Common use of Retirement Benefits Clause in Contracts

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday (except as otherwise specifically provided herein), the Bank will pay to the Director $333 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the DirectorExecutive's --------- ------------------- 65th birthday (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 8,303 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 DirectorExecutive's 65th birthday shall occur. In the event that the Director Executive should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director Executive has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum 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 DirectorExecutive, any payments remaining unpaid at the DirectorExecutive's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the DirectorExecutive's estate.

Retirement Benefits. Upon the occurrence of the DirectorExecutive's --------- ------------------- 65th birthday (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 1,074 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 DirectorExecutive's 65th birthday shall occur. In the event that the Director Executive should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director Executive has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum 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 DirectorExecutive, any payments remaining unpaid at the DirectorExecutive's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the DirectorExecutive's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th 70th birthday (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 1,195 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th 70th birthday shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight six percent (86%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight six percent (86%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon Except as otherwise specifically provided --------- ------------------- herein, upon the occurrence of the DirectorExecutive's --------- ------------------- 65th birthday (except as otherwise specifically provided hereinthe "Retirement Age"), if the Executive is employed by the Bank at that time, the Bank will pay to the Director Executive $333 416.67 per month for a continuous period of 120 sixty (60) months. Such continuous The first monthly installment payments shall commence 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 first calendar month following the calendar month in which the Director's 65th birthday shall occurExecutive retires from service with the Bank. In the event that the Director Executive should die after becoming entitled to receive such monthly installment payments under this Agreement but before all of such payments have been madepaid, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director Executive has designated in writing to the Bank in writing (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment unpaid 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 eight seven percent (87%) per annum 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 DirectorExecutive, any payments amount remaining unpaid at the DirectorExecutive's death shall be commuted on the basis of eight seven percent (87%) per annum compounded interest and shall be paid in a single sum to the DirectorExecutive's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday Retirement Age (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 1,750.00 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday Retirement Age shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday Retirement Age (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 1,033.33 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday Retirement Age shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday Retirement Age (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 966.67 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday Retirement Age shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon Except as otherwise specifically provided --------- ------------------- herein, upon the occurrence of the DirectorExecutive's --------- ------------------- 65th birthday (except as otherwise specifically provided hereinthe "Retirement Age"), if the Executive is employed by the Bank at that time, the Bank will pay to the Director Executive $333 833.33 per month for a continuous period of 120 sixty (60) months. Such continuous The first monthly installment payments shall commence 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 first calendar month following the calendar month in which the Director's 65th birthday shall occurExecutive retires from service with the Bank. In the event that the Director Executive should die after becoming entitled to receive such monthly installment payments under this Agreement but before all of such payments have been madepaid, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director Executive has designated in writing to the Bank in writing (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment unpaid 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 eight seven percent (87%) per annum 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 DirectorExecutive, any payments amount remaining unpaid at the DirectorExecutive's death shall be commuted on the basis of eight seven percent (87%) per annum compounded interest and shall be paid in a single sum to the DirectorExecutive's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday Retirement Age (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 708.33 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday Retirement Age shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th 70th birthday (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 935 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th 70th birthday shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight six percent (86%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight six percent (86%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's Qualifying --------- ------------------- 65th birthday Date (except as otherwise specifically provided herein), the Bank will pay to the Director $333 673 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday Qualifying Date shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday Retirement Age (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 508.33 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday Retirement Age shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 1,957 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday Retirement Age (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 916.66 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday Retirement Age shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th 70th birthday (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 897 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th 70th birthday shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight six percent (86%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight six percent (86%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday Retirement Age (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 1,833.33 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday Retirement Age shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday Retirement Age (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 1,250.00 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday Retirement Age shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight seven and one-half percent (87 1/2%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's Qualifying --------- ------------------- 65th birthday Date, (except as otherwise specifically provided herein), the Bank will pay to the Director $333 882 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday Qualifying Date shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's Qualifying --------- ------------------- 65th birthday Date (except as otherwise specifically provided herein), the Bank will pay to the Director $333 414 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday Qualifying Date shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the DirectorExecutive's --------- ------------------- 65th 55th birthday (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 2,070 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 DirectorExecutive's 65th 55th birthday shall occur. In the event that the Director Executive should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director Executive has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum 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 DirectorExecutive, any payments remaining unpaid at the DirectorExecutive's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the DirectorExecutive's estate.

Retirement Benefits. Upon the occurrence of the Director's Qualifying --------- ------------------- 65th birthday Date (except as otherwise specifically provided herein), the Bank will pay to the Director $333 671 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday Qualifying Date shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 3,628 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight six percent (86%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight six percent (86%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 1,610 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight six percent (86%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight six percent (86%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 8,256 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight six percent (86%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight six percent (86%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 1,726 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight six percent (86%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight six percent (86%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 1,054 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight six percent (86%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight six percent (86%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

Retirement Benefits. Upon the occurrence of the Director's --------- ------------------- 65th birthday (except as otherwise specifically provided herein), the Bank will pay to the Director him $333 2,748 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence 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 Director's 65th birthday shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight six percent (86%) per annum 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 Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight six percent (86%) per annum compounded interest and shall be paid in a single sum to the Director's estate.