the plural and vice versa.

ARTICLE IV

ELIGIBILITY, PARTICIPATION AND VESTING

(a)		Eligibility for Participation in the Plan . Eligibility for this Plan was closed effective as of January 1, 2002. No further executives or highly paid management employees after such date shall be eligible to participate in the plan after such date except as to which the Board, in its sole discretion, may determine is appropriate.

(b)		Eligibility for Benefits . A Participant shall be entitled to receive a Supplemental Retirement Benefit (or have a Supplemental Retirement Benefit provided for his surviving Spouse) only if he satisfies the conditions of this Article IV and satisfies the qualification requirements of any of the Articles under the Plan to become eligible to receive a benefit thereunder.

(c)		Vesting . A Participant shall be vested hereunder upon attaining ten years of Company Service or upon meeting the requirements for a Normal Retirement Benefit, Early Retirement Benefit, Disability Benefit, Involuntary Termination Benefit, or Change in Control Benefit hereunder.

(d)		Forfeiture of Plan Benefits . In the absence of a Change in Control or a finding of Total Disability, a Participant’s participation shall cease and no benefits under this Plan shall be payable:

(i)

to a Participant if the Participant:

	(A)		voluntarily terminates employment before completing at least 10 years of Company Service; or

	(B)		fails to give an Employer six months written advance notice of his pending voluntary Termination of Employment if he is leaving Diebold prior to age 60 (or three months written advance notice if he is leaving Diebold at age 60 or later); or

	(C)		is Terminated for Cause; or

(ii)

to a Participant’s Spouse or Beneficiary, if the Participant:

	(A)		dies prior to satisfying the requirements for a Spouse’s Pre-Retirement or Post-Retirement Death benefit under Article XII; or

	(B)		is Terminated for Cause.

ARTICLE V

NORMAL RETIREMENT BENEFITS

(a)		Qualification for Benefit . Subject to the provisions of Article IV, a Participant who attains age 62 while employed by an Employer shall be eligible, at any time after his said attainment of age 62, to retire and receive a Normal Retirement Benefit commencing at the time set forth in Article XIV.

(b)		Computation of Amount of Normal Retirement Benefit . A Participant who retires under Section (a) shall be entitled to receive a monthly Supplemental Retirement Benefit equal to 65% of the Participant’s Final Average Monthly Compensation multiplied by his Service Fraction, reduced by the sum of:

	(i)		50% of the monthly Social Security Benefit payable to the Participant commencing on the first day of the month coincident with or following his Separation from Service; and

	(ii)		the monthly benefit (expressed as a single life annuity, but not including any temporary supplements) payable to the Participant under the terms of the Qualified Retirement Plan commencing on the first day of the month coincident with or following his Separation from Service, assuming:

	(A)		for purposes of determining whether the Participant had a vested benefit under the Qualified Retirement Plan and when the Participant could elect commencement of his benefit under the Qualified Retirement Plan (but not for purposes of determining the amount thereof), that the Participant had sufficient service under the Qualified Retirement Plan to have a vested benefit under the Qualified Retirement Plan and a right to commence receiving such benefit on the first day of the month following his Separation from Service , and

	(B)		that the Participant elected commencement of such benefit on such date.

ARTICLE VI

EARLY RETIREMENT BENEFIT

(a)		Qualification for Benefit . Subject to the provisions of Article IV, a Participant who attains his Early Retirement Age while employed by an Employer shall be eligible to retire and receive an Early Retirement Benefit commencing at the time set forth in Article XIV.

(b)		Computation of Amount of Early Retirement Benefit . A Participant who has a Termination of Employment after meeting the requirements in Section (a) shall be entitled to receive a monthly Early Retirement Benefit equal to 65% of the Participant’s Final Average Monthly Compensation multiplied by his Service Fraction reduced by the sum of:

	(i)		50% of the monthly Social Security Benefit payable to the Participant commencing on this Normal Retirement Date; and

	(ii)		the monthly benefit (expressed as a single life annuity, but not including any temporary supplements) payable to the Participant under the terms of the Qualified Retirement Plan commencing on his Normal Retirement Date assuming:

	(A)		for purposes of determining whether the Participant had a vested benefit under the Qualified Retirement Plan and when the Participant could elect commencement of his benefit under the Qualified Retirement Plan (but not for purposes of determining the amount thereof), that the Participant had sufficient service under the Qualified Retirement Plan to have a vested benefit under the Qualified Retirement Plan and a right to commence receiving such benefit at his Normal Retirement Date, and

	(B)		that the Participant elected commencement of such benefit as of such date.

The monthly benefit computed under this Section (b) shall be reduced by .7% for each full month (up to 12) by which the date of commencement precedes the Participant’s Normal Retirement Date, and .6833% for each additional full month (if any) by which the date of commencement precedes the Participant’s Normal Retirement Date.

ARTICLE VII

INVOLUNTARY TERMINATION BENEFIT

(a)		Qualification for Benefit . Subject to the provisions of Article IV, a Participant who incurs an involuntary Termination of Employment before he reaches his Early Retirement Age shall be eligible to receive an Involuntary Termination Benefit commencing at the time set forth in Article XIV. The Committee, or its duly appointed representative for this purpose, shall have full discretion to determine whether the termination of a Participant’s employment with the Employer is involuntary.

(b)		Computation of Amount of Involuntary Termination Benefit . A Participant who is eligible for an Involuntary Termination Benefit shall be entitled to receive a monthly Supplemental Retirement Benefit equal to 65% of the Participant’s Final Average Monthly Compensation multiplied by his Service Fraction, reduced by the sum of:

(i)

50% of the monthly Social Security Benefit payable to the Participant commencing on his Normal Retirement Date; and

(ii)

the monthly benefit (expressed as a single life annuity, but not including any temporary supplements) payable to the Participant under the terms of the Qualified Retirement Plan commencing on his Normal Retirement Date, assuming:

	(A)		for purposes of determining whether the Participant had a vested benefit under the Qualified Retirement Plan and when the Participant could elect commencement of his benefit under the Qualified Retirement Plan (but not for purposes of determining the amount thereof), that the Participant had sufficient service under the Qualified Retirement Plan to have a vested benefit under the Qualified Retirement Plan and a right to commence receiving such benefit at his Normal Retirement Date, and

	(B)		that the Participant elected commencement of such benefit as of such date.

This monthly benefit computed under this Section (b) shall be reduced by .7% for each full month (up to 12) by which the date of commencement precedes the Participant’s Normal Retirement Date, and .6833% for each additional full month (if any) by which the date of commencement precedes the Participant’s Normal Retirement Date.

ARTICLE VIII

10-YEAR SERVICE BENEFIT

(a)		Qualification for Benefit . Subject to the provisions of Article IV, a Participant who has a Termination of Employment with the Employer after attaining 10 or more years of Company Service but who is not then eligible for other benefits under this Plan shall be eligible to receive a 10-Year Service Benefit commencing at the time set forth in Article XIV.

(b)		Computation of Amount of 10-Year Service Benefit . A Participant who is eligible for a 10-Year Service Benefit shall be entitled to receive a monthly Supplemental Retirement Benefit equal to 55% of his Final Average Monthly Compensation, multiplied by his Service Fraction, reduced by the sum of:

	(i)		50% of the monthly Social Security Benefit payable to the Participant commencing on his Normal Retirement Date; and

	(ii)		the monthly benefit (expressed as a single life annuity) but not including any temporary supplements) payable to the Participant under the terms of the Qualified Retirement Plan at his Normal Retirement Date, assuming:

(A)

for purposes of determining when the Participant could elect commencement of his benefit under the Qualified Retirement Plan (but not for purposes of determining the amount thereof) that the Participant had sufficient service under

			the Qualified Retirement Plan to have a right to commence his benefit under the Qualified Retirement Plan at his Normal Retirement Date, and

	(B)		that the Participant elected commencement of such benefit as of such date.

The month benefit computed under this Section (b) shall be reduced by .7% for each full month (up to 12) by which the date of commencement precedes the Participant’s Normal Retirement Date, and .6833% for each additional full month (if any) by which the date of commencement precedes the Participant’s Normal Retirement Date.

ARTICLE IX

15-YEAR SERVICE BENEFIT

(a)		Qualification for Benefit . Subject to the provisions of Article IV, a Participant who has a Termination of Employment with the Employer after attaining 15 or more years of Company Service but who is not then eligible for other benefits under this Plan (other than the 10-year Service Benefit) shall be eligible to receive a 15-Year Service Benefit commencing at the time set forth Article XIV.

(b)		Computation of Amount of 15-Year Service Benefit . A Participant who is eligible for a 15-Year Service Benefit shall be entitled to receive a monthly Supplemental Retirement Benefit equal to 55% of his Final Average Monthly Compensation, reduced by the sum of:

	(i)		50% of the monthly Social Security Benefit payable to the Participant commencing on his Normal Retirement Date; and

	(ii)		the monthly benefit (expressed as a single life annuity, but not including any temporary supplements) payable to the Participant under the terms of the Qualified Retirement Plan at his Normal Retirement Date, assuming:

	(A)		for purposes of determining when the Participant could elect commencement of his benefit under the Qualified Retirement Plan (but not for purposes of determining the amount thereof) that the Participant had sufficient service under the Qualified Retirement Plan to have a right to commence his benefit under the Qualified Retirement Plan at his Normal Retirement Date, and

	(B)		that the Participant elected commencement of such benefit as of such date.

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