Common use of Pre-Retirement Death Benefit Clause in Contracts

Pre-Retirement Death Benefit. 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

Pre-Retirement Death Benefit. 4.1 (a) Normal form of payment. If (i) the Director Executive dies while employed by the Bank, and (ii) the Director Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Executive's Retirement Income Trust Fund, measured as of the later of (i) the Director=s Executive's death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s Executive's death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Executive's Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Executive's Beneficiary may request to receive the unpaid balance of the Director=s Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Executive's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s Executive's death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Executive's Accrued Benefit Account (if applicable), measured as of the later of (i) the DirectorExecutive's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the DirectorExecutive's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s Executive's death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c). The Executive's Beneficiary may request to receive the remainder of any unpaid monthly benefit payments due from the Accrued Benefit Account in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the balance of the Executive's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Executive's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Executive's death. Such lump sum payment, if approved by the Board of Directors, shall be payable within thirty (30) days of such Board of Director approval.

Pre-Retirement Death Benefit. 4.1 (a) Normal form of payment. If (i) the Director Executive dies while employed by the Bank, and (ii) the Director Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Executive’s Retirement Income Trust Fund, measured as of the later of (i) the Director=s Executive’s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s Executive’s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Executive’s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Executive’s Beneficiary may request to receive the unpaid balance of the Director=s Executive’s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Executive’s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s Executive’s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Executive’s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's Executive’s death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Executive’s Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s Executive’s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c). The Executive’s Beneficiary may request to receive the remainder of any unpaid monthly benefit payments due from the Accrued Benefit Account in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the balance of the Executive’s Accrued Benefit Account. Payment in such lump sum form shall be made only if the Executive’s Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Executive’s death. Such lump sum payment, if approved by the Board of Directors, shall be payable within thirty (30) days of such Board of Director approval.

Pre-Retirement Death Benefit. 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's ’s death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's ’s Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

Pre-Retirement Death Benefit. 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a4.1 (a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s ’s Retirement Income Trust Fund, measured as of the later of (i) the Director=s ’s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s ’s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s ’s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s ’s Beneficiary may request to receive the unpaid balance of the Director=s ’s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s ’s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s ’s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s ’s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's ’s death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's ’s Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s ’s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c). The Director’s Beneficiary may request to receive the remainder of any unpaid monthly benefit payments due from the Accrued Benefit Account in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the balance of the Director’s Accrued Benefit Account. Payment in such lump sum form shall be made only if the Director’s Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Director’s death. Such lump sum payment, if approved by the Board of Directors, shall be payable within thirty (30) days of such Board of Director approval.

Pre-Retirement Death Benefit. 4.1 (a) Normal form of payment. If (i) the Director Executive dies while employed by the Bank, and (ii) the Director Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Executive's Retirement Income Trust Fund, measured as of the later of (i) the Director=s Executive's death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s Executive's death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Executive's Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Executive's Beneficiary may request to receive the unpaid balance of the Director=s Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Executive's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s Executive's death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Executive's Accrued Benefit Account (if applicable), measured as of the later of (i) the DirectorExecutive's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).Interest

Pre-Retirement Death Benefit. 4.1 (a) Normal form of payment. If (i) the Director Executive dies while employed by the Bank, including the Executive=s death while employed by the Bank following a Change in Control, and (ii) the Director Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the DirectorExecutive=s Retirement Income Trust Fund, measured as of the later of (i) the DirectorExecutive=s death, or (ii) date of death and including any contributions made to the date any final lump sum Contribution is made pursuant to Subsection 2.1(b)Retirement Income Trust Fund for the year in which the Executive dies, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Executive's Beneficiary for the Payout Period. Such benefits benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s Executive's death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Executive's Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Executive's Beneficiary may request to receive the unpaid balance of the Director=s Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Executive's Beneficiary (i) obtains approval from the trustee of the Xxxx Xxxxxxxxxx Grantor Trust and (ii) notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s Executive's death. Such lump sum payment payment, if approved by the trustee, shall be made within thirty (30) days of such noticetrustee approval. The DirectorExecutive=s Accrued Benefit Account (if applicable), measured as of the later of (i) the DirectorExecutive's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c)death, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the DirectorExecutive's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the DirectorExecutive=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

Pre-Retirement Death Benefit. 4.1 (a) Normal form of payment. payment If (i) the Director Executive dies while employed by the Bank, and (ii) the Director Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Executive's Retirement Income Trust Fund, measured as of the later of (i) the Director=s Executive's death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using paid to the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence Executive's Beneficiary in a lump sum within thirty (30) days of the date the Administrator receives notice of the Director=s Executive's death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Executive's Accrued Benefit Account (if applicable), measured as of the later of (i) the DirectorExecutive's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the DirectorExecutive's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s Executive's death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c). The Executive's Beneficiary may request to receive the remainder of any unpaid monthly benefit payments due from the Accrued Benefit Account in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the balance of the Executive's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Executive's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Executive's death. Such lump sum payment, if approved by the Board of Directors, shall be payable within thirty (30) days of such Board of Director approval.

Pre-Retirement Death Benefit. 4.1 (a) Normal form of payment. If (i) the Director Executive dies while employed by the Bank, including the Executive=s death while employed by the Bank following a Change in Control, and (ii) the Director Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the DirectorExecutive=s Retirement Income Trust Fund, measured as of the later of (i) the DirectorExecutive=s death, or (ii) date of death and including any contributions made to the date any final lump sum Contribution is made pursuant to Subsection 2.1(b)Retirement Income Trust Fund for the year in which the Executive dies, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Executive's Beneficiary for the Payout Period. Such benefits benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s Executive's death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Executive's Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Executive's Beneficiary may request to receive the unpaid balance of the Director=s Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Executive's Beneficiary (i) obtains approval from the trustee of the Xxxxxxxxx Xxxxx Grantor Trust and (ii) notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s Executive's Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Executive's Beneficiary (i) obtains approval from the trustee of the Xxxxxxxxx Xxxxx Grantor Trust and (ii) notifies the Administrator in writing of such election within ninety (90) days of the Executive's death. Such lump sum payment payment, if approved by the trustee, shall be made within thirty (30) days of such noticetrustee approval. The DirectorExecutive=s Accrued Benefit Account (if applicable), measured as of the later of (i) the DirectorExecutive's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c)death, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the DirectorExecutive's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the DirectorExecutive=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

Pre-Retirement Death Benefit. 4.1 (a) Normal form of payment. If (i) the Director Participant dies while employed by the Bank, including death during employment following a Change in Control, and (ii) the Director Participant has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Participant's Retirement Income Trust Fund, measured as of the later of (i) the Director=s Participant's death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Participant's Beneficiary for the Payout Benefit Period. Such benefits benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s Participant's death, or if later, within thirty (30) days after any final lump sum Contribution is made to the Retirement Income Trust Fund in accordance with Subsection 2.1(b). Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Participant's Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Participant's Beneficiary may request to receive the unpaid balance of the Director=s Participant's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Participant's Beneficiary (i) obtains approval from the trustee of the Xxxxxx Xxxxxx Grantor Trust and (ii) notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s deathelection. Such lump sum payment payment, if approved by the trustee, shall be made within thirty (30) days of such noticetrustee approval. The Director=s Participant's Accrued Benefit Account (if applicable), measured as of the later of (i) the DirectorParticipant's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the DirectorParticipant's Beneficiary for the Payout Benefit Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s Participant's death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c). The Participant's Beneficiary may request to receive the remainder of any unpaid monthly benefit payments due from the Accrued Benefit Account in a lump sum payment. If a lump sum payment is requested by the Beneficiary, the amount of such lump sum payment shall be equal to the balance of the Participant's Accrued Benefit Account. Payment in such lump sum form shall be made only if the Participant's Beneficiary (i) obtains Board of Director approval, and (ii) notifies the Administrator in writing of such election. Such lump sum payment, if approved by the Board of Directors, shall be payable within thirty (30) days of such Board of Director approval.

Pre-Retirement Death Benefit. 4.1 (a) Normal form of payment. If (i) the Director Executive dies while employed by the Bank, including the Executive=s death while employed by the Bank following a Change in Control, and (ii) the Director Executive has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the DirectorExecutive=s Retirement Income Trust Fund, measured as of the later of (i) the DirectorExecutive=s death, or (ii) date of death and including any contributions made to the date any final lump sum Contribution is made pursuant to Subsection 2.1(b)Retirement Income Trust Fund for the year in which the Executive dies, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Executive's Beneficiary for the Payout Period. Such benefits benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s Executive's death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Executive's Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Executive's Beneficiary may request to receive the unpaid balance of the Director=s Executive's Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Executive's Beneficiary (i) obtains approval from the trustee of the Xxx Xxxxxx Grantor Trust and (ii) notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s Executive's death. Such lump sum payment payment, if approved by the trustee, shall be made within thirty (30) days of such noticetrustee approval. The DirectorExecutive=s Accrued Benefit Account (if applicable), measured as of the later of (i) the DirectorExecutive's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c)death, shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the DirectorExecutive's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the DirectorExecutive=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

Pre-Retirement Death Benefit. 4.1 (a) Normal form of payment. If (i) the Director Executive dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, Bank this Subsection 4.1(a) 4.1 shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Executive’s Retirement Income Trust Fund, measured as of the later of (i) the Director=s Executive’s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b2.1 (b), shall be annuitized (using used to provide the Interest Factor) into monthly installments and shall Executive’s beneficiary with benefits actuarially determined to be payable for equal in amount to those the Payout PeriodExecutive would have received had the Executive lived until reaching the Benefit Age. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s Executive’s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Executive’s Beneficiary may request to receive the unpaid balance of the Director=s Executive’s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Executive’s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s Executive’s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Executive’s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's Executive’s death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Executive’s Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s Executive’s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).