Common use of Executive Benefits Payments Clause in Contracts

Executive Benefits Payments. The Executive shall be entitled to payment of the Applicable Percentage of (i) the balance in the Benefit Account in installments upon the terms as specified in the Agreement, and (ii) the Index Benefit for each Plan Year payable in installments until the Executive's death. 105 SCHEDULE C BENEFICIARY DESIGNATION To the Administrator of the Saratoga National Bank Executive Supplemental Compensation Agreement: Pursuant to the Provisions of my Executive Supplemental Compensation Agreement with Saratoga National Bank, permitting the designation of a beneficiary or beneficiaries by a participant, I hereby designate the following persons and entities as primary and secondary beneficiaries of any benefit under said Agreement payable by reason of my death: Primary Beneficiary: ______________________ ____________________ _____________________________ Name Address Relationship Secondary (Contingent) Beneficiary: ______________________ _____________________ ____________________________ Name Address Relationship THE RIGHT TO REVOKE OR CHANGE ANY BENEFICIARY DESIGNATION IS HEREBY RESERVED. ALL PRIOR DESIGNATIONS, IF ANY, OF PRIMARY BENEFICIARIES AND SECONDARY BENEFICIARIES ARE HEREBY REVOKED. The Administrator shall pay all sums payable under the Agreement by reason of my death to the Primary Beneficiary, if he or she survives me, and if no Primary Beneficiary shall survive me, then to the Secondary Beneficiary, and if no named beneficiary survives me, then the Administrator shall pay all amounts in accordance with the terms of my Executive Supplemental Compensation Agreement. In the event that a named beneficiary survives me and dies prior to receiving the entire benefit payable under said Agreement, then and in that event, the remaining 106 unpaid benefit payable according to the terms of my Executive Supplemental Compensation Agreement shall be payable to the personal representatives of the estate of said beneficiary who survived me but died prior to receiving the total benefit provided by my Executive Supplemental Compensation Agreement. Dated: _____________, 1998 ________________________ __________________ CONSENT OF THE EXECUTIVE'S SPOUSE TO THE ABOVE BENEFICIARY DESIGNATION: I, _____________, being the spouse of __________________, after being afforded the opportunity to consult with independent counsel of my choosing, do hereby acknowledge that I have read, agree and consent to the foregoing Beneficiary Designation which relates to the Executive Supplemental Compensation Agreement entered into by my spouse effective as of _________, 1998. I understand that the above Beneficiary Designation may affect certain rights which I may have in the benefits provided for under the terms of the Executive Supplemental Compensation Agreement and in which I may have a marital property interest. Dated: _____________, 1998 ___________________________ _________________ 107 SCHEDULE D DISTRIBUTION ELECTION Pursuant to the Provisions of my Executive Supplemental Compensation Agreement with Saratoga National Bank, I hereby elect to have any distribution of the balance in my Benefit Account paid to me in installments as designated below: thirty-six (36) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. sixty (60) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. one hundred twenty (120) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. one hundred eighty (180) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with he final installment to be the entire remaining balance in the Benefit Account. Dated: _______________, 1998 Signed: _____________________________ __________________

Executive Benefits Payments. The Executive shall be entitled to payment of the Applicable Percentage of (i) the balance in the Benefit Account in installments upon the terms as specified in the Agreement, and (ii) the Index Benefit for each Plan Year payable in installments until the Executive's death. 105 134 SCHEDULE C BENEFICIARY DESIGNATION To the Administrator of the Saratoga National Bank Executive Supplemental Compensation Agreement: Pursuant to the Provisions of my Executive Supplemental Compensation Agreement with Saratoga National Bank, permitting the designation of a beneficiary or beneficiaries by a participant, I hereby designate the following persons and entities as primary and secondary beneficiaries of any benefit under said Agreement payable by reason of my death: Primary Beneficiary: ______________________ ____________________ _____________________________ Name Address Relationship Secondary (Contingent) Beneficiary: ______________________ _____________________ ____________________________ Name Address Relationship THE RIGHT TO REVOKE OR CHANGE ANY BENEFICIARY DESIGNATION IS HEREBY RESERVED. ALL PRIOR DESIGNATIONS, IF ANY, OF PRIMARY BENEFICIARIES AND SECONDARY BENEFICIARIES ARE HEREBY REVOKED. The Administrator shall pay all sums payable under the Agreement by reason of my death to the Primary Beneficiary, if he or she survives me, and if no Primary Beneficiary shall survive me, then to the Secondary Beneficiary, and if no named beneficiary survives me, then the Administrator shall pay all amounts in accordance with the terms of my Executive Supplemental Compensation Agreement. In the event that a named beneficiary survives me and dies prior to receiving the entire benefit payable under said Agreement, then and in that event, the remaining 106 unpaid benefit 135 payable according to the terms of my Executive Supplemental Compensation Agreement shall be payable to the personal representatives of the estate of said beneficiary who survived me but died prior to receiving the total benefit provided by my Executive Supplemental Compensation Agreement. Dated: _____________, 1998 ________________________ __________________ CONSENT OF THE EXECUTIVE'S SPOUSE TO THE ABOVE BENEFICIARY DESIGNATION: I, _____________, being the spouse of __________________, after being afforded the opportunity to consult with independent counsel of my choosing, do hereby acknowledge that I have read, agree and consent to the foregoing Beneficiary Designation which relates to the Executive Supplemental Compensation Agreement entered into by my spouse effective as of _________, 1998. I understand that the above Beneficiary Designation may affect certain rights which I may have in the benefits provided for under the terms of the Executive Supplemental Compensation Agreement and in which I may have a marital property interest. Dated: _____________, 1998 ___________________________ _________________ 107 SCHEDULE D DISTRIBUTION ELECTION Pursuant to the Provisions of my Executive Supplemental Compensation Agreement with Saratoga National Bank, I hereby elect to have any distribution of the balance in my Benefit Account paid to me in installments as designated below: thirty-six (36) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. sixty (60) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. one hundred twenty (120) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. one hundred eighty (180) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with he final installment to be the entire remaining balance in the Benefit Account. Dated: _______________, 1998 Signed: _____________________________ __________________Rixxxxx X. Xount CONSENT OF THE EXECUTIVE'S SPOUSE TO THE ABOVE BENEFICIARY DESIGNATION:

Executive Benefits Payments. The Executive shall be entitled to payment of the Applicable Percentage of (iof(i) the balance in the Benefit Account in installments upon the terms as specified in the Agreement, and (ii) the Index Benefit for each Plan Year payable in installments until the Executive's death. 105 SCHEDULE C BENEFICIARY DESIGNATION To the Administrator of the Saratoga National Bank Executive Supplemental Compensation Agreement: Pursuant to the Provisions of my Executive Supplemental Compensation Agreement with Saratoga National Bank, permitting the designation of a beneficiary or beneficiaries by a participant, I hereby designate the following persons and entities as primary and secondary beneficiaries of any benefit under said Agreement payable by reason of my death: Primary Beneficiary: ______________________ ____________________ _____________________________ ---------------------- ------------------------ -------------------------- Name Address Relationship Secondary (Contingent) Beneficiary: ______________________ _____________________ ____________________________ ---------------------- ------------------------ -------------------------- Name Address Relationship THE RIGHT TO REVOKE OR CHANGE ANY BENEFICIARY DESIGNATION IS HEREBY RESERVED. ALL PRIOR DESIGNATIONS, IF ANY, OF PRIMARY BENEFICIARIES AND SECONDARY BENEFICIARIES ARE HEREBY REVOKED. The Administrator shall pay all sums payable under the Agreement by reason of my death to the Primary Beneficiary, if he or she survives me, and if no Primary Beneficiary shall survive me, then to the Secondary Beneficiary, and if no named beneficiary survives me, then the Administrator shall pay all amounts in accordance with the terms of my Executive Supplemental Compensation Agreement. In the event that a named beneficiary survives me and dies prior to receiving the entire benefit payable under said Agreement, then and in that event, the remaining 106 unpaid benefit payable according to the terms of my Executive Supplemental Compensation Agreement shall be payable to the personal representatives of the estate of said beneficiary who survived me but died prior to receiving the total benefit provided by my Executive Supplemental Compensation Agreement. Dated: _____________, 1998 ________________________ __________________ CONSENT OF THE EXECUTIVE'S SPOUSE TO THE ABOVE BENEFICIARY DESIGNATION: I, _____________, being the spouse of __________________, after being afforded the opportunity to consult with independent counsel of my choosing, do hereby acknowledge that I have read, agree and consent to the foregoing Beneficiary Designation which relates to the Executive Supplemental Compensation Agreement entered into by my spouse effective as of _________, ,1998. I understand that the above Beneficiary Designation may affect certain rights which I may have in the benefits provided for under the terms of the Executive Supplemental Compensation Agreement and in which I may have a marital property interest. Dated: _____________, 1998 ___________________________ _________________ 107 --------------------- --------------- SCHEDULE D DISTRIBUTION ELECTION Pursuant to the Provisions of my Executive Supplemental Compensation Agreement with Saratoga National Bank, I hereby elect to have any distribution of the balance in my Benefit Account paid to me in installments as designated below: thirty-six (36) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. sixty Sixty (60) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. one hundred twenty (120) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. one hundred eighty (180) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with he final installment to be the entire remaining balance in the Benefit Account. Dated: _______________, 1998 Signed: _____________________________ __________________

Executive Benefits Payments. The Executive shall be entitled to payment of the Applicable Percentage of (i) the balance in the Benefit Account in installments upon the terms as specified in the Agreement, and (ii) the Index Benefit for each Plan Year payable in installments until the Executive's death. 105 SCHEDULE C BENEFICIARY DESIGNATION To the Administrator of the Saratoga National Bank Executive Supplemental Compensation Agreement: Pursuant to the Provisions of my Executive Supplemental Compensation Agreement with Saratoga National Bank, permitting the designation of a beneficiary or beneficiaries by a participant, I hereby designate the following persons and entities as primary and secondary beneficiaries of any benefit under said Agreement payable by reason of my death: Primary Beneficiary: ______________________ ____________________ _____________________________ Name Address Relationship Secondary (Contingent) Beneficiary: ______________________ _____________________ ____________________________ Name Address Relationship THE RIGHT TO REVOKE OR CHANGE ANY BENEFICIARY DESIGNATION IS HEREBY RESERVED. ALL PRIOR DESIGNATIONS, IF ANY, OF PRIMARY BENEFICIARIES AND SECONDARY BENEFICIARIES ARE HEREBY REVOKED. The Administrator shall pay all sums payable under the Agreement by reason of my death to the Primary Beneficiary, if he or she survives me, and if no Primary Beneficiary shall survive me, then to the Secondary Beneficiary, and if no named beneficiary survives me, then the Administrator shall pay all amounts in accordance with the terms of my Executive Supplemental Compensation Agreement. In the event that a named beneficiary survives me and dies prior to receiving the entire benefit payable under said Agreement, then and in that event, the remaining 106 unpaid benefit payable according to the terms of my Executive Supplemental Compensation Agreement shall be payable to the personal representatives of the estate of said beneficiary who survived me but died prior to receiving the total benefit provided by my Executive Supplemental Compensation Agreement. Dated: _____________, 1998 ________________________ __________________ CONSENT OF THE EXECUTIVE'S SPOUSE TO THE ABOVE BENEFICIARY DESIGNATION: I, _____________, being the spouse of __________________, after being afforded the opportunity to consult with independent counsel of my choosing, do hereby acknowledge that I have read, agree and consent to the foregoing Beneficiary Designation which relates to the Executive Supplemental Compensation Agreement entered into by my spouse effective as of _________, 1998. I understand that the above Beneficiary Designation may affect certain rights which I may have in the benefits provided for under the terms of the Executive Supplemental Compensation Agreement and in which I may have a marital property interest. Dated: _____________, 1998 ___________________________ _________________ 107 SCHEDULE D DISTRIBUTION ELECTION Pursuant to the Provisions of my Executive Supplemental Compensation Agreement with Saratoga National Bank, I hereby elect to have any distribution of the balance in my Benefit Account paid to me in installments as designated below: thirty-six (36) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. sixty (60) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. one hundred twenty (120) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. one hundred eighty (180) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with he final installment to be the entire remaining balance in the Benefit Account. Dated: _______________, 1998 Signed: _____________________________ __________________Richard L. Mount CXXXXXX XX THE EXECUTIVE'S SPOUSE TO THE ABOVE BENEFICIARY DESIGNATION: