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

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon attainment of the Retirement Date, (as set forth in Subparagraph III [A,] subject to the provisions of Paragraph IX,) the Bank shall pay the Executive an annual benefit equal to Seventy Five Thousand Dollars ($75,000), the “Retirement Benefit.” Said Retirement Benefit shall be paid in equal monthly installments (1/12th of the annual benefit) until the death of the Executive. Said payment shall commence the first day of the month following (i) the date of such Separation from Service, or (ii) if applicable, in accordance with the Restriction on Timing of Distribution, whichever is later. Upon the death of the Executive after attainment of the Retirement Date, (as set forth in III [A,] subject to the provisions of Paragraph IX,) if there is a balance in the accrued liability retirement account, an amount equal to such balance shall be paid in a lump sum to the Beneficiary. Said payment due hereunder shall be made the first day of the second month following the Executive’s death.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon attainment of the Retirement Date, (as set forth in Subparagraph III [A,] subject to the provisions of Paragraph IX,) the Bank shall pay the Executive an annual benefit equal to Seventy Five Fifty Thousand Dollars ($75,00050,000), the “Retirement Benefit.” Said Retirement Benefit shall be paid in equal monthly installments (1/12th of the annual benefit) until the death of the Executive. Said payment shall commence the first day of the month following (i) the date of such Separation from Service, or (ii) if applicable, in accordance with the Restriction on Timing of Distribution, whichever is later. Upon the death of the Executive after attainment of the Retirement Date, (as set forth in III [A,] subject to the provisions of Paragraph IX,) if there is a balance in the accrued liability retirement account, an amount equal to such balance shall be paid in a lump sum to the Beneficiary. Said payment due hereunder shall be made the first day of the second month following the Executive’s death.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon attainment of the Retirement Date, (as set forth in Subparagraph III [A,] subject to the provisions of Paragraph IX,) the Bank Company shall pay the Executive an annual benefit equal to Seventy One Hundred Twenty Five Thousand Dollars ($75,000125,000), the “Retirement Benefit.” Said Retirement Benefit shall be paid in equal monthly installments (1/12th of the annual benefit) until the death of the Executive. Said payment shall commence the first day of the month following (i) the date of such Separation from Service, or (ii) if applicable, in accordance with the Restriction on Timing of Distribution, whichever is later. Upon the death of the Executive after attainment of the Retirement Date, (as set forth in III [A,] subject to the provisions of Paragraph IX,) if there is a balance in the accrued liability retirement account, an amount equal to such balance shall be paid in a lump sum to the Beneficiary. Said payment due hereunder shall be made the first day of the second month following the Executive’s death.

RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT. Upon attainment of the Retirement Date, (as set forth in Subparagraph III [A,] subject to the provisions of Paragraph IX,) the Bank shall pay the Executive an annual benefit equal to One Hundred Seventy Five Thousand Dollars ($75,000175,000), the “Retirement Benefit.” Said Retirement Benefit shall be paid in equal monthly installments (1/12th of the annual benefit) until the death of the Executive. Said payment shall commence the first day of the month following (i) the date of such Separation from Service, or (ii) if applicable, in accordance with the Restriction on Timing of Distribution, whichever is later. Upon the death of the Executive after attainment of the Retirement Date, (as set forth in III [A,] subject to the provisions of Paragraph IX,) if there is a balance in the accrued liability retirement account, an amount equal to such balance shall be paid in a lump sum to the Beneficiary. Said payment due hereunder shall be made the first day of the second month following the Executive’s death.