Common use of DEATH BENEFIT PRIOR TO RETIREMENT Clause in Contracts

DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to his attaining the age of sixty-five (65) years (or such later date as may be agreed upon), the Bank will pay an annual benefit equal to $67,483 in equal monthly installments (each equal to 1/12 of the annual benefit) for a period of one hundred eighty (180) months to such individual or individuals as the Executive may have designated in writing and filed with the Bank. The said monthly payments shall begin the first day of the third month following the month of the decease of the Executive. In the absence of any effective designation of beneficiary, any such amounts becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of his estate. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if it is determined that the Executive's death was caused by suicide on or before June 9, 1996.

DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to his retirement upon attaining the age of sixty-five (65) years (or such later date as may be agreed upon), the Bank will pay an annual benefit equal to $67,483 41,730 in equal monthly installments (each equal to 1/12 of the annual benefit) for a period of one hundred eighty (180) 180 months to such individual or individuals as the Executive may have designated in writing as his beneficiary on Exhibit 2 and filed with the Bank. The said monthly payments shall begin the first day of the third month following the month of the decease of the Executive. In the absence of any effective designation of beneficiary, any such amounts amount becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of his estate. Provided, however, that anything hereinabove to the contrary notwithstanding, notwithstanding no death benefit shall be payable hereunder if it is determined that the Executive's death was caused by suicide on or before June 9, 1996suicide.

DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to his retirement upon attaining the age of sixty-five (65) years (or such later date as may be agreed upon), the Bank will pay an annual benefit equal to $67,483 43,500 in equal monthly installments (each equal to 1/12 of the annual benefit) for a period of one hundred eighty (180) 180 months to such individual or individuals as the Executive may have designated in writing as his beneficiary on Exhibit 2 and filed with the Bank. The said monthly payments shall begin the first day of the third month following the month of the decease of the Executive. In the absence of any effective designation of beneficiary, any such amounts amount becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of his estate. Provided, however, that anything hereinabove to the contrary notwithstanding, notwithstanding no death benefit shall be payable hereunder if it is determined that the Executive's death was caused by suicide on or before June 9, 1996suicide.

DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to his retirement upon attaining the age of sixty-five (65) years (or such later date as may be agreed upon), the Bank will pay an annual benefit equal to $67,483 70,000 in equal monthly installments (each equal to 1/12 of the annual benefit) for a period of one hundred eighty (180) 180 months to such individual or individuals as the Executive may have designated in writing as his beneficiary on Exhibit 2 and filed with the Bank. The said monthly payments shall begin the first day of the third month following the month of the decease of the Executive. In the absence of any effective designation of beneficiary, any such amounts amount becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of his estate. Provided, however, that anything hereinabove to the contrary notwithstanding, notwithstanding no death benefit shall be payable hereunder if it is determined that the Executive's death was caused by suicide on or before June 9, 1996suicide.