Common use of DIVISION OF DEATH PROCEEDS Clause in Contracts

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the Policy death proceeds shall be as follows: A. Should the Insured be employed by the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of the retirement benefit provided in Section III(A) of that certain Second Amended Executive Salary Continuation Agreement between the Bank and Insured, dated concurrently herewith (the "Salary Continuation Agreement"), assuming that the payments would begin on the date of death and continue for one hundred and eighty (180) months following retirement, or one hundred percent (100%) of the total Policy proceeds, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(L) of the Salary Continuation Agreement. B. Should the Insured be retired from the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of the sum of all remaining payments that would have been made under the Salary Continuation Agreement (if any), but for the Insured's death, or one hundred percent (100%) of the total Policy proceeds, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(L) of the Salary Continuation Agreement. C. The Bank shall be entitled to the remainder of the insurance Policy proceeds payable on the death of the Insured. D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds in the proportion that the proceeds due to each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the Policy death proceeds shall be of the policy is as follows: A. Should the Insured be employed by the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of the retirement benefit provided in Section III(A) of Normal Retirement Benefit under that certain Second Amended Executive Salary Continuation Agreement between the Bank and Insured, Insured dated concurrently of even date herewith (the "“Salary Continuation Agreement"), ”) assuming that the payments would begin on the date of death and continue for one hundred and eighty (180) months following retirementsuch Retirement (as those terms are defined in the Salary Continuation Agreement), or one hundred percent (100%) of the total Policy proceedsproceeds of the policy, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(LX(K) of the Salary Continuation Agreement. B. Should the Insured be retired from the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of one hundred percent (100%) of the sum of all remaining payments that would have been made under the Salary Continuation Agreement (if any)Agreement, but for the Insured's death, or one hundred percent (100%) of the total Policy proceedsproceeds of the policy, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(LX(K) of the Salary Continuation Agreement. C. The Bank shall be entitled to the remainder of the insurance Policy proceeds payable on the death of the Insuredsuch proceeds. D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds in the proportion that on a pro rata basis as the proceeds due to each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the Policy death proceeds shall be as follows: A. Should the Insured be employed by the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of the retirement benefit provided in Section III(A) of that certain Second Amended Executive Salary Continuation Agreement between the Bank and Insured, dated concurrently herewith (the "“Salary Continuation Agreement"”), assuming that the payments would begin on the date of death and continue for one hundred and eighty (180) months following retirement, or one hundred percent (100%) of the total Policy proceeds, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(L) of the Salary Continuation Agreement. B. Should the Insured be retired from the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of the sum of all remaining payments that would have been made under the Salary Continuation Agreement (if any), but for the Insured's ’s death, or one hundred percent (100%) of the total Policy proceeds, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(L) of the Salary Continuation Agreement. C. The Bank shall be entitled to the remainder of the insurance Policy proceeds payable on the death of the Insured. D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds in the proportion that the proceeds due to each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the Policy death proceeds shall be of the policy is as follows: A. Should the Insured be employed by the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of the retirement benefit provided in Section III(A) of Normal Retirement Benefit under that certain Second Amended Executive Salary Continuation Agreement between the Bank and Insured, Insured dated concurrently of even date herewith (the "“Salary Continuation Agreement"), ”) assuming that the payments would begin on the date of death and continue for one hundred and eighty (180) months following retirementsuch Retirement (as those terms are defined in the Salary Continuation Agreement), or one hundred percent (100%) of the total Policy proceedsproceeds of the policy, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(LX(K) of the Salary Continuation Agreement. B. Should the Insured be retired from the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of one hundred percent (100%) of the sum of all remaining payments that would have been made under the Salary Continuation Agreement (if any)Agreement, but for the Insured's ’s death, or one hundred percent (100%) of the total Policy proceedsproceeds of the policy, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(LX(K) of the Salary Continuation Agreement. C. The Bank shall be entitled to the remainder of the insurance Policy proceeds payable on the death of the Insuredsuch proceeds. D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds in the proportion that on a pro rata basis as the proceeds due to each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the Policy death proceeds shall be as follows: A. Should the Insured be employed by the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of the retirement benefit provided in Section III(A) of that certain Second Amended Executive Salary Continuation Agreement between the Bank and Insured, dated concurrently herewith (the "Salary Continuation Agreement"), assuming that the payments would begin on the date of death and continue for one hundred and eighty (180) months following retirement, or one hundred percent (100%) of the total Policy proceeds, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(L) of the Salary Continuation Agreement. B. Should the Insured be retired from the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of the sum of all remaining payments that would have been made under the Salary Continuation Agreement (if any), but for the Insured's death, or one hundred percent (100%) of the total Policy proceeds, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(L) of the Salary Continuation Agreement. C. The Bank shall be entitled to the remainder of the insurance Policy proceeds payable on the death of the Insured. D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds in the proportion that the proceeds due to each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the Policy death proceeds shall be of the policy is as follows: A. Should In the Insured be employed by the Bank at the time event of death, the Insured’s beneficiary(ies)death before August 1, designated in accordance with Paragraph III2012, shall be entitled to a lump sum payment shall be made to the Insured’s designated beneficiaries in an amount equal to the present value of the retirement benefit provided a Normal Retirement Benefit of One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in Section III(A) of that certain Second Amended Executive Salary Continuation Agreement between the Bank and Insured, dated concurrently herewith (the "Salary Continuation Agreement"), assuming that the payments would begin monthly installments beginning on the date of death and continue for one hundred and eighty (180) months following retirement, or one hundred percent (100%) first day of the total Policy proceeds, whichever amount is less. Present value calculations shall be made month following the Executive’s death (calculated using the assumptions set forth in Section IX(LX(L) of the Salary Continuation Agreement, determined as of the date of payment), LESS — the total amount of payments made to the Insured under the Salary Continuation Agreement during his lifetime (if Benefit payments to the Insured began prior to death). To the extent that the policy proceeds are insufficient to pay the entire death benefit, any remaining amount will be paid by the Bank under the Salary Continuation Agreement. B. Should In the Insured be retired from event of the Bank at the time of deathExecutive’s death on or after August 1, the Insured’s beneficiary(ies)2012, designated in accordance with Paragraph III, shall be entitled to a lump sum payment shall be made to the Insured’s designated beneficiaries in an amount equal to the present value of a Normal Retirement Benefit of One Hundred Seventy Thousand Dollars and No/100 ($170,000.00) per year, payable in monthly installments beginning on the sum of all remaining payments that would have been made under the Salary Continuation Agreement (if any), but for the Insured's death, or one hundred percent (100%) first day of the total Policy proceeds, whichever amount is less. Present value calculations shall be made month following the Executive’s death (calculated using the assumptions set forth in Section IX(LX(L) of the Salary Continuation Agreement, determined as of the date of payment), LESS — the total amount of payments made to the Insured under the Salary Continuation Agreement during his lifetime (if Benefit payments to the Insured began prior to death). To the extent that the policy proceeds are insufficient to pay the entire death benefit, any remaining amount will be paid by the Bank under the Salary Continuation Agreement. C. The Bank shall be entitled to the remainder of the insurance Policy proceeds payable on the death of the Insuredpolicy proceeds, if any. D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds in the proportion that on a pro rata basis as the proceeds due to each respectively bears to the total proceeds, excluding any such interest.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the Policy death proceeds shall be of the policy is as follows: A. Should Upon death of the Insured be employed by prior to a Termination of Employment with the Bank at the time of deathBank, the Insured’s 's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of the retirement benefit provided in Section III(A) of Retirement Benefit under that certain Second Amended Executive Salary Continuation Agreement between the Bank and Insured, Insured dated concurrently of even date herewith (the "“Salary Continuation Agreement"”), assuming that the payments would begin on the date of death and continue for one hundred and eighty (180) months following retirementsixty months, or one hundred percent (100%) of the total Policy proceedsproceeds of the policy as of the date of death, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(LIX(K) of the Salary Continuation Agreement. B. Should Upon death of the Insured be retired from following Retirement or Termination of Employment with the Bank at the time of deathBank, the Insured’s 's beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of one hundred percent (100%) of the sum of all remaining payments payments, if any, that would have been made under the Salary Continuation Agreement (if any), but for the Insured's ’s death, or one hundred percent (100%) of the total Policy proceedsproceeds of the policy as of the date of death, whichever amount is less. If no benefits are payable to the Insured pursuant to the Salary Continuation Agreement following Termination of Employment, no benefit shall be payable under this Agreement. Present value calculations shall be made using the assumptions set forth in Section IX(LIX(K) of the Salary Continuation Agreement. C. The Bank shall be entitled to the remainder of the insurance Policy proceeds payable on the death of the Insuredsuch proceeds. D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds in the proportion that on a pro rata basis as the proceeds due to each respectively bears to the total proceeds, excluding any such interest. E. For purposes of this Agreement, “Termination of Employment”, “Retirement”, “Retirement Benefit” and “Change In Control” shall have the same meanings as set forth in the Salary Continuation Agreement. EXHIBIT 10.94 EXHIBIT 10.94

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs VII and IX herein, the division of the Policy death proceeds shall be of the policy is as follows: A. Should the Insured be employed by the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of the retirement benefit provided in Section III(A) of Normal Retirement Benefit under that certain Second Amended Executive Salary Continuation Agreement between the Bank and Insured, Insured dated concurrently of even date herewith (the "Salary Continuation Agreement"), ) assuming that the payments would begin on the date of death and continue for one hundred and eighty (180) twenty months following retirementsuch Retirement (as those terms are defined in the Salary Continuation Agreement), or one hundred percent (100%) of the total Policy proceedsproceeds of the policy, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(LX(K) of the Salary Continuation Agreement. B. Should the Insured be retired from the Bank at the time of death, the Insured’s beneficiary(ies), designated in accordance with Paragraph III, shall be entitled to a lump sum payment equal to the present value of one hundred percent (100%) of the sum of all remaining payments that would have been made under the Salary Continuation Agreement (if any)Agreement, but for the Insured's death, or one hundred percent (100%) of the total Policy proceedsproceeds of the policy, whichever amount is less. Present value calculations shall be made using the assumptions set forth in Section IX(LX(K) of the Salary Continuation Agreement. C. The Bank shall be entitled to the remainder of the insurance Policy proceeds payable on the death of the Insuredsuch proceeds. D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds in the proportion that on a pro rata basis as the proceeds due to each respectively bears to the total proceeds, excluding any such interest.