Common use of Retirement Benefit Clause in Contracts

Retirement Benefit. If the Executive Retires on or after September 1, 2023, the Bank shall pay the Executive an annual retirement benefit equal to One Hundred Thousand Dollars and No/100 ($100,000.00), in equal monthly installments (each of which shall be 1/12 of the annual benefit), for a period of one hundred twenty (120) months, commencing on the first day of the month following the date of the Executive’s Retirement. Beginning with the thirteenth month that benefits are paid, and continuing thereafter until paid in full, the annual benefit shall be increased each year by three percent (3%) from the previous year’s benefit to account for cost of living increases. In the event of the Executive’s death prior to the date all payments have been made, Section IV of this Agreement shall control. Any benefit payable under this Section shall be subject to reduction or elimination as provided in Section VII.

Retirement Benefit. If the Executive Retires on or after September 1December 31, 20232020, the Bank shall pay the Executive an annual retirement benefit equal to One Hundred Sixty Thousand Dollars and No/100 ($100,000.0060,000.00), in equal monthly installments (each of which shall be 1/12 of the annual benefit), for a period of one hundred twenty and eighty (120180) months, commencing on with the first day of the month following the date of the Executive’s Retirement. Beginning with the thirteenth month that benefits are paid, and continuing thereafter until paid in full, the annual benefit shall be increased each year by three percent (3%) from the previous year’s benefit to account for cost of living increases. In the event of the Executive’s death prior to the date all payments have been made, Section IV of this Agreement shall control. Any benefit payable under this Section shall be subject to reduction or elimination as provided in Section VII.

Retirement Benefit. If the Executive Retires on or after September April 1, 20232018, the Bank shall pay the Executive an annual retirement benefit equal to One Hundred Ten Thousand Dollars and No/100 ($100,000.0010,000.00), in equal monthly installments (each of which shall be 1/12 of the annual benefit), for a period of one hundred twenty and eighty (120180) months, commencing on the first day of the month following the date of the Executive’s Retirement. Beginning with the thirteenth month that benefits are paid, and continuing thereafter until paid in full, the annual benefit shall be increased each year by three percent (3%) from the previous year’s benefit to account for cost of living increases. In the event of the Executive’s death prior to the date all payments have been made, Section IV of this Agreement shall control. Any benefit payable under this Section shall be subject to reduction or elimination as provided in Section VIISections VII or VIII.

Retirement Benefit. If the Executive Retires on or after September 1October 5, 20232025, the Bank shall pay the Executive an annual retirement benefit equal to One Hundred Forty Thousand Dollars and No/100 ($100,000.0040,000.00), in equal monthly installments (each of which shall be 1/12 of the annual benefit), for a period of one hundred twenty sixty (12060) months, commencing on the first day of the month following the date of the Executive’s Retirement. Beginning with the thirteenth month that benefits are paid, and continuing thereafter until paid in full, the annual benefit shall be increased each year by three percent (3%) from the previous year’s benefit to account for cost of living increases. In the event of the Executive’s death prior to the date all payments have been made, Section IV of this Agreement shall control. Any benefit payable under this Section shall be subject to reduction or elimination as provided in Section VII.

Retirement Benefit. If the Executive Retires on or after September April 1, 20232016, the Bank shall pay the Executive an annual retirement benefit equal to One Hundred Twenty Thousand Dollars and No/100 ($100,000.0020,000.00), in equal monthly installments (each of which shall be 1/12 of the annual benefit), for a period of one hundred twenty and eighty (120180) months, commencing on the first day of the month following the date of the Executive’s Retirement. Beginning with the thirteenth month that benefits are paid, and continuing thereafter until paid in full, the annual benefit shall be increased each year by three percent (3%) from the previous year’s benefit to account for cost of living increases. In the event of the Executive’s death prior to the date all payments have been made, Section IV of this Agreement shall control. Any benefit payable under this Section shall be subject to reduction or elimination as provided in Section VIISections VII or XII.

Retirement Benefit. If the Executive Retires on or after September March 1, 20232038, the Bank shall pay the Executive an annual retirement benefit equal to One Hundred Eighty Thousand Dollars and No/100 ($100,000.0080,000.00), in equal monthly installments (each of which shall be 1/12 of the annual benefit), for a period of one hundred twenty eighty (120180) months, commencing on the first day of the month following the date of the Executive’s Retirement. Beginning with the thirteenth month that benefits are paid, and continuing thereafter until paid in full, the annual benefit shall be increased each year by three percent (3%) from the previous year’s benefit to account for cost of living increases. In the event of the Executive’s death prior to the date all payments have been made, Section IV of this Agreement shall control. Any benefit payable under this Section shall be subject to reduction or elimination as provided in Section VII.

Retirement Benefit. If the Executive Retires on or after September April 1, 20232016, the Bank shall pay the Executive an annual retirement benefit equal to One Hundred Ten Thousand Dollars and No/100 ($100,000.0010,000.00), in equal monthly installments (each of which shall be 1/12 of the annual benefit), for a period of one hundred twenty and eighty (120180) months, commencing on the first day of the month following the date of the Executive’s Retirement. Beginning with the thirteenth month that benefits are paid, and continuing thereafter until paid in full, the annual benefit shall be increased each year by three percent (3%) from the previous year’s benefit to account for cost of living increases. In the event of the Executive’s death prior to the date all payments have been made, Section IV of this Agreement shall control. Any benefit payable under this Section shall be subject to reduction or elimination as provided in Section VIISections VII or VIII.

Retirement Benefit. If the Executive Retires on or after September May 1, 20232027, the Bank shall pay the Executive an annual retirement benefit equal to One Hundred Forty Thousand Dollars and No/100 ($100,000.0040,000.00), in equal monthly installments (each of which shall be 1/12 of the annual benefit), for a period of one hundred twenty eighty (120180) months, commencing on the first day of the month following the date of the Executive’s Retirement. Beginning with the thirteenth month that benefits are paid, and continuing thereafter until paid in full, the annual benefit shall be increased each year by three percent (3%) from the previous year’s benefit to account for cost of living increases. In the event of the Executive’s death prior to the date all payments have been made, Section IV of this Agreement shall control. Any benefit payable under this Section shall be subject to reduction or elimination as provided in Section VII.

Retirement Benefit. If the Executive Retires on or after September March 1, 20232038, the Bank shall pay the Executive an annual retirement benefit equal to One Hundred Sixty Thousand Dollars and No/100 ($100,000.0060,000.00), in equal monthly installments (each of which shall be 1/12 of the annual benefit), for a period of one hundred twenty eighty (120180) months, commencing on the first day of the month following the date of the Executive’s Retirement. Beginning with the thirteenth month that benefits are paid, and continuing thereafter until paid in full, the annual benefit shall be increased each year by three percent (3%) from the previous year’s benefit to account for cost of living increases. In the event of the Executive’s death prior to the date all payments have been made, Section IV of this Agreement shall control. Any benefit payable under this Section shall be subject to reduction or elimination as provided in Section VII.

Retirement Benefit. If the Executive Retires on or after September 1March 19, 20232031, the Bank shall pay the Executive an annual retirement benefit equal to One Hundred Forty Thousand Dollars and No/100 ($100,000.0040,000.00), in equal monthly installments (each of which shall be 1/12 of the annual benefit), for a period of one hundred twenty eighty (120180) months, commencing on the first day of the month following the date of the Executive’s Retirement. Beginning with the thirteenth month that benefits are paid, and continuing thereafter until paid in full, the annual benefit shall be increased each year by three percent (3%) from the previous year’s benefit to account for cost of living increases. In the event of the Executive’s death prior to the date all payments have been made, Section IV of this Agreement shall control. Any benefit payable under this Section shall be subject to reduction or elimination as provided in Section VII.

Retirement Benefit. If the Executive Retires on or after September April 1, 20232018, the Bank shall pay the Executive an annual retirement benefit equal to One Hundred Twenty Thousand Dollars and No/100 ($100,000.0020,000.00), in equal monthly installments (each of which shall be 1/12 of the annual benefit), for a period of one hundred twenty and eighty (120180) months, commencing on the first day of the month following the date of the Executive’s Retirement. Beginning with the thirteenth month that benefits are paid, and continuing thereafter until paid in full, the annual benefit shall be increased each year by three percent (3%) from the previous year’s benefit to account for cost of living increases. In the event of the Executive’s death prior to the date all payments have been made, Section IV of this Agreement shall control. Any benefit payable under this Section shall be subject to reduction or elimination as provided in Section VIISections VII or XII.