Common use of Pre-Retirement Death Benefits Clause in Contracts

Pre-Retirement Death Benefits. Should the Executive die prior --------- ----------------------------- to Retirement Age, the Bank will pay $7,900 annually for a continuous period of fifteen (15) years to his Beneficiary or Beneficiaries. Such annual payment shall be increased five percent (5%) for each full Year of Service of the Executive occurring after November 1, 1994, except that there will be no increases in benefits for more than ten (10) years of additional service. The first annual payment will be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive's death occurred. In the event of the death of the last living Beneficiary before all annual installment payments have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any amount remaining unpaid at the Executive's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the Executive's estate. Any amount payable to an Executive's Beneficiary under this Section 3 shall be reduced by any disability payments already paid to such Executive under Section 4 of this Agreement.

Pre-Retirement Death Benefits. Should the Executive die prior --------- ----------------------------- to Retirement Age, the Bank will pay $7,900 25,000 annually for a continuous period of fifteen (15) years to his Beneficiary or Beneficiaries. Such annual payment shall be increased five percent (5%) for each full Year of Service of the Executive occurring after November 1, 1994, except that there will be no increases in benefits for more than ten (10) years of additional serviceafter March 31, 1998. The first annual payment will be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive's death occurred. In the event of the death of the last living Beneficiary before all annual installment payments have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any amount remaining unpaid at the Executive's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the Executive's estate. Any amount payable to an Executive's Beneficiary under this Section 3 shall be reduced by any disability payments already paid to such Executive under Section 4 of this Agreement.

Pre-Retirement Death Benefits. Should the Executive die prior --------- ----------------------------- to Retirement Age, the Bank will pay $7,900 15,000 annually for a continuous period of fifteen (15) years to his Beneficiary or Beneficiaries. Such annual payment shall be increased five percent (5%) for each full Year of Service of the Executive occurring after November 1, 1994, except that there will be no increases in benefits for more than ten (10) years of additional service. The first annual payment will be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive's death occurred. In the event of the death of the last living Beneficiary before all annual installment payments have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any amount remaining unpaid at the Executive's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the Executive's estate. Any amount payable to an Executive's Beneficiary under this Section 3 shall be reduced by any disability payments already paid to such Executive under Section 4 of this Agreement.

Pre-Retirement Death Benefits. Should the Executive die prior --------- ----------------------------- to Retirement Age, the Bank will pay $7,900 10,000 annually for a continuous period of fifteen (15) years to his Beneficiary or Beneficiaries. Such annual payment shall be increased five percent (5%) for each full Year of Service of the Executive occurring after November 1, 1994, except that there will be no increases in benefits for more than ten (10) years of additional service. The first annual payment will be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive's death occurred. In the event of the death of the last living Beneficiary before all annual installment payments have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any amount remaining unpaid at the Executive's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the Executive's estate. Any amount payable to an Executive's Beneficiary under this Section 3 shall be reduced by any disability payments already paid to such Executive under Section 4 of this Agreement.

Pre-Retirement Death Benefits. Should the Executive die while ---------- ----------------------------- serving as an executive of the Bank, and prior --------- ----------------------------- to Retirement Agehis receiving any benefits under Section 2, the Bank will pay $7,900 25,000.00 annually for a continuous period of fifteen (15) years to his the Executive's Beneficiary or Beneficiaries. Such annual payment shall be increased five percent (5%) for each full Year of Service of the Executive occurring after between November 1, 19941994 and March 31, except that there 1998. If the Executive continued serving as an Executive of the Bank after March 31, 1998, then the annual payment will be no increases in benefits increased an additional five percent (5%) for more than ten each full Year of Service for each full Year of Service of the Executive occurring after the Executive's Retirement Age (10) years of additional servicehereafter "the Increased Benefit"). The first annual payment will shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive's death occurredExecutive died. In the event of the death of the Executive's last living Beneficiary before all annual installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven percent (7%) per annum compound compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any amount remaining unpaid at the an Executive's death shall be commuted on the basis of seven percent (7%) per annum compound compounded interest and shall be paid in a single sum to the Executive's estate. Any amount payable to an Executive's Beneficiary under this Section 3 shall be reduced by any disability payments already paid to such Executive under Section 4 of this Agreement.

Pre-Retirement Death Benefits. Should the Executive die prior --------- ---------- ----------------------------- to Retirement AgeAge while in the service of the Bank, the Bank will pay $7,900 annually 833.33 per month for a continuous period of fifteen sixty (1560) years months to his the Executive's Beneficiary or Beneficiaries. Such annual payment shall be increased five percent (5%) for each full Year of Service of the Executive occurring after November 1, 1994, except that there will be no increases in benefits for more than ten the Executive's Retirement Age (10) years of additional servicehereafter "the Increased Benefit"). The first annual monthly payment will shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth first calendar month following the calendar month in which the Executive's death occurredExecutive died. In the event of the death of the Executive's last living Beneficiary before all annual installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven percent (7%) per annum compound compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any amount remaining unpaid at the an Executive's death shall be commuted on the basis of seven percent (7%) per annum compound compounded interest and shall be paid in a single sum to the Executive's estate. Any amount payable to an Executive's Beneficiary under this Section 3 shall be reduced by any disability payments already paid to such Executive under Section 4 of this Agreement.