Common use of Annuity Contract and Other Investments Clause in Contracts

Annuity Contract and Other Investments. For purposes of satisfying its obligations to provide benefits under the Plan and this Amendment, the Bank has invested in a Flexible Premium Indexed Deferred Annuity Contract issued by _________________ Insurance Company, contract #________ (the “Annuity Contract”), and may invest in such other annuity contracts (a) as the Bank may purchase from time to time in accordance with the Plan, the income value of which the Bank intends to serve as the measure of the Plan benefit for Executive and (b) are identified by Policy number in writing by the Bank as an “Annuity Contract” under the Plan. However, nothing in this Section shall require the Bank to invest in any particular form of investment. The Bank is the sole owner of the Annuity Contract, and other such investments, and shall have the right to exercise all incidents of ownership, shall be the beneficiary of any death proceeds and shall at all times be entitled to the Annuity Contract’s cash surrender value. Notwithstanding any provision hereof to the contrary, the Bank shall have the right to sell or surrender any Annuity Contract without terminating the Plan and this Amendment, provided the Bank replaces the Annuity Contract with a comparable annuity policy or asset of comparable value, with a comparable lifetime withdrawal feature and comparable benefit value. Without limitation, the Annuity Contract at all times shall be the exclusive property of the Bank and shall be subject to the claims of the Bank’s creditors.

Annuity Contract and Other Investments. For purposes of satisfying its obligations to provide benefits under the Plan and this Amendment, the Bank has invested in a Flexible Premium Indexed Deferred Annuity Contract issued by _________________ Insurance Company, contract #________ (the “Annuity ContractContract(s)”), and may invest in such other annuity contracts (a) as the Bank may purchase from time to time in accordance with the Plan, the income value of which the Bank intends to serve as the measure of the Plan benefit for Executive and (b) are identified by Policy number in writing by the Bank as an “Annuity Contract” under the Plan. However, nothing in this Section shall require the Bank to invest in any particular form of investment. The Bank is the sole owner of the Annuity Contract, and other such investments, and shall have the right to exercise all incidents of ownership, shall be the beneficiary of any death proceeds and shall at all times be entitled to the Annuity Contract’s cash surrender value. Notwithstanding any provision hereof to the contrary, the Bank shall have the right to sell or surrender any Annuity Contract without terminating the Plan and this Amendment, provided the Bank replaces the Annuity Contract with a comparable annuity policy or asset of comparable value, with a comparable lifetime withdrawal feature and comparable benefit value. Without limitation, the Annuity Contract at all times shall be the exclusive property of the Bank and shall be subject to the claims of the Bank’s creditors.