Subject to [Subparagraph III(F)], should the Executive elect Early Retirement or be discharged without cause by the Bank subsequent to the Early Retirement Date [[Subparagraph I(D)]], the Executive shall be entitled to receive a reduced annual benefit amount as set forth in Exhibit A-22], based on the Executive’s age at Early Retirement. Said payments to commence thirty (30) days following the Executive’s Early Retirement Date. Such payments shall be made in equal monthly installments [1/12th of the annual benefit for a period of thirteen (13) years]. Upon completion of the aforestated payments and commencing the next month subsequent thereto, the Executive shall be entitled to receive a reduced Index Retirement Benefit [[Subparagraph I(F)]] amount as set forth in Exhibit A-22], based on the Executive’s age at Early Retirement, which benefit shall be paid to the Executive until his death at which time said benefit shall cease. For the avoidance of doubt, when Early Retirement occurs prior to age sixty-five (65), the reduced annual benefit as set forth in Exhibit A-22], based on the Executive’s age at Early Retirement, will apply to the age sixty-six (66) benefit listed on Exhibit A-11], to the age sixty-six benefit listed on [Exhibit A-1A]A], and to the Index Retirement Benefit listed on Exhibit A-33].

Should the Executive continue to be employed by the Bank until “Normal Retirement Age” defined in [Subparagraph I(J)], the Executive shall be entitled to receive an annual benefit equal to the sum of the amount set forth in Exhibit A-11] and the amount set forth in [Exhibit A-1A]A], in equal monthly installments [1/12th of the annual benefit for a period of thirteen (13) years]. Said payments to commence thirty (30) days following the Executive’s Retirement Date. Upon completion of the aforestated payments and commencing the next month subsequent thereto, the Index Retirement Benefit [[Subparagraph I(F)]] shall be paid to the Executive until his death at which time said benefit shall cease.