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

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. The Bank, commencing with the first day of the month following the Retirement Date (Subparagraph IV [A]), shall pay the Executive an annual benefit equal to Eighty Eight Thousand Two Hundred Thirty One and 00/100th Dollars ($88,231.00). Said benefit shall be paid in equal monthly installments (1/12 of the annual benefit) until the death of the Executive. Upon the death of the Executive, if there is a balance in the accrued liability retirement account, such balance shall be paid in a lump sum to the individual or individuals the Executive may have designated in writing and filed with the Bank. In the absence of any effective beneficiary designation, any such amount becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of the Executive’s estate. Said payment due hereunder shall be made the first day of the second month following the decease of the Executive. If the Executive is a key employee (as defined by the Internal Revenue Service) of a publicly traded bank at the time of retirement, any such benefit payment shall be withheld for six (6) months, from such retirement.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. The Bank, commencing with the first day of the second month following the Retirement Date (Subparagraph IV [A]), shall pay the Executive an annual benefit equal to Eighty Eight Ninety-Five Thousand Two Hundred Thirty One and 00/100th Dollars ($88,231.0095,000.00). Said benefit shall be paid in equal monthly installments (1/12 1/12th of the annual benefit) until the death of the Executive. Upon the death of the Executive, if there is a balance in the accrued liability retirement account, such balance shall be paid in a one (1) lump sum to the individual or individuals the Executive may have designated in writing and filed with the Bank. In the absence of any effective beneficiary designation, any such amount becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of the Executive’s estate. Said payment due hereunder shall be made the first day of the second month following the decease of the Executive. If In accordance with the Internal Revenue Code §409A, if the Executive is a key employee (as defined by the Internal Revenue Service) of a Key Employee, and said Bank is publicly traded bank at the time of retirement, any such benefit payment shall be withheld for six (6) months, from months following such retirement.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. The Bank, commencing with the first day of the month following the Retirement Date (Subparagraph IV [A]), shall pay the Executive an annual benefit equal to Sixteen Thousand Three Hundred Eighty Eight Thousand Two Hundred Thirty One and 00/100th Dollars ($88,231.0016,388.00). Said benefit shall be paid in equal monthly installments (1/12 of the annual benefit) until the death of the Executive. Upon the death of the Executive, if there is a balance in the accrued liability retirement account, such balance shall be paid in a lump sum to the individual or individuals the Executive may have designated in writing and filed with the Bank. In the absence of any effective beneficiary designation, any such amount becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of the Executive’s estate. Said payment due hereunder shall be made the first day of the second month following the decease of the Executive. If the Executive is a key employee (as defined by the Internal Revenue Service) of a publicly traded bank at the time of retirement, any such benefit payment shall be withheld for six (6) months, from such retirement.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. The Bank, commencing with the first day of the month following the Retirement Date (Subparagraph IV [A]), shall pay the Executive an annual benefit equal to Eighty Eight Nine Thousand Two Nine Hundred Thirty One Fourteen and 00/100th Dollars ($88,231.0089,914.00). Said benefit shall be paid in equal monthly installments (1/12 of the annual benefit) until the death of the Executive. Upon the death of the Executive, if there is a balance in the accrued liability retirement account, such balance shall be paid in a lump sum to the individual or individuals the Executive may have designated in writing and filed with the Bank. In the absence of any effective beneficiary designation, any such amount becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of the Executive’s estate. Said payment due hereunder shall be made the first day of the second month following the decease of the Executive. If the Executive is a key employee (as defined by the Internal Revenue Service) of a publicly traded bank at the time of retirement, any such benefit payment shall be withheld for six (6) months, from such retirement.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. The Bank, commencing with the first day of the month following the Retirement Date (Subparagraph IV [A]), shall pay the Executive an annual benefit equal to Eighty Fifty Thousand Eight Thousand Two Hundred Thirty One Twenty Seven and 00/100th Dollars ($88,231.0050,827.00). Said benefit shall be paid in equal monthly installments (1/12 of the annual benefit) until the death of the Executive. Upon the death of the Executive, if there is a balance in the accrued liability retirement account, such balance shall be paid in a lump sum to the individual or individuals the Executive may have designated in writing and filed with the Bank. In the absence of any effective beneficiary designation, any such amount becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of the Executive’s estate. Said payment due hereunder shall be made the first day of the second month following the decease of the Executive. If the Executive is a key employee (as defined by the Internal Revenue Service) of a publicly traded bank at the time of retirement, any such benefit payment shall be withheld for six (6) months, from such retirement.