Common use of Deferral Election Clause in Contracts

Deferral Election. The Director hereby elects and agrees to --------- ----------------- continue to defer each month the receipt by him of $100.00 in director's fees for the sixty (60) months beginning March 1, 1993 and ending February 28, 1998. In exchange for such deferral, the Director shall receive from the Bank the benefits hereinafter described. Except as otherwise specifically provided herein, in order to receive benefits under this Agreement, the Director must be a Director of the Bank as of his 65th birthday.

Deferral Election. The Director hereby elects and agrees to --------- ----------------- continue to defer each month the receipt by him of $100.00 500.00 in director's fees for the sixty (60) months beginning March June 1, 1993 1994 and ending February 28May 31, 19981999. In exchange for such deferral, the Director shall receive from the Bank the benefits hereinafter described. Except as otherwise specifically provided herein, in order to receive benefits under this Agreement, the Director must be a Director of the Bank as of his 65th birthdayJune 1, 1999 (the "Qualifying Date").

Deferral Election. The Director hereby elects and agrees to --------- ----------------- continue to defer each month the receipt by him of $100.00 200.00 in director's fees for the sixty (60) months beginning March August 1, 1993 and ending February 28July 31, 1998. In exchange for such deferral, the Director shall receive from the Bank the benefits hereinafter described. Except as otherwise specifically provided herein, in order to receive benefits under this Agreement, the Director must be a Director of the Bank as of his 65th birthdayAugust 1, 1998 (the "Qualifying Date").

Deferral Election. The Director hereby elects and agrees to --------- ----------------- continue to defer each month the receipt by him of $100.00 300.00 in director's fees for the sixty (60) months beginning March 1, 1993 and ending February 28, 1998. In exchange for such deferral, the Director shall receive from the Bank the benefits hereinafter described. Except as otherwise specifically provided herein, in order to receive benefits under this Agreement, the Director must be a Director of the Bank as of his 65th birthdayMarch 1, 1998 (the "Qualifying Date").

Deferral Election. The Director hereby elects and agrees to --------- ----------------- continue to defer each month the receipt by him of $100.00 350.00 in director's fees for the sixty (60) months beginning March January 1, 1993 1994 and ending February 28December 31, 1998. In exchange for such deferralagreement to defer and subject to the condition that, except as otherwise specifically provided below, the Director remain a director of the Bank until the Qualifying Date (as defined below), the Director shall receive from the Bank the benefits hereinafter described. Except as otherwise specifically provided herein, in order to receive benefits under this Agreement, the Director must be a Director of the Bank as of his 65th birthday.