Distribution of Benefit. The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Normal Retirement Age. The annual benefit shall be distributed to the Executive for fifteen (15) years.
Distribution of Benefit. The Bank shall distribute the annual benefit to the Beneficiary in twelve (12) equal monthly installments for ten (10) years commencing on or around the fifteenth day of the fourth month following the Executive’s death. The Beneficiary shall be required to provide to the Bank the Executive’s death certificate.
Distribution of Benefit. The Bank shall distribute the benefit to the Beneficiary in a lump sum within sixty (60) days following receipt by the Bank of the Executive's death certificate.
Distribution of Benefit. The Bank shall distribute the benefit to the Executive in a lump sum within sixty (60) days following Separation from Service.
Distribution of Benefit. The Corporation shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following the Separation from Service. The annual benefit shall be distributed to the Executive for the greater of (i) eighteen (18) years or (ii) the life of the Executive. Interest shall be credited on the Accrual Balance during the installment period at a rate equal to the Discount Rate in effect at the time of Separation from Service.
Distribution of Benefit. The Bank shall distribute the benefit to the Executive in one hundred twenty (120) equal monthly installments commencing on or around the fifteenth day of the month following Termination of Employment.
Distribution of Benefit. The Bank shall distribute the annual benefit to the Director in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Director for fifteen (15) years.
Distribution of Benefit. The Bank shall distribute the benefit to the Beneficiary in a lump sum on the first day of the fourth month following the Executive’s death. The Beneficiary shall be required to provide the Executive’s death certificate to the Bank.
Distribution of Benefit. The Company shall distribute the benefit to the Executive in one hundred eighty (180) consecutive equal monthly installments commencing the first day of the month following the Executive attaining Normal Retirement Age.
Distribution of Benefit. The Bank shall distribute the benefit to the Director as elected by the Director on the Distribution Election Form commencing within thirty (30) days following such Disability. The Bank shall credit interest at an annual rate equal to the Crediting Rate on the remaining account balance during any applicable installment period.
