Larson had worked for BUBA Corp. for 30 years and was retiring from his job. At the time of his decision to retire BUBA Corp. had no pension benefits for its employees. However, the Board of Directors of the corporation voted to give Larson $2,000/week "for as long as he lives" as a retirement benefit to honor the fact that Larson was the first employee to work for 30 years for BUBA Corp. The president of BUBA announced this decision about the pension at Larson's retirement banquet. BUBA paid Larson $2,000/week over a period of 2 years, until a new Board of Directors voted to cease any more payments to Larson because of financial difficulties.