QuadX strives to make the transition from employment to retirement as seamless as possible. This information governs retirement procedures for all regular employees. 

Any eligible employee on the first day of the month coincident with or next following his attainment age sixty (60) shall be retired. If he has completed at least five (5) years of credited service, he shall be entitled to normal retirement benefit equivalent to one (1) monthly salary per year of credited service.

Upon the attainment of at least fifty (50) years old and completion of no less than ten (10) years credited service, subject to the approval of the company, an employee may retire and shall be entitled to a benefit determined in accordance with the normal retirement benefit formula.

QuadX may allow the Employee to serve beyond the normal retirement age but not beyond the age of 65. Upon retirement, the employee shall be entitled to a benefit determined in accordance with the normal retirement benefit equivalent to one (1) monthly salary per year of credited service.

An employee who resigns from the company with at least five (5) years of credited service shall be entitled to a percentage of his monthly salary per year of credited service in accordance with the following table:

In the event of the death of an employee while in the active service of the company, The beneficiaries shall receive a death benefit determined in accordance with the normal retirement benefit formula.

In the event of total and permanent disability of an Employee, the participant shall be entitled to receive a benefit in accordance with the normal retirement benefit formula.

An employee who is terminated beyond his control due to the installation of labor-saving devices, redundancy, or a retrenchment program initiated by the employer as a result of a merger; or to prevent losses or other similar causes, or where the Employee suffers from a disease and his continued employment is prohibited by the law or is prejudice to his health or to the health of his co-employees, the Employee shall be entitled to a benefit determined in accordance with the normal retirement benefit formula.

An Employee who dismissed for a cause by the company shall forfeit all the rights and priveleges under this plan. Benefits may also be denied by the company if, in its opinion, any employee committed acts that are inicimal or prejudicial to the interest if the company.