AS APPLICABLE, IN A SINGLE LUMP SUM IN LIEU OF ANY
FURTHER BENEFIT PAYMENTS HEREUNDER.
PRESENT VALUE SHALL BE CALCULATED AS
PROVIDED IN THE QUALIFIED PLAN.
7.4
TAXES.
THE ADMINISTRATOR SHALL WITHHOLD ALL
FEDERAL, STATE OR LOCAL TAXES THAT IT REASONABLY BELIEVES ARE REQUIRED TO BE
WITHHELD FROM ANY PAYMENTS UNDER THE PLAN.
7.5
LIMITATION OF MEMBER'S RIGHTS.
NOTHING
CONTAINED IN THE PLAN SHALL CONFER UPON ANY PERSON A RIGHT TO BE EMPLOYED OR TO
CONTINUE IN THE EMPLOY OF THE BANK, OR INTERFERE IN ANY WAY WITH THE RIGHT OF
THE BANK TO TERMINATE THE EMPLOYMENT OF A MEMBER AT ANY TIME, WITH OR WITHOUT
CAUSE.
16
7.6
RECEIPT AND RELEASE.
ANY PAYMENT TO ANY
PARTICIPANT OR BENEFICIARY IN ACCORDANCE WITH THE PROVISIONS OF THE PLAN SHALL,
TO THE EXTENT THEREOF, BE IN FULL SATISFACTION OF ALL CLAIMS AGAINST THE BANK OR
THE PLAN, AND THE ADMINISTRATOR MAY REQUIRE SUCH PARTICIPANT OR BENEFICIARY, AS
A CONDITION PRECEDENT TO SUCH PAYMENT, TO EXECUTE A RECEIPT AND RELEASE TO SUCH
EFFECT.
IF REQUESTED, SUCH RECEIPT AND RELEASE SHALL BE EXECUTED BY THE
PARTICIPANT OR BENEFICIARY NO LATER THAN 90 DAYS AFTER THE PARTICIPANT'S
SCHEDULED PAYMENT COMMENCEMENT DATE.
IF ANY PARTICIPANT OR BENEFICIARY IS
DETERMINED BY THE ADMINISTRATOR TO BE INCOMPETENT BY REASON OF PHYSICAL OR
MENTAL DISABILITY (INCLUDING MINORITY) TO GIVE A VALID RECEIPT AND RELEASE, THE
ADMINISTRATOR MAY CAUSE THE PAYMENT OR PAYMENTS BECOMING DUE TO SUCH PERSON TO
BE MADE TO ANOTHER PERSON FOR HIS OR HER BENEFIT WITHOUT RESPONSIBILITY ON THE
PART OF THE ADMINISTRATOR OR THE BANK TO FOLLOW THE APPLICATION OF SUCH FUNDS.
7.7
UNCLAIMED BENEFIT.
EACH MEMBER SHALL KEEP
THE COMPANY INFORMED OF HIS OR HER CURRENT ADDRESS AND THE CURRENT ADDRESS OF
HIS OR HER SPOUSE.
THE COMPANY SHALL NOT BE OBLIGATED TO SEARCH FOR THE
WHEREABOUTS OF ANY PERSON.
IN THE EVENT ANY PERSON WHO IS ENTITLED TO A BENEFIT
FROM THE PLAN CANNOT BE LOCATED AND SUCH BENEFIT REMAINS UNPAID FOR ONE YEAR
AFTER THE DATE PAYMENT WAS DUE, THE AMOUNT REQUIRED TO PAY SUCH BENEFIT SHALL
REMAIN IN THE RABBI TRUST (IF APPLICABLE) OR ELSE RETAINED BY THE COMPANY;
PROVIDED, HOWEVER, THAT IF THE PERSON WHO IS ENTITLED TO THE BENEFIT IS
SUBSEQUENTLY LOCATED, THE BENEFIT SHALL BE RESTORED AND PAID TO SUCH PERSON
WITHOUT PROVISION FOR INTEREST.
7.8
GOVERNING LAW.
THE PLAN SHALL BE CONSTRUED,
ADMINISTERED, AND GOVERNED IN ALL RESPECTS UNDER AND BY THE LAWS OF THE
COMMONWEALTH OF MASSACHUSETTS.
IF ANY PROVISION SHALL BE HELD BY A COURT OF
COMPETENT JURISDICTION TO BE INVALID OR UNENFORCEABLE, THE REMAINING PROVISIONS
HEREOF SHALL CONTINUE TO BE FULLY EFFECTIVE.
7.9
DESIGNATION OF BENEFICIARY.
EACH MEMBER MAY
FILE WITH THE ADMINISTRATOR A WRITTEN DESIGNATION OF ONE OR MORE PERSONS AS THE
BENEFICIARY WHO SHALL BE ENTITLED TO RECEIVE THE AMOUNT, IF ANY, PAYABLE UNDER
THE PLAN UPON THE MEMBER'S DEATH.
THE MEMBER MAY, FROM TIME TO TIME, REVOKE OR
CHANGE HIS OR HER BENEFICIARY DESIGNATION WITHOUT THE CONSENT OF ANY PRIOR