Common use of DISTRIBUTION ELECTION Clause in Contracts

DISTRIBUTION ELECTION. Pursuant to the provisions of my Executive Incentive Retirement Plan Agreement with Millington Savings Bank, I hereby elect to have any distribution of the balance in my Incentive Retirement Plan Account paid to me in installments commencing on the later of ________________ ("Alternative Date") or the first day of the calendar month following my Termination of Employment due to retirement, resignation, disability, or removal or upon plan termination, whichever shall occur first; provided that such Alternative Date must be elected in writing not less than one year prior to the payment commencement date, absent such election, and such Alternative Date must be not less than five years later than such payment commencement date absent such updated election Each such annual installment shall be determined as of each installment date by dividing the entire amount in my Incentive Retirement Plan Account by the number of installments then remaining to be paid, plus earnings for the period, with the final installment to be the entire remaining balance in the Incentive Retirement Plan Account.

DISTRIBUTION ELECTION. Pursuant to the provisions of my Executive Incentive Retirement Plan Agreement with Millington Savings GCF Bank, I hereby elect to have any distribution of the balance in my Executive Incentive Retirement Plan Account paid to me in installments commencing on the later of ________________ ("“Alternative Date"”) or the first day of the calendar month following my Termination of Employment due to retirement, resignation, disability, or removal or upon plan termination, whichever shall occur first; provided that such Alternative Date must be elected in writing not less than one year prior to the payment commencement date, absent such election, and such Alternative Date must be not less than five years later than such payment commencement date absent such updated election election. Each such annual installment shall be determined as of each installment date by dividing the entire amount in my Incentive Retirement Plan Account by the number of installments then remaining to be paid, plus earnings for the period, with the final installment to be the entire remaining balance in the Executive Incentive Retirement Plan Account.. Signature