Common use of DEATH BENEFIT PRIOR TO RETIREMENT Clause in Contracts

DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Director should die while actively serving the Bank or CTFSC at any time after the date of this Agreement but prior to the Director attaining the age of sixty-five (65) years, the Bank will pay an annual benefit as set forth in Paragraph IV herein in either, at the discretion of the Bank, a lump sum discounted to present value as set forth in Subparagraph XI (K) or annual payments for a period of five (5) years to such individual or individuals as the Director may have designated in writing and filed with the Bank. 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.

DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Director should die while actively serving the Bank or CTFSC at any time after the date of this Agreement but prior to the Director attaining the age of sixty-five (65) years, the Bank will pay an annual benefit as set forth in Paragraph IV herein in either, at the discretion of the Bank, a lump sum discounted to present value as set forth in Subparagraph XI (K) or annual payments for a period of five (5) years to such individual or individuals as the Director may have designated in writing and filed with the Bank. 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.

DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Director should die while actively serving the Bank or CTFSC at any time after the date of this Agreement but prior to the Director attaining retiring from active service on the age Board of sixty-five (65) yearsDirectors, the Bank will pay an annual benefit as set forth equal to one hundred dollars ($100.00) for each full year of service from the date of first service to the date of death (including any partial year that the Director has served in Paragraph IV herein the year of death), in either, at the discretion of the Bank, a lump sum discounted to present value as set forth in Subparagraph XI (K) or equal annual payments installments for a period of five ten (510) years to such individual or individuals as the Director may have designated in writing and filed with the Bank. 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 monthly payments due hereunder shall begin the first day of the second month following the decease of the Director. Provided, however, that anything hereinabove herein above 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.

DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Director should die while actively serving the Bank or CTFSC at any time after the date of this Agreement but prior to the Director attaining the age of sixty-five (65) years, the Bank will pay an annual benefit as set forth in Paragraph IV herein in either, at the discretion of the Bank, a lump sum discounted to present value as set forth in Subparagraph XI (K) or annual payments for a period of five (5) years to such individual or individuals as the Director may have designated in writing and filed with the Bank. 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/ 26th day of October, 2001.