Common use of RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT Clause in Contracts

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement and commencing thirty (30) days following the Director's sixty-fifth (65/th/) birthday or commencing thirty (30) days following the Director's actual retirement date, whichever event shall last occur, the Bank shall pay the Director an annual benefit equal to ten thousand one hundred twenty-four dollars and No/00ths ($ 10,124.00) for a period of five (5) years, provided that if less than five (5) such annual payments have been made prior to the death of the Director, the Bank shall either, at the discretion of the Bank, continue such annual payments to the individual or individuals the Director may have designated in writing and filed with the Bank until the full number of five (5) annual payments have been made, or make the total amount of said payment due in a lump sum discounted to present value as set forth in Subparagraph XI (K) to said beneficiary(ies). In the absence of any effective designation of beneficiary, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director's estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if the Director commits suicide on or before the 26/th/ day of October, 2001.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement and retirement, commencing thirty (30) days following the Director's sixty-fifth (65/th/) birthday or commencing thirty (30) days following the Director's actual retirement date, whichever event shall last occur, the Bank shall pay the Director an annual benefit equal to ten twenty-two thousand one hundred twentyand eighty-four two dollars and No/00ths ($ 10,124.0022,182.00) for a period of five (5) years, provided that if less than five (5) such annual payments have been made prior to the death of the Director, the Bank shall either, at the discretion of the Bank, continue such annual payments to the individual or individuals the Director may have designated in writing and filed with the Bank until the full number of five (5) annual payments have been made, or make the total amount of said payment due in a lump sum discounted to present value as set forth in Subparagraph XI (K) to said beneficiary(ies). In the absence of any effective designation of beneficiary, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director's estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if the Director commits suicide on or before the 26/th/ day of October, 2001.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement and retirement, the Bank, commencing thirty (30) days with the first day of the month following the Director's sixty-fifth (65/th/) birthday or commencing thirty (30) days following the Director's actual retirement datedate of such retirement, whichever event shall last occur, the Bank shall pay the Director Executive an annual benefit equal to ten thousand one hundred twenty-four dollars Thirty Eight Thousand Six Hundred Nine and No/00ths 00/100ths Dollars ($ 10,124.00$38,609.00). Said benefit shall be paid in equal monthly installments (1/12 of the annual benefit) for a period of five one hundred eighty (5180) yearsmonths. If, provided that if however, less than five one-hundred eighty (5180) such annual monthly payments have been made prior to the death of the DirectorExecutive, then the Bank shall either, at the discretion of the Bank, continue such annual monthly payments to the individual or individuals the Director Executive may have designated in writing and filed with the Bank until the full number of five one-hundred eighty (5180) annual monthly payments have been made, or make the total amount of said payment due in a lump sum discounted reduced to present value as set forth in Subparagraph XI (K) to said beneficiary(ies). In the absence of any effective designation of beneficiarybeneficiary designation, any such amounts becoming due and payable upon the death of the Director Executive shall be payable to the duly qualified executor or administrator of the DirectorExecutive's estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if the Director commits suicide on or before the 26/th/ day of October, 2001Executive.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement and commencing thirty (30) days following the Director's sixty-fifth (65/th/65th) birthday or commencing thirty (30) days following the Director's actual retirement date, whichever event shall last occur, the Bank shall pay the Director an annual benefit equal to ten eleven thousand one eight hundred twentyforty-four three dollars and No/00ths ($ 10,124.0011,843.00) for a period of five (5) years, provided that if less than five (5) such annual payments have been made prior to the death of the Director, the Bank shall either, at the discretion of the Bank, continue such annual payments to the individual or individuals the Director may have designated in writing and filed with the Bank until the full number of five (5) annual payments have been made, or make the total amount of said payment due in a lump sum discounted to present value as set forth in Subparagraph XI (K) to said beneficiary(ies). In the absence of any effective designation of beneficiary, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director's estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if the Director commits suicide on or before the 26/th/ day of October, 2001.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement and retirement, the Bank, commencing thirty (30) days with the first day of the month following the Director's sixty-fifth (65/th/) birthday or commencing thirty (30) days following the Director's actual retirement datedate of such retirement, whichever event shall last occur, the Bank shall pay the Director Executive an annual benefit equal to ten thousand one hundred twenty-four dollars Fifty One Thousand One Hundred Twenty One and No/00ths 00/100ths Dollars ($ 10,124.00$51,121.00). Said benefit shall be paid in equal monthly installments (1/12 of the annual benefit) for a period of five one hundred eighty (5180) yearsmonths. If, provided that if however, less than five one-hundred eighty (5180) such annual monthly payments have been made prior to the death of the DirectorExecutive, then the Bank shall either, at the discretion of the Bank, continue such annual monthly payments to the individual or individuals the Director Executive may have designated in writing and filed with the Bank until the full number of five one-hundred eighty (5180) annual monthly payments have been made, or make the total amount of said payment due in a lump sum discounted reduced to present value as set forth in Subparagraph XI (K) to said beneficiary(ies). In the absence of any effective designation of beneficiarybeneficiary designation, any such amounts becoming due and payable upon the death of the Director Executive shall be payable to the duly qualified executor or administrator of the DirectorExecutive's estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if the Director commits suicide on or before the 26/th/ day of October, 2001Executive.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement and commencing thirty (30) days following the Director's sixty-fifth (65/th/65th) birthday or commencing thirty (30) days following the Director's actual retirement date, whichever event shall last occur, the Bank shall pay the Director an annual benefit equal to ten thirteen thousand one three hundred twenty-four two dollars and No/00ths ($ 10,124.0013,322.00) for a period of five (5) years, provided that if less than five (5) such annual payments have been made prior to the death of the Director, the Bank shall either, at the discretion of the Bank, continue such annual payments to the individual or individuals the Director may have designated in writing and filed with the Bank until the full number of five (5) annual payments have been made, or make the total amount of said payment due in a lump sum discounted to present value as set forth in Subparagraph XI (K) to said beneficiary(ies). In the absence of any effective designation of beneficiary, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director's estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if the Director commits suicide on or before the 26/th/ day of October, 2001.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement and commencing thirty (30) days following the Director's sixty-fifth (65/th/) birthday or commencing thirty (30) days following the Director's actual retirement date, whichever event shall last occur, the Bank shall pay the Director an annual benefit equal to ten nine thousand one hundred twenty-four dollars and No/00ths ($ 10,124.009,000.00) for a period of five (5) years, provided that if less than five (5) such annual payments have been made prior to the death of the Director, the Bank shall either, at the discretion of the Bank, continue such annual payments to the individual or individuals the Director may have designated in writing and filed with the Bank until the full number of five (5) annual payments have been made, or make the total amount of said payment due in a lump sum discounted to present value as set forth in Subparagraph XI (K) to said beneficiary(ies). In the absence of any effective designation of beneficiary, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director's estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if the Director commits suicide on or before the 26/th/ day of October, 2001.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement and retirement, commencing thirty (30) days following the Director's sixty-fifth (65/th/) birthday or commencing thirty (30) days following the Director's actual retirement date, whichever event shall last occur, the Bank shall pay the Director an annual benefit equal to ten eighteen thousand one nine hundred twentysixty-four two dollars and No/00ths ($ 10,124.0018,962.00) for a period of five (5) years, provided that if less than five (5) such annual payments have been made prior to the death of the Director, the Bank shall either, at the discretion of the Bank, continue such annual payments to the individual or individuals the Director may have designated in writing and filed with the Bank until the full number of five (5) annual payments have been made, or make the total amount of said payment due in a lump sum discounted to present value as set forth in Subparagraph XI (K) to said beneficiary(ies). In the absence of any effective designation of beneficiary, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director's estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if the Director commits suicide on or before the 26/th/ day of October, 2001.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon said retirement and the Director’s retirement, the Bank, commencing thirty (30) days with the first day of the month following the Director's sixty-fifth Benefit Payment Date [Subparagraph III (65/th/) birthday or commencing thirty (30) days following the Director's actual retirement dateA)], whichever event shall last occur, the Bank shall pay the Director an annual benefit equal to ten thousand one hundred twenty-four dollars and No/00ths ($ 10,124.00$100.00) for each full year the Director served the Bank from the date of first service to the date of retirement (including any partial year that the Director has served in the year of retirement), payable in equal annual installments for a period of five ten (510) years, . provided that if less than five ten (510) such annual payments have been made prior to the death of the Director, the Bank shall either, at the discretion of the Bank, continue such annual monthly payments to the individual or individuals the Director may have designated in writing and filed with the Bank until the full number of five ten (510) annual payments have been made, or make the total amount of said payment due in a lump sum discounted to present value as set forth in Subparagraph XI (K) to said beneficiary(ies). In the absence of any effective designation of beneficiary, any such amounts becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director's ’s estate. Said payments due hereunder shall begin the first day of the second month following the decease of the Director. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if the Director commits suicide dies on or before the 26/th/ 30th day of OctoberJune, 2001.