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

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon the attainment of the Retirement Date, the Bank shall pay the Executive an annual benefit equal to sixty percent (60%) of the Executive’s average highest (3) years’ base salary during the term of the Executive’s employment with the Bank. Said benefit shall be paid in equal monthly installments (1/12th of the annual benefit) until the Executive’s death. If the Executive dies prior to having received 240 such monthly installments, said installments shall continue to be paid the Executive’s Beneficiary for the remainder of the 240 month period.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon the attainment of the Retirement Date, the Bank shall pay the Executive an annual benefit equal to sixty percent (60%) of the Executive’s average highest three (3) years’ base salary during the term of the Executive’s employment with the Bank. Said benefit shall be paid in equal monthly installments (1/12th of the annual benefit) until the Executive’s deathdeath at which time the benefits provided hereunder shall cease. If Said payment shall be made the Executive dies prior to having received 240 such monthly installments, said installments shall continue to be paid the Executive’s Beneficiary for the remainder first day of the 240 month periodfollowing the date of such retirement.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon the attainment of the Retirement Date, the Bank shall pay the Executive an annual benefit equal to sixty percent (60%) of the Executive’s average highest three (3) years’ base salary during the term of the Executive’s employment with the Bank. Said benefit shall be paid in equal monthly installments (1/12th l/12th of the annual benefit) until the Executive’s deathdeath at which time the benefits provided hereunder shall cease. If Said payment shall be made the Executive dies prior to having received 240 such monthly installments, said installments shall continue to be paid the Executive’s Beneficiary for the remainder first day of the 240 month periodfollowing the date of such retirement.