Common use of Retirement Benefit Adjustment Clause in Contracts

Retirement Benefit Adjustment. The Index Retirement Benefit payment as set forth hereinabove for the first Plan Year subsequent to the Executive attaining age seventy-six (76) shall be adjusted according to a number equal to the aggregate of the Index Retirement Benefit (Subparagraph I [F]) for each Plan Year from the Effective Date of this agreement until the Plan Year subsequent to the Executive attaining age seventy-six (76) over the aggregate of the benefit payments the Executive actually received under the terms of this Executive Plan through that date. For example, if the Executive retires at age sixty-five (65) and the aggregate annual benefits received by the Executive until the Plan Year the Executive attains age seventy-six (76) were $900,000.00, and the aggregate Index Retirement Benefits for each Plan Year from the Effective Date of this agreement to the Plan Year the Executive's attains age seventy-six (76) were $1,000,000.00 then the Executive's Index Retirement Benefit in the first Plan Year said payment is payable to the Executive would be increased by $100,000.00. If said number is a deficit, then the Index Retirement Benefit for the Plan Year when the Executive attains age seventy-six (76) and each subsequent Plan Year's benefit (if necessary) shall be reduced until the entire deficit has been recovered by the Bank. For each year thereafter, the Index Retirement Benefit payment shall be paid as set forth in Subparagraph I (E). For example, if the Executive retires at age sixty-five (65) and the aggregate annual benefits to be received by the Executive until the Plan Year the Executive attains age seventy-six (76) were $1,000,000.00, and the aggregate Index Retirement Benefits for each Plan Year from the Effective Date of this agreement to the Plan Year the Executive attains age seventy-six (76) were $900,000.00 and the Executive's Index Retirement Benefit was $90,000.00 in the first year, then the Executive would not receive any Index Retirement Benefit in the first year, and the second years' Index Retirement benefit would be reduced by $10,000.00.

Retirement Benefit Adjustment. The Index Retirement Benefit payment as set forth hereinabove for the first Plan Year subsequent to the Executive attaining age seventy-six seven (7677) shall be adjusted according to a number equal to the aggregate of the Index Retirement Benefit (Subparagraph I [F]) for each Plan Year from the Effective Date of this agreement until the Plan Year subsequent to the Executive attaining age seventy-six seven (7677) over the aggregate of the benefit payments the Executive actually received under the terms of this Executive Plan through that date. For example, if the Executive retires at age sixty-five (65) and the aggregate annual benefits received by the Executive until the Plan Year the Executive attains age seventy-six seven (7677) were $900,000.00, and the aggregate Index Retirement Benefits for each Plan Year from the Effective Date of this agreement to the Plan Year the Executive's attains age seventy-six seven (7677) were $1,000,000.00 then the Executive's Index Retirement Benefit in the first Plan Year said payment is payable to the Executive would be increased by $100,000.00. If said number is a deficit, then the Index Retirement Benefit for the Plan Year when the Executive attains age seventy-six seven (7677) and each subsequent Plan Year's benefit (if necessary) shall be reduced until the entire deficit has been recovered by the Bank. For each year thereafter, the Index Retirement Benefit payment shall be paid as set forth in Subparagraph I (E). For example, if the Executive retires at age sixty-five (65) and the aggregate annual benefits to be received by the Executive until the Plan Year the Executive attains age seventy-six seven (7677) were $1,000,000.00, and the aggregate Index Retirement Benefits for each Plan Year from the Effective Date of this agreement to the Plan Year the Executive attains age seventy-six seven (7677) were $900,000.00 and the Executive's Index Retirement Benefit was $90,000.00 in the first year, then the Executive would not receive any Index Retirement Benefit in the first year, and the second years' Index Retirement benefit would be reduced by $10,000.00.

Retirement Benefit Adjustment. The Index Retirement Benefit payment as set forth hereinabove for the first Plan Year subsequent to the Executive attaining age seventyeighty-six nine (7689) shall be adjusted according to a number equal to the aggregate of the Index Retirement Benefit (Subparagraph I [F]) for each Plan Year from the Effective Date of this agreement until the Plan Year subsequent to the Executive attaining attains age seventyeighty-six nine (7689) over the aggregate of the benefit payments the Executive actually received under the terms of this Executive Plan through that date. For example, if the Executive retires at age sixty-five (65) and the aggregate annual benefits received by the Executive until the Plan Year the Executive attains age seventyeighty-six nine (7689) were $900,000.00, and the aggregate Index Retirement Benefits for each Plan Year from the Effective Date of this agreement to the Plan Year the Executive's attains age seventyeighty-six nine (7689) were $1,000,000.00 then the Executive's Index Retirement Benefit in the first Plan Year said payment is payable to the Executive would be increased by $100,000.00. If said number is a deficit, then the Index Retirement Benefit for the first Plan Year when said payment is payable to the Executive attains age seventy-six (76) and each subsequent Plan Year's benefit (if necessary) shall be reduced until the entire deficit has been recovered by the Bank. For each year thereafter, the Index Retirement Benefit payment shall be paid as set forth in Subparagraph I (E). For example, if the Executive retires at age sixty-five (65) and the aggregate annual benefits to be received by the Executive until the Plan Year the Executive attains age seventyeighty-six nine (7689) were $1,000,000.00, and the aggregate Index Retirement Benefits for each Plan Year from the Effective Date of this agreement to the Plan Year the Executive attains age seventyeighty-six nine (7689) were $900,000.00 and the Executive's Index Retirement Benefit was $90,000.00 in the first year, then the Executive would not receive any Index Retirement Benefit in the first year, and the second years' Index Retirement benefit would be reduced by $10,000.00.

Retirement Benefit Adjustment. The Index Retirement Benefit payment as set forth hereinabove for the first four (4) Plan Year Years subsequent to the Executive attaining age seventy-six (76) shall be adjusted according to a number equal to the aggregate of the Index Retirement Benefit (Subparagraph I [F]) for each Plan Year from the Effective Date of this agreement until the Plan Year subsequent to the Executive attaining age seventy-seventy- six (76) over the aggregate of the benefit payments the Executive actually received under the terms of this Executive Plan through that date. For example, if the Executive retires at age sixty-five (65) and the aggregate annual benefits received by the Executive until the Plan Year the Executive attains age seventy-six (76) were $900,000.00, and the aggregate Index ----------- Retirement Benefits for each Plan Year from the Effective Date of this agreement to the Plan Year the Executive's attains age seventy-six (76) were $1,000,000.00 then the Executive's Index ------------- Retirement Benefit in the first four (4) Plan Year Years said payment is payable to the Executive would be increased by Twenty Five Thousand and 00/100ths Dollars ($100,000.0025,000.00) each year (i.e. $100,000.00 / 4). If said number is a deficit, then the Index Retirement Benefit for the first Plan Year when said payment is payable to the Executive attains age seventy-six (76) and each subsequent Plan Year's benefit (if necessary) shall be reduced until the entire deficit has been recovered by the Bank. For each year thereafter, the Index Retirement Benefit payment shall be paid as set forth in Subparagraph I (E). For example, if the Executive retires at age sixty-five (65) and the aggregate annual benefits to be received by the Executive until the Plan Year the Executive attains age seventy-six (76) were $1,000,000.00, and the aggregate Index ------------- Retirement Benefits for each Plan Year from the Effective Date of this agreement to the Plan Year the Executive attains age seventy-six (76) were $900,000.00 and the Executive's Index ----------- Retirement Benefit was $90,000.00 in the first year, then the ---------- Executive would not receive any Index Retirement Benefit in the first year, and the second years' Index Retirement benefit would be reduced by $10,000.00.. ----------

Retirement Benefit Adjustment. The Index Retirement Benefit payment as set forth hereinabove for the first three (3) Plan Year Years subsequent to the Executive attaining age seventy-six seven (7677) shall be adjusted according to a number equal to the aggregate of the Index Retirement Benefit (Subparagraph I [F]) for each Plan Year from the Effective Date of this agreement until the Plan Year subsequent to the Executive attaining age seventy-six seven (7677) over the aggregate of the benefit payments the Executive actually received under the terms of this Executive Plan through that date. For example, if the Executive retires at age sixty-five (65) and the aggregate annual benefits received by the Executive until the Plan Year the Executive attains age seventy-six seven (7677) were $900,000.00, and ----------- the aggregate Index Retirement Benefits for each Plan Year from the Effective Date of this agreement to the Plan Year the Executive's attains age seventy-six seven (7677) were $1,000,000.00 ------------- then the Executive's Index Retirement Benefit in the first three (3) Plan Year Years said payment is payable to the Executive would be increased by Thirty Three Thousand Three Hundred Thirty Three and 33/100ths Dollars ($100,000.0033,333.33) each year (i.e. $100,000.00 / 3). If said number is a deficit, then the Index Retirement Benefit for the first Plan Year when said payment is payable to the Executive attains age seventy-six (76) and each subsequent Plan Year's benefit (if necessary) shall be reduced until the entire deficit has been recovered by the Bank. For each year thereafter, the Index Retirement Benefit payment shall be paid as set forth in Subparagraph I (E). For example, if the Executive retires at age sixty-five (65) and the aggregate annual benefits to be received by the Executive until the Plan Year the Executive attains age seventy-six seven (7677) were $1,000,000.00, and the aggregate Index Retirement Benefits for ------------- each Plan Year from the Effective Date of this agreement to the Plan Year the Executive attains age seventy-six seven (7677) were $900,000.00 and the Executive's Index Retirement Benefit was ----------- $90,000.00 in the first year, then the Executive would not ---------- receive any Index Retirement Benefit in the first year, and the second years' Index Retirement benefit would be reduced by $10,000.00.. ----------

Retirement Benefit Adjustment. The Index Retirement Benefit payment as set forth hereinabove for the first eight (8) Plan Year Years subsequent to the Executive Director attaining age seventy-six seven (7677) shall be adjusted according to a number equal to the aggregate of the Index Retirement Benefit (Subparagraph I [FE]) for each Plan Year from the Effective Date of this agreement until the Plan Year subsequent to the Executive Director attaining age seventy-six seven (7677) over the aggregate of the benefit payments the Executive Director actually received under the terms of this Executive Director Plan through that date. For example, if the Executive Director retires at age sixty-five (65) and the aggregate annual benefits received by the Executive Director until the Plan Year the Executive Director attains age seventy-six seven (7677) were $900,000.00, and the aggregate Index ----------- Retirement Benefits for each Plan Year from the Effective Date of this agreement to the Plan Year the ExecutiveDirector's attains age seventy-six seven (7677) were $1,000,000.00 then the ExecutiveDirector's Index ------------- Retirement Benefit in the first eight (8) Plan Year Years said payment is payable to the Executive Director would be increased by Twelve Thousand Five Hundred and 00/100ths Dollars ($100,000.0012,500.00) each year (i.e. $100,000.00 / 8). If said number is a deficit, then the Index Retirement Benefit for the first Plan Year when said payment is payable to the Executive attains age seventy-six (76) Director and each subsequent Plan Year's benefit (if necessary) shall be reduced until the entire deficit has been recovered by the Bank. For each year thereafter, the Index Retirement Benefit payment shall be paid as set forth in Subparagraph I (E). For example, if the Executive Director retires at age sixty-five (65) and the aggregate annual benefits to be received by the Executive Director until the Plan Year the Executive Director attains age seventy-six seven (7677) were $1,000,000.00, and the aggregate Index ------------- Retirement Benefits for each Plan Year from the Effective Date of this agreement to the Plan Year the Executive Director attains age seventy-six seven (7677) were $900,000.00 and the ExecutiveDirector's Index ----------- Retirement Benefit was $90,000.00 in the first year, then the Executive ---------- Director would not receive any Index Retirement Benefit in the first year, and the second years' Index Retirement benefit would be reduced by $10,000.00.. ----------