Common use of Death Benefit Clause in Contracts

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th birthday, the Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 65th birthday, the Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 2,204 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 65th birthday, the ---- Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 754.00 per month -------- for a continuous period of 120 months to such beneficiary or beneficiaries as --- the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment commencement of his 70th birthdaybenefits under 1 above, the Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 1700 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' ’ fees plus interest at the rate of 7 1/2 7½ percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 7½ percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's ’s death shall be commuted on the basis of 6 7½ percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's ’s estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 65th birthday, the ---- Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 486 per month for ---- a continuous period of 120 months to such beneficiary or beneficiaries as the --- Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 eight percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 eight percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 eight percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment commencement of his 70th birthdaybenefits under 1 above, the Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 6,122 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' ’ fees plus interest at the rate of 7 1/2 7½ percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's ’s death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's ’s estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association Bank and prior to the attainment of his 70th birthdayOctober 1, 2000 the Association Bank (beginning at a date to be determined by the Association Bank but within six months from the date of such death) will commence to pay $590 1,681 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association Bank a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 seven percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 seven percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named any such beneficiary to diedesignation. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 seven percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 71st birthday, the Association (beginning at a date to be determined by the Association but within six months from the date of such death) will wil1 commence to pay $590 566.00 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains remain unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 65th birthday, the ---- Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 1,733 per month ------ for a continuous period of 120 months to such beneficiary or beneficiaries as --- the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 eight percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 eight percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 eight percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 65th birthday, the ---- Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 1,370.00 per --------- month for a continuous period of 120 months to such beneficiary or beneficiaries --- as the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 7 1/2 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 7 1/2 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 65th birthday, the ---- Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 1,145 per month ------ for a continuous period of 120 months to such beneficiary or beneficiaries as --- the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 eight percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 eight percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 eight percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association Bank and prior to the attainment of his 70th birthday, 65th birthday the Association Bank (beginning at a date to be determined by the Association Bank but within six months from the date of such death) will commence to pay $590 4,510 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association Bank a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 seven percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 seven percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named any such beneficiary to diedesignation. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 seven percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 65th birthday, the ---- Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 2,115.00 per month --------- for a continuous period of 120 months to such beneficiary or beneficiaries as --- the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 65th birthday, the Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 3,000 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 65th birthday, the ---- Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 846 per month for ---- a continuous period of 120 months to such beneficiary or beneficiaries as the --- Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 eight percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 eight percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 eight percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association Bank and prior to the attainment of his 70th birthday, 65th birthday the Association Bank (beginning at a date to be determined by the Association Bank but within six months from the date of such death) will commence to pay $590 2,287 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association Bank a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 seven percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 seven percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named any such beneficiary to diedesignation. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 seven percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 65th birthday, the ---- Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 536 per month for ---- a continuous period of 120 months to such beneficiary or beneficiaries as the --- Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 eight percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 eight percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 eight percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 65th birthday, the Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 803 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association Bank and prior to the attainment of his 70th birthday, 65th birthday the Association Bank (beginning at a date to be determined by the Association Bank but within six months from the date of such death) will commence to pay $590 1,123 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association Bank a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 seven percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 seven percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named any such beneficiary to diedesignation. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 seven percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association Bank and prior to the attainment of his 70th birthday, 65th birthday the Association Bank (beginning at a date to be determined by the Association Bank but within six months from the date of such death) will commence to pay $590 3,530 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association Bank a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 seven percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 seven percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named any such beneficiary to diedesignation. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 seven percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th birthday, the Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 558 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' ’ fees plus interest at the rate of 7 1/2 eight percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 eight percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's ’s death shall be commuted on the basis of 6 eight percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's ’s estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association Bank and prior to the attainment of his 70th birthday, 65th birthday the Association Bank (beginning at a date to be determined by the Association Bank but within six months from the date of such death) will commence to pay $590 5,777 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association Bank a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 seven percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 seven percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named any such beneficiary to diedesignation. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 seven percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 65th birthday, the ---- Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 2,870 per month ------ for a continuous period of 120 months to such beneficiary or beneficiaries as --- the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 67th birthday, the Association (beginning at a date to be determined by the Association but within six months from the date of such death) will wil1 commence to pay $590 735.00 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains remain unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment commencement of his 70th birthdaybenefits under 1 above, the Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 1,700 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' ’ fees plus interest at the rate of 7 1/2 7½ percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 7½ percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's ’s death shall be commuted on the basis of 6 7½ percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's ’s estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 65th birthday, the Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 1,912 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 69th birthday, the Association (beginning at a date to be determined by the Association but within six months from the date of such death) will wil1 commence to pay $590 647.00 per month for a continuous period of 120 months to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains remain unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

Death Benefit. Should the Director die while in the Directorship of ------------- the Association and prior to the attainment of his 70th 65th birthday, the ---- Association (beginning at a date to be determined by the Association but within six months from the date of such death) will commence to pay $590 1,757.00 per month --------- for a continuous period of 120 months to such beneficiary or beneficiaries as --- the Director has directed by filing with the Association a notice in writing. Irrespective of the above, however, if the Director dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived Directors' fees plus interest at the rate of 7 1/2 percent per annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.