Common use of DEATH BENEFIT PRIOR TO RETIREMENT Clause in Contracts

DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Director should die while actively serving the Bank at any time after the date of this Agreement but prior to January 1, 2010 (or such later date as may be agreed upon), the Bank will pay a monthly benefit of Five Hundred Dollars ($500) for a period of One Hundred Twenty (120) months, or at the discretion of the Bank, a lump sum* reduced to present value as set forth in Subparagraph XI (K), to such individual or individuals as the Director may have designated in writing and filed with the Bank. In the absence of any effective beneficiary designation, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director’s estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director.

DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Director should die while actively serving the Bank at any time after the date of this Agreement but prior to January 1, 2010 the Director attaining the age of seventy (or such later date as may be agreed upon)70) years, the Bank will pay a monthly benefit of Five Hundred Dollars ($500) for a period of One Hundred Twenty (120) months, or at the discretion balance of the Bank, Pre-Retirement Account in a lump sum* sum reduced to present value as set forth in Subparagraph XI (KXI(K), to such individual or individuals as the Director may have designated in writing and filed with the Bank. Said payment shall be made on the first day of the second month following the death of the Director. In the absence of any effective beneficiary designation, any such amounts amount becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director’s estate. Said payments due hereunder payment shall begin be made on the first day of the second month following the decease death of the Director.