Common use of Deferral Election Clause in Contracts

Deferral Election. The Director hereby elects and agrees to --------- ----------------- continue to defer each month the receipt by him of $500.00 in director's fees for the sixty (60) months beginning June 1, 1994 and ending May 31, 1999. In exchange for such deferral, the Director shall receive from the Bank the benefits hereinafter described. Except as otherwise specifically provided herein, in order to receive benefits under this Agreement, the Director must be a Director of the Bank as of June 1, 1999 (the "Qualifying Date").

Deferral Election. The Director hereby elects and agrees to --------- ----------------- continue to defer each month the receipt by him of $500.00 300.00 in director's fees for the sixty (60) months beginning June March 1, 1994 1993 and ending May 31February 28, 19991998. In exchange for such deferral, the Director shall receive from the Bank the benefits hereinafter described. Except as otherwise specifically provided herein, in order to receive benefits under this Agreement, the Director must be a Director of the Bank as of June March 1, 1999 1998 (the "Qualifying Date").

Deferral Election. The Director hereby elects and agrees to --------- ----------------- continue to defer each month the receipt by him of $500.00 200.00 in director's fees for the sixty (60) months beginning June August 1, 1994 1993 and ending May July 31, 19991998. In exchange for such deferral, the Director shall receive from the Bank the benefits hereinafter described. Except as otherwise specifically provided herein, in order to receive benefits under this Agreement, the Director must be a Director of the Bank as of June August 1, 1999 1998 (the "Qualifying Date").

Deferral Election. The Director hereby elects and agrees to heretofore has deferred the --------- ----------------- continue to defer each month the receipt by him of $500.00 in director's fees for the sixty (60) months beginning June 1, 1994 and ending May 31, 1999as described above. In exchange for such deferral, the Director shall receive from the Bank the benefits hereinafter described. Except as otherwise specifically provided herein, in order to receive benefits under this Agreement, the Director must be a Director of the Bank as of June the later of his 65th birthday or December 1, 1999 1989 (the "Qualifying DateRetirement Age").

Deferral Election. The Director hereby elects and agrees to --------- ----------------- continue to defer each month the receipt by him of $500.00 100.00 in director's fees for the sixty (60) months beginning June March 1, 1994 1993 and ending May 31February 28, 19991998. In exchange for such deferral, the Director shall receive from the Bank the benefits hereinafter described. Except as otherwise specifically provided herein, in order to receive benefits under this Agreement, the Director must be a Director of the Bank as of June 1, 1999 (the "Qualifying Date")his 65th birthday.

Deferral Election. The Director hereby elects and agrees to --------- ----------------- continue to defer each month the receipt by him of $500.00 350.00 in director's fees for the sixty (60) months beginning June January 1, 1994 and ending May December 31, 19991998. In exchange for such deferralagreement to defer and subject to the condition that, except as otherwise specifically provided below, the Director remain a director of the Bank until the Qualifying Date (as defined below), the Director shall receive from the Bank the benefits hereinafter described. Except as otherwise specifically provided herein, in order to receive benefits under this Agreement, the Director must be a Director of the Bank as of June 1, 1999 (the "Qualifying Date").