Common use of ESTABLISHMENT OF RABBI TRUST Clause in Contracts

ESTABLISHMENT OF RABBI TRUST. The Bank may establish a rabbi trust into which the Bank may contribute assets which shall be held therein, subject to the claims of the Bank’s creditors in the event of the Bank’s “Insolvency” as defined in the agreement which establishes such rabbi trust, until the contributed assets are paid to Executives and their Beneficiaries in such manner and at such times as specified in this Plan. Contributions to a rabbi trust would provide the Bank with a source of funds to assist it in meeting the liabilities of this Plan. To the extent the language in this Plan is modified by the language in the rabbi trust agreement, the rabbi trust agreement shall supersede this Plan. Contributions to the rabbi trust may be made during each Plan Year in accordance with the rabbi trust agreement. It is expected that the amount of such contribution(s), if any, would be equal to the full present value of all benefit accruals under this Plan, if any, less: (i) previous contributions made on behalf of Executive to the rabbi trust, and (ii) earnings to date on all such previous contributions. In the event of a Change in Control, the Bank shall transfer to the rabbi trust within thirty (30) days prior to such Change in Control, the present value (applying the Interest Factor applicable to a Change in Control) of an amount sufficient to fully fund the Yearly Benefit Amount for each Executive covered by this Plan.

ESTABLISHMENT OF RABBI TRUST. The Bank may establish a rabbi trust into which the Bank may contribute assets which shall be held therein, subject to the claims of the Bank’s creditors in the event of the Bank’s “Insolvency” as defined in the agreement which establishes such rabbi trust, until the contributed assets are paid to Executives and their Beneficiaries in such manner and at such times as specified in this Plan. Contributions to a rabbi trust would provide the Bank with a source of funds to assist it in meeting the liabilities of this Plan. To the extent the language in this Plan is modified by the language in the rabbi trust agreement, the rabbi trust agreement shall supersede this Plan. Contributions to the rabbi trust may be made during each Plan Year in accordance with the rabbi trust agreement. It is expected that the amount of such contribution(s), if any, would be equal to the full present value of all benefit accruals under this Plan, if any, less: (i) previous contributions made on behalf of Executive to the rabbi trust, and (ii) earnings to date on all such previous contributions. In the event of a Change in Control, the Bank shall transfer to the rabbi trust within thirty (30) days prior to such Change in Control, the present value (applying the Interest Factor applicable to a Change in Control) of an amount sufficient to fully fund the Yearly Supplemental Benefit Amount for each Executive covered by this Plan.

ESTABLISHMENT OF RABBI TRUST. The Bank may intends to establish a rabbi trust into which the Bank may intends to contribute assets which shall be held therein, subject to the claims of the Bank’s creditors in the event of the Bank’s “Insolvency” as defined in the agreement which establishes such rabbi trust, until the contributed assets are paid to Executives Directors and their Beneficiaries in such manner and at such times as specified in this Plan. Contributions It is the intention of the Bank to a make contributions to the rabbi trust would to provide the Bank with a source of funds to assist it in meeting the liabilities of this Plan. To the extent the language in this Plan is modified by the language in the rabbi trust agreement, the rabbi trust agreement shall supersede this Plan. Contributions Any contributions to the rabbi trust may shall be made during each Plan Year in accordance with the rabbi trust agreement. It is expected that the The amount of such contribution(s), if any, would ) shall be equal to the full present value of all benefit accruals under this Plan, if any, less: (i) previous contributions made on behalf of Executive Director to the rabbi trust, and (ii) earnings to date on all such previous contributions. In the event of a Change in Control, the Bank shall transfer to the rabbi trust within thirty (30) days prior to such Change in Control, the present value (applying the Interest Factor applicable to a Change in Control) of an amount sufficient to fully fund the Yearly Supplemental Retirement Benefit Amount for each Executive Director covered by this Plan.

ESTABLISHMENT OF RABBI TRUST. The Bank may shall establish a rabbi trust into which the Bank may intends to contribute assets which shall be held therein, subject to the claims of the Bank’s creditors in the event of the Bank’s “Insolvency” as defined in the agreement which establishes such rabbi trust, until the contributed assets are paid to Executives and their Beneficiaries in such manner and at such times as specified in this Plan. Contributions It is the intention of the Bank to a make contributions to the rabbi trust would to provide the Bank with a source of funds to assist it in meeting the liabilities of this Plan. To the extent the language in this Plan is modified by the language in the rabbi trust agreement, the rabbi trust agreement shall supersede this Plan. Contributions Any contributions to the rabbi trust may shall be made during each Plan Year in accordance with the rabbi trust agreement. It is expected that the The amount of such contribution(s), if any, would ) shall be at least equal to the full discounted present value of all benefit accruals obligations under this Plan, if any, less: (i) previous contributions made on behalf of Executive to the rabbi trust, and (ii) earnings to date on all such previous contributions. In the event of a Change in Control, the Bank shall transfer to the rabbi trust within thirty (30) days prior to such Change in Control, the discounted present value (applying the Interest Factor applicable to a Change in Control) of an amount sufficient to fully fund the Yearly Normal Retirement Benefit Amount for each Executive covered by this Plan.

ESTABLISHMENT OF RABBI TRUST. The Bank may intends to establish a rabbi trust into which the Bank may intends to contribute assets which shall be held therein, subject to the claims of the Bank’s creditors in the event of the Bank’s “Insolvency” as defined in the agreement which establishes such rabbi trust, until the contributed assets are paid to Executives and their Beneficiaries in such manner and at such times as specified in this Plan. Contributions It is the intention of the Bank to a make contributions to the rabbi trust would to provide the Bank with a source of funds to assist it in meeting the liabilities of this Plan. To the extent the language in this Plan is modified by the language in the rabbi trust agreement, the rabbi trust agreement shall supersede this Plan. Contributions Any contributions to the rabbi trust may shall be made during each Plan Year in accordance with the rabbi trust agreement. It is expected that the The amount of such contribution(s), if any, would ) shall be equal to the full present value of all benefit accruals under this Plan, if any, less: (i) previous contributions made on behalf of Executive to the rabbi trust, and (ii) earnings to date on all such previous contributions. In the event of a Change in Control, the Bank shall transfer to the rabbi trust within thirty (30) days prior to such Change in Control, the present value (applying the Interest Factor applicable to a Change in Control) of an amount sufficient to fully fund the Yearly Supplemental Retirement Benefit Amount for each Executive covered by this Plan.