Common use of DEATH BENEFIT PRIOR TO RETIREMENT Clause in Contracts

DEATH BENEFIT PRIOR TO RETIREMENT. 5. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to his retirement upon attaining the age of sixty-five (65) years (or such later date as may be agreed upon), the Bank will pay an annual benefit equal to $70,000 in equal monthly installments (each equal to 1/12 of the annual benefit) for a period of one hundred eighty (180 months to such individual or individuals as the Executive may have designated as his beneficiary on Exhibit 2 and filed with the Bank. The said monthly payments shall begin the first day of the third month following the month of the decease of the Executive. In the absence of any effective designation of beneficiary, any such amount becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of his estate. Provided, however, that anything hereinabove to the contrary notwithstanding no death benefit shall be payable hereunder if it is determined that the Executive's death was caused by suicide.

DEATH BENEFIT PRIOR TO RETIREMENT. 5. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to his retirement upon attaining the age of sixty-five (65) years (or such later date as may be agreed upon), the Bank will pay an annual benefit equal to $70,000 43,500 in equal monthly installments (each equal to 1/12 of the annual benefit) for a period of one hundred eighty (180 months to such individual or individuals as the Executive may have designated as his beneficiary on Exhibit 2 and filed with the Bank. The said monthly payments shall begin the first day of the third month following the month of the decease of the Executive. In the absence of any effective designation of beneficiary, any such amount becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of his estate. Provided, however, that anything hereinabove to the contrary notwithstanding no death benefit shall be payable hereunder if it is determined that the Executive's death was caused by suicide.

DEATH BENEFIT PRIOR TO RETIREMENT. 5. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to his retirement upon attaining the age of sixty-five (65) years (or such later date as may be agreed upon), the Bank will pay an annual benefit equal to Ninety-Three Thousand Dollars ($70,000 93,000) in equal monthly installments (each equal to 1/12 of the annual benefit) for a period of one two hundred eighty forty (180 240) months to such individual or individuals as the Executive may have designated as his beneficiary on Exhibit 2 in writing and filed with the Bank. The said monthly payments shall begin the first day of the third month following the month of the decease death of the Executive. In the absence of any effective designation of beneficiary, any such amount amounts becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of his estate. Provided, however, that anything hereinabove to the contrary notwithstanding notwithstanding, no death benefit shall be payable hereunder if it is determined that the Executive's death was caused by suicidesuicide on or before December 6, 1997.

DEATH BENEFIT PRIOR TO RETIREMENT. 5. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to his retirement upon attaining the age of sixty-five (65) years (or such later date as may be agreed upon), the Bank will pay an annual benefit equal to $70,000 29,425 in equal monthly installments (each equal to 1/12 of the annual benefit) for a period of one hundred eighty (180 months to such individual or individuals as the Executive may have designated as his beneficiary on Exhibit 2 and filed with the Bank. The said monthly payments shall begin the first day of the third month following the month of the decease of the Executive. In the absence of any effective designation of beneficiary, any such amount becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of his estate. Provided, however, that anything hereinabove to the contrary notwithstanding no death benefit shall be payable hereunder if it is determined that the Executive's death was caused by suicide.

DEATH BENEFIT PRIOR TO RETIREMENT. 5. In the event the Executive should die while actively employed by the Bank at any time after the date of this Agreement but prior to his retirement upon attaining the age of sixty-five (65) years (or such later date as may be agreed upon), the Bank will pay an annual benefit equal to $70,000 41,730 in equal monthly installments (each equal to 1/12 of the annual benefit) for a period of one hundred eighty (180 months to such individual or individuals as the Executive may have designated as his beneficiary on Exhibit 2 and filed with the Bank. The said monthly payments shall begin the first day of the third month following the month of the decease of the Executive. In the absence of any effective designation of beneficiary, any such amount becoming due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of his estate. Provided, however, that anything hereinabove to the contrary notwithstanding no death benefit shall be payable hereunder if it is determined that the Executive's death was caused by suicide.