Common use of Pre-Retirement Death Benefits Clause in Contracts

Pre-Retirement Death Benefits. Should the Executive die prior --------- ----------------------------- to Retirement Age while in the service of the Bank, the Bank will pay $833.33 per month for a continuous period of sixty (60) months to his Beneficiary or Beneficiaries. The first monthly payment 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 Executive's death occurred. In the event of the death of the last living Beneficiary before all annual installment payments 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 percent (7%) per annum 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 Executive, any amount remaining unpaid at the Executive's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the Executive's estate.

Pre-Retirement Death Benefits. Should the Executive die prior --------- ----------------------------- to Retirement Age while in the service of the Bank, the Bank will pay $833.33 416.67 per month for a continuous period of sixty (60) months to his her Beneficiary or Beneficiaries. The first monthly payment 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 Executive's death occurred. In the event of the death of the last living Beneficiary before all annual installment payments 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 percent (7%) per annum 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 Executive, any amount remaining unpaid at the Executive's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the Executive's estate.

Pre-Retirement Death Benefits. Should the Executive die prior --------- ----------------------------- to Retirement Age while in the service of the Bank, the Bank will pay $833.33 per month for a continuous period of sixty (60) months to his her Beneficiary or Beneficiaries. The first monthly payment 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 Executive's death occurred. In the event of the death of the last living Beneficiary before all annual installment payments 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 percent (7%) per annum 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 Executive, any amount remaining unpaid at the Executive's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the Executive's estate.

Pre-Retirement Death Benefits. Should the Executive die prior while --------- ----------------------------- to Retirement Age while in the service of the BankBank and prior to the occurrence of his 65th birthday, the Bank will pay $833.33 1,074 per month for a continuous period of sixty (60) 120 months to his the Beneficiary or BeneficiariesBeneficiaries of the Executive. The first such monthly installment payment will shall be made on a date to be determined by the Bank, but in no event later than the first day of the first sixth calendar month following the calendar month in which the Executive's death occurredExecutive died. 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 eight percent (78%) per annum compound 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 Executive, any amount payments remaining unpaid at the Executive's death shall be commuted on the basis of seven eight percent (78%) per annum compound compounded interest and shall be paid in a single sum to the Executive's estate.

Pre-Retirement Death Benefits. Should the Executive die prior while --------- ----------------------------- to Retirement Age while in the service of the BankBank and prior to the occurrence of his 55th birthday, the Bank will pay $833.33 2,070 per month for a continuous period of sixty (60) 120 months to his the Beneficiary or BeneficiariesBeneficiaries of the Executive. The first such monthly installment payment will shall be made on a date to be determined by the Bank, but in no event later than the first day of the first sixth calendar month following the calendar month in which the Executive's death occurredExecutive died. 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 eight percent (78%) per annum compound 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 Executive, any amount payments remaining unpaid at the Executive's death shall be commuted on the basis of seven eight percent (78%) per annum compound compounded interest and shall be paid in a single sum to the Executive's estate.