Common use of Alternative payout option Clause in Contracts

Alternative payout option. (1) DIRECTOR LIVES UNTIL BENEFIT AGE If (i) after such termination, the Director lives until attaining his Benefit Age, and (ii) the Director has made a Timely Election to receive a lump sum benefit, this Subsection 5.1(b)(1) shall be controlling with respect to retirement benefits. The balance of the Retirement Income Trust Fund, measured as of the Director's Benefit Age, shall be paid to the Director in a lump sum on his Benefit Eligibility Date. In the event the Director dies after becoming eligible for such payment (upon attainment of his Benefit Age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 5.1(b)(1) within thirty (30) days of the date the Administrator receives notice of the Director's death. The balance of the Director's Accrued Benefit Account (if applicable), measured as of the Director's Benefit Age, shall be paid to the Director in a lump sum on his Benefit Eligibility Date. In the event the Director dies after becoming eligible for such payment (upon attainment of his Benefit Age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 5.1(b)(1) within thirty (30) days of the date the Administrator receives notice of the Director's death.

Alternative payout option. (1) DIRECTOR LIVES UNTIL BENEFIT AGE If (i) after such termination, the Director lives is employed with the Bank until attaining reaching his Benefit Age, and (ii) the Director has made a Timely Election to receive a lump sum benefit, this Subsection 5.1(b)(13.1(b) shall be controlling with respect to retirement benefits. The balance of the Retirement Income Trust Fund, measured as of the Director's Benefit Age, shall be paid to the Director in a lump sum on his Benefit Eligibility Date. In the event the Director dies after becoming eligible for such payment (upon attainment of his Benefit Age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 5.1(b)(13.1(b) within thirty (30) days of the date the Administrator receives notice of the Director's death. The balance of the Director's Accrued Benefit Account (if applicable), measured as of the Director's Benefit Age, shall be paid to the Director in a lump sum on his Benefit Eligibility Date. In the event the Director dies after becoming eligible for such payment (upon attainment of his Benefit Age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 5.1(b)(13.1(b) within thirty (30) days of the date the Administrator receives notice of the Director's death.

Alternative payout option. (1) DIRECTOR EXECUTIVE LIVES UNTIL BENEFIT AGE If (i) after such termination, the Director Executive lives until attaining his Benefit Age, and (ii) the Director Executive has made a Timely Election to receive a lump sum benefit, this Subsection 5.1(b)(1) shall be controlling with respect to retirement benefits. The balance of the Retirement Income Trust Fund, measured as of the DirectorExecutive's Benefit Age, shall be paid to the Director Executive in a lump sum on his Benefit Eligibility Date. In the event the Director Executive dies after becoming eligible for such payment (upon attainment of his Benefit Age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 5.1(b)(1) within thirty (30) days of the date the Administrator receives notice of the DirectorExecutive's death. The balance of the DirectorExecutive's Accrued Benefit Account (if applicable), measured as of the DirectorExecutive's Benefit Age, shall be paid to the Director Executive in a lump sum on his Benefit Eligibility Date. In the event the Director Executive dies after becoming eligible for such payment (upon attainment of his Benefit Age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 5.1(b)(1) within thirty (30) days of the date the Administrator receives notice of the DirectorExecutive's death.

Alternative payout option. (1) DIRECTOR LIVES UNTIL BENEFIT AGE If (i) after such termination, the Director lives is employed with the Bank until attaining reaching his Benefit Age, and (ii) the Director has made a Timely Election to receive a lump sum benefit, this Subsection 5.1(b)(13.1(b) shall be controlling with respect to retirement benefits. The balance of the Retirement Income Trust Fund, measured as of the Director's ’s Benefit Age, shall be paid to the Director in a lump sum on his Benefit Eligibility Date. In the event the Director dies after becoming eligible for such payment (upon attainment of his Benefit Age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 5.1(b)(13.1(b) within thirty (30) days of the date the Administrator receives notice of the Director's ’s death. The balance of the Director's ’s Accrued Benefit Account (if applicable), measured as of the Director's ’s Benefit Age, shall be paid to the Director in a lump sum on his Benefit Eligibility Date. In the event the Director dies after becoming eligible for such payment (upon attainment of his Benefit Age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 5.1(b)(13.1 (b) within thirty (30) days of the date the Administrator receives notice of the Director's ’s death.

Alternative payout option. (1) DIRECTOR LIVES UNTIL BENEFIT AGE If (i) after such termination, the Director lives Executive is employed with the Bank until attaining reaching his Benefit Age, including employment with the Bank until Benefit Age following a Change in Control, and (ii) the Director Executive has made a Timely Election to receive a lump sum benefit, this Subsection 5.1(b)(13.1(b) shall be controlling with respect to retirement benefits. The balance of the Retirement Income Trust Fund, measured as of the DirectorExecutive's Benefit Age, shall be paid to the Director Executive in a lump sum on his Benefit Eligibility Date. In the event the Director Executive dies after becoming eligible for such payment (upon attainment of his Benefit Age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 5.1(b)(13.1(b) within thirty (30) days of the date the Administrator receives notice of the DirectorExecutive's death. The balance of the DirectorExecutive's Accrued Benefit Account (if applicable), measured as of the DirectorExecutive's Benefit Age, shall be paid to the Director Executive in a lump sum on his Benefit Eligibility Date. In the event the Director Executive dies after becoming eligible for such payment (upon attainment of his Benefit Age), but before the actual payment is made, his Beneficiary shall be entitled to receive the lump sum benefit in accordance with this Subsection 5.1(b)(13.1(b) within thirty (30) days of the date the Administrator receives notice of the DirectorExecutive's death.