Common use of Subparagraph Clause in Contracts

Subparagraph. 4 (b) shall be deleted in its entirety and replaced with the following subparagraph 4 (b): Upon retirement in accordance with Paragraph 3(b) and commencing with the first day of the month following the date of such retirement, the Bank shall pay Executive a benefit equal to the Accrual Balance earned as of the last day of the Plan Year immediately preceding the Executive’s Early Retirement Date and as detailed on Schedule A, payable in equal monthly installments (of 1/12 of the annual benefit) for a period of one hundred eighty (180) months.

Subparagraph. 4 (ba), including 4 (a) (i), shall be deleted in its entirety and replaced with the following subparagraph 4 (b4(a): Upon retirement in accordance with Paragraph 3(b3(a) and commencing with the first day of the month following the date of such retirement, the Bank shall pay Executive a an annual benefit equal to the Accrual Balance earned as thirty percent (30%) of the last day of the Plan Year immediately preceding the Executive’s Early Retirement Date and as detailed on Schedule A, salary at the time of retirement payable in equal monthly installments (of 1/12 of the annual benefit) for a period of one hundred eighty (180) months.

Subparagraph. 4 (ba), including 4 (a) (i), shall be deleted in its entirety and replaced with the following subparagraph 4 (b4(a): Upon retirement in accordance with Paragraph 3(b3(a) and commencing with the first day of the month following the date of such retirement, the Bank shall pay Executive a an annual benefit equal to the Accrual Balance earned as ten percent (10%) of the last day of the Plan Year immediately preceding the Executive’s Early Retirement Date and as detailed on Schedule A, salary at the time of retirement payable in equal monthly installments (of 1/12 of the annual benefit) for a period of one hundred eighty (180) months.

Subparagraph. 4 (ba), including 4 (a) (i), shall be deleted in its entirety and replaced with the following subparagraph 4 (b4(a): Upon retirement in accordance with Paragraph 3(b3(a) and commencing with the first day of the month following the date of such retirement, the Bank shall pay Executive a an annual benefit equal to the Accrual Balance earned as twenty percent (20%) of the last day of the Plan Year immediately preceding the Executive’s Early Retirement Date and as detailed on Schedule A, salary at the time of retirement payable in equal monthly installments (of 1/12 of the annual benefit) for a period of one hundred eighty (180) months.