Common use of Pre-Retirement Death Benefits Clause in Contracts

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age, the Bank will pay $891.67 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age, the Bank will pay $891.67 1,833.33 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement AgeQualifying Date, the Bank will pay $891.67 333 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age70th birthday, the Bank will pay $891.67 935 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement AgeQualifying Date, the Bank will pay $891.67 671 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age, the Bank will pay $891.67 1,916.66 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director Executive die while prior --------- ----------------------------- serving as a director to Retirement Age while in the service of the Bank and prior to the occurrence of his Retirement AgeBank, the Bank will pay $891.67 416.67 per month for a continuous period of 120 sixty (60) months to the her Beneficiary or Beneficiaries of the DirectorBeneficiaries. The first such monthly installment payment shall will be made on a date to be determined by the Bank, but in no event later than the first day of the first calendar month following the calendar month in which the Director diedExecutive's death occurred. In the event of the death of the last living Beneficiary before all annual installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/27%) per annum compounded compound interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the DirectorExecutive, any payments amount remaining unpaid at the DirectorExecutive's death shall be commuted on the basis of seven and one-half percent (7 1/27%) per annum compounded compound interest and shall be paid in a single sum to the DirectorExecutive's estate. Section 3.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age, the Bank will pay $891.67 691.67 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age, the Bank will pay $891.67 1,500.00 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age65th birthday, the Bank will pay $891.67 1,957 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age, the Bank will pay $891.67 1,158.33 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director Executive die while prior --------- ----------------------------- serving as a director to Retirement Age while in the service of the Bank and prior to the occurrence of his Retirement AgeBank, the Bank will pay $891.67 833.33 per month for a continuous period of 120 sixty (60) months to the his Beneficiary or Beneficiaries of the DirectorBeneficiaries. The first such monthly installment payment shall will be made on a date to be determined by the Bank, but in no event later than the first day of the first calendar month following the calendar month in which the Director diedExecutive's death occurred. In the event of the death of the last living Beneficiary before all annual installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/27%) per annum compounded compound interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the DirectorExecutive, any payments amount remaining unpaid at the DirectorExecutive's death shall be commuted on the basis of seven and one-half percent (7 1/27%) per annum compounded compound interest and shall be paid in a single sum to the DirectorExecutive's estate. Section 3.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement AgeQualifying Date, the Bank will pay $891.67 882 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age70th birthday, the Bank will pay $891.67 1,195 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age, the Bank will pay $891.67 1,100.00 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement AgeQualifying Date, the Bank will pay $891.67 673 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement AgeQualifying Date, the Bank will pay $891.67 414 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director Executive die while prior --------- ----------------------------- serving as a director to Retirement Age while in the service of the Bank and prior to the occurrence of his Retirement AgeBank, the Bank will pay $891.67 833.33 per month for a continuous period of 120 sixty (60) months to the her Beneficiary or Beneficiaries of the DirectorBeneficiaries. The first such monthly installment payment shall will be made on a date to be determined by the Bank, but in no event later than the first day of the first calendar month following the calendar month in which the Director diedExecutive's death occurred. In the event of the death of the last living Beneficiary before all annual installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/27%) per annum compounded compound interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the DirectorExecutive, any payments amount remaining unpaid at the DirectorExecutive's death shall be commuted on the basis of seven and one-half percent (7 1/27%) per annum compounded compound interest and shall be paid in a single sum to the DirectorExecutive's estate. Section 3.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age, the Bank will pay $891.67 1,083.33 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age70th birthday, the Bank will pay $891.67 897 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while prior --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age65th birthday, the Bank will pay $891.67 1,610 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while prior --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age65th birthday, the Bank will pay $891.67 2,748 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ---------- ----------------------------- serving as a director of the Bank Bank, and prior to the occurrence of his Retirement Agereceiving any benefits under Section 2, the Bank will pay $891.67 1,158.33 per month (or the Increased Benefit if such applies) for a continuous period of 120 months to the Director's Beneficiary or Beneficiaries of the DirectorBeneficiaries. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the Director's last living Beneficiary before all installment payments the unpaid payment shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments amount remaining unpaid at the a Director's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ---------- ----------------------------- serving as a director of the Bank Bank, and prior to the occurrence of his Retirement Agereceiving any benefits under Section 2, the Bank will pay $891.67 1,500.00 per month (or the Increased Benefit if such applies) for a continuous period of 120 months to the Director's Beneficiary or Beneficiaries of the DirectorBeneficiaries. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the Director's last living Beneficiary before all installment payments the unpaid payment shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments amount remaining unpaid at the a Director's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ---------- ----------------------------- serving as a director of the Bank Bank, and prior to the occurrence of his Retirement Agereceiving any benefits under Section 2, the Bank will pay $891.67 1,916.66 per month (or the Increased Benefit if such applies) for a continuous period of 120 months to the Director's Beneficiary or Beneficiaries of the DirectorBeneficiaries. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the Director's last living Beneficiary before all installment payments the unpaid payment shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments amount remaining unpaid at the a Director's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ---------- ----------------------------- serving as a director of the Bank Bank, and prior to the occurrence of his Retirement Agereceiving any benefits under Section 2, the Bank will pay $891.67 1,833.33 per month (or the Increased Benefit if such applies) for a continuous period of 120 months to the Director's Beneficiary or Beneficiaries of the DirectorBeneficiaries. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the Director's last living Beneficiary before all installment payments the unpaid payment shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments amount remaining unpaid at the a Director's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ---------- ----------------------------- serving as a director of the Bank Bank, and prior to the occurrence of his Retirement Agereceiving any benefits under Section 2, the Bank will pay $891.67 1,957.00 per month (or the Increased Benefit if such applies) for a continuous period of 120 months to the Director's Beneficiary or Beneficiaries of the DirectorBeneficiaries. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the Director's last living Beneficiary before all installment payments the unpaid payment shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments amount remaining unpaid at the a Director's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ---------- ----------------------------- serving as a director of the Bank Bank, and prior to the occurrence of his Retirement Agereceiving any benefits under Section 2, the Bank will pay $891.67 333.00 per month (or the Increased Benefit if such applies) for a continuous period of 120 months to the Director's Beneficiary or Beneficiaries of the DirectorBeneficiaries. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the Director's last living Beneficiary before all installment payments the unpaid payment shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments amount remaining unpaid at the a Director's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while prior --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age65th birthday, the Bank will pay $891.67 3,628 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ---------- ----------------------------- serving as a director of the Bank Bank, and prior to the occurrence of his Retirement Agereceiving any benefits under Section 2, the Bank will pay $891.67 697.00 per month (or the Increased Benefit if such applies) for a continuous period of 120 months to the Director's Beneficiary or Beneficiaries of the DirectorBeneficiaries. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the Director's last living Beneficiary before all installment payments the unpaid payment shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments amount remaining unpaid at the a Director's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while prior --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age65th birthday, the Bank will pay $891.67 8,256 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ---------- ----------------------------- serving as a director of the Bank Bank, and prior to the occurrence of his Retirement Agereceiving any benefits under Section 2, the Bank will pay $891.67 per month (or the Increased Benefit if such applies) for a continuous period of 120 months to the Director's Beneficiary or Beneficiaries of the DirectorBeneficiaries. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the Director's last living Beneficiary before all installment payments the unpaid payment shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments amount remaining unpaid at the a Director's death shall be commuted on the basis of seven and one-half percent (7 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ---------- ----------------------------- serving as a director of the Bank Bank, and prior to the occurrence of his Retirement Agereceiving any benefits under Section 2, the Bank will pay $891.67 673.00 per month (or the Increased Benefit if such applies) for a continuous period of 120 months to the Director's Beneficiary or Beneficiaries of the DirectorBeneficiaries. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the Director's last living Beneficiary before all installment payments the unpaid payment shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments amount remaining unpaid at the a Director's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while prior --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age65th birthday, the Bank will pay $891.67 1,054 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while --------- ---------- ----------------------------- serving as a director of the Bank Bank, and prior to the occurrence of his Retirement Agereceiving any benefits under Section 2, the Bank will pay $891.67 671.00 per month (or the Increased Benefit if such applies) for a continuous period of 120 months to the Director's Beneficiary or Beneficiaries of the DirectorBeneficiaries. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the Director's last living Beneficiary before all installment payments the unpaid payment shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments amount remaining unpaid at the a Director's death shall be commuted on the basis of seven and one-half eight percent (7 1/28%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Pre-Retirement Death Benefits. Should the Director die while prior --------- ----------------------------- serving as a director of the Bank and prior to the occurrence of his Retirement Age65th birthday, the Bank will pay $891.67 1,726 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of seven and one-half six percent (7 1/26%) per annum compounded interest and shall be paid in a single sum to the Director's estate.