Common use of Early Retirement or Severance Benefit Clause in Contracts

Early Retirement or Severance Benefit. In the event the employment of the Executive by the Bank shall terminate without cause prior to his "Normal Retirement Date," the Bank shall pay to the Executive as severance compensation a monthly benefit determined by multiplying his "Normal Retirement Benefit" by the applicable percentage from the following table: YEAR OF PARTICIPATION APPLICABLE PERCENTAGE --------------------- --------------------- Less than 1 0% 1 but less than 2 5% 2 but less than 3 10% 3 but less than 4 15% 4 but less than 5 20% 5 but less than 6 25% 6 but less than 7 30% 7 but less than 8 35% 8 but less than 9 40% 9 but less than 10 45% 10 but less than 11 50% 11 but less than 12 55% 12 but less than 13 60% 13 but less than 14 65% 14 but less than 15 70% 15 but less than 16 75% 16 but less than 17 80% 17 but less than 18 85% 18 but less than 19 90% 19 but less than 20 95% 20 or more 100% The Executive's participation years shall be deemed to have begun on January 1, 1994. The payment of the severance benefit shall begin on the first day of the month following the month following the twentieth anniversary of the effective date of this Agreement. The severance benefits shall be payable for a period of one hundred eighty (180) months; provided, however, that if the Executive dies prior to the expiration of one hundred eighty (180) months, the unpaid balance of his monthly retirement payments shall continue to be paid monthly for the remainder of such period to the beneficiary or beneficiaries designated by the Executive in the beneficiary designation form provided by the Bank. In the absence of or a failure to designate a beneficiary, the remaining monthly payments shall be paid to the personal representative of the Executive's estate.

Early Retirement or Severance Benefit. In the event the employment of the Executive by the Bank shall terminate without cause prior to his "Normal Retirement Date," the Bank shall pay to the Executive as severance compensation a monthly benefit determined by multiplying his "Normal Retirement Benefit" by the applicable percentage from the following table: YEAR OF PARTICIPATION APPLICABLE PERCENTAGE --------------------- --------------------- Less than 1 0% 1 but less than 2 520% 2 but less than 3 1030% 3 but less than 4 1540% 4 but less than 5 2050% 5 but less than 6 2560% 6 but less than 7 3070% 7 but less than 8 3580% 8 but less than 9 4090% 9 but less than 10 45% 10 but less than 11 50% 11 but less than 12 55% 12 but less than 13 60% 13 but less than 14 65% 14 but less than 15 70% 15 but less than 16 75% 16 but less than 17 80% 17 but less than 18 85% 18 but less than 19 90% 19 but less than 20 95% 20 or more 100% The Executive's participation years shall be deemed to have begun on January 1August 17, 19941992. The payment of the severance benefit shall begin on the first day of the month following the month following in which the twentieth anniversary of the effective date of this AgreementExecutive's seventieth (70th) birthday occurs. The severance benefits shall be payable for a period of one hundred eighty (180) months; provided, however, that if the Executive dies prior to the expiration of one hundred eighty (180) months, the unpaid balance of his monthly retirement payments shall continue to be paid monthly for the remainder of such period to the beneficiary or beneficiaries designated by the Executive in the beneficiary designation form provided by the Bank. In the absence of or a failure to designate a beneficiary, the remaining monthly payments shall be paid to the personal representative of the Executive's estate.