Common use of Disability Benefit Clause in Contracts

Disability Benefit. If the Director's service is terminated prior to Benefit Age due to a disability which meets the criteria set forth below, the Director may request to receive the Disability Benefit in lieu of the retirement benefit(s) available pursuant to Section 5.1 (which is (are) not available prior to the Director's Benefit Eligibility Date). In any instance in which: (i) it is determined by a duly licensed, independent physician selected by the Bank, that the Director is no longer able, properly and satisfactorily, to perform his regular duties as an officer, because of ill health, accident, disability or general inability due to age, (ii) the Director requests payment under this Subsection in lieu of Subsection 5.1, and (iii) Board of Director approval is obtained to allow payment under this Subsection, in lieu of Subsection 5.1, the Director shall be entitled to the following lump sum benefit(s). The lump sum benefit(s) to which the Director is entitled shall include: (i) the balance of the Retirement Income Trust Fund, plus (ii) the balance of the Accrued Benefit Account (if applicable). The benefit(s) shall be paid within thirty (30) days following the date of the Director's request for such benefit is approved by the Board of Directors. In the event the Director dies after becoming eligible for such payment(s) but before the actual payment(s) is (are) made, his Beneficiary shall be entitled to receive the benefit(s) provided for in this Subsection 6.1(a) within thirty (30) days of the date the Administrator receives notice of the Director's death.

Disability Benefit. If the DirectorExecutive's service is terminated prior to Benefit Early Retirement Age or Normal Retirement Age due to a disability which meets the criteria set forth below, the Director Executive may request to receive the Disability Benefit in lieu of the retirement benefit(s) available pursuant to Section 5.1 (which is (are) not available prior to the DirectorExecutive's Benefit Eligibility Date). In any instance in which: (i) it is determined by a duly licensed, independent physician selected by the Bank, that the Director Executive is no longer able, properly and satisfactorily, to perform his regular duties as an officer, because of ill health, accident, disability or general inability due to age, (ii) the Director Executive requests payment under this Subsection in lieu of Subsection 5.1, and (iii) Board of Director approval is obtained to allow payment under this Subsection, in lieu of Subsection 5.1, the Director Executive shall be entitled to the following lump sum benefit(s). The lump sum benefit(s) to which the Director Executive is entitled shall include: (i) the balance of the Retirement Income Trust Fund, plus (ii) the balance of the Accrued Benefit Account (if applicable). The benefit(s) shall be paid within thirty (30) days following the date of the DirectorExecutive's request for such benefit is approved by the Board of Directors. In the event the Director Executive dies after becoming eligible for such payment(s) but before the actual payment(s) is (are) made, his Beneficiary shall be entitled to receive the benefit(s) provided for in this Subsection 6.1(a) within thirty (30) days of the date the Administrator receives notice of the DirectorExecutive's death.

Disability Benefit. If the Director's service is terminated prior to Benefit Age due to a disability which that meets the criteria set forth below, the Director may request to receive the Disability Benefit in lieu of the retirement benefit(s) available pursuant to Section 5.1 (which is (are) not available prior to the Director's Benefit Eligibility Date). In any instance in which: (i) which it is determined by a duly licensed, independent physician selected by the Bank, that the Director is no longer able, properly and satisfactorily, to perform his regular duties as an officer, because of ill health, accident, disability or general inability due to age, (ii) “disabled,” the Director requests payment under this Subsection in lieu shall be entitled to receive a lump sum Disability Benefit hereunder. For these purposes, a distribution from the Accrued Benefit Account (but not the Retirement Income Trust Fund) shall require a determination that the Director is “disabled” within the meaning of Subsection 5.1, and (iii) Board of Director approval is obtained to allow payment under this Subsection, in lieu of Subsection 5.1, the proposed Treasury Regulation Section 1.409A-3(g)(4). The Director shall be entitled to the following lump sum benefit(s)) in lieu of any benefits under Subsection 5.1. The lump sum benefit(s) to which the Director is entitled shall include: (i) the balance of the Retirement Income Trust Fund, plus (ii) the balance of the Accrued Benefit Account (if applicable). The benefit(s) shall be paid within thirty (30) days following the date of the Director's request for such benefit is approved by the Board of Directorsfinal disability determination. In the event the Director dies after becoming eligible for such payment(s) but before the actual payment(s) is (are) made, his Beneficiary shall be entitled to receive the benefit(s) provided for in this Subsection 6.1(a) within thirty (30) days of the date the Administrator receives notice of the Director's death.

Disability Benefit. If the DirectorExecutive's service is terminated prior to Benefit Retirement Age due to a disability which meets the criteria set forth below, the Director Executive may request to receive the Disability Benefit in lieu of the retirement benefit(s) available pursuant to Section 5.1 (which is (are) not available prior to the DirectorExecutive's Benefit Eligibility Date). In any instance in which: (i) it is determined by a duly licensed, independent physician selected by the Bank, that the Director Executive is no longer able, properly and satisfactorily, to perform his regular duties as an officer, because of ill health, accident, disability or general inability due to age, (ii) the Director Executive requests payment under this Subsection in lieu of Subsection 5.1, and (iii) Board of Director approval is obtained to allow payment under this Subsection, in lieu of Subsection 5.1, the Director Executive shall be entitled to the following lump sum benefit(s). The lump sum benefit(s) to which the Director Executive is entitled shall include: (i) the balance of the Retirement Income Trust Fund, plus (ii) the balance of the Accrued Benefit Account (if applicable). The benefit(s) shall be paid within thirty (30) days following the date of the DirectorExecutive's request for such benefit is approved by the Board of Directors. In the event the Director Executive dies after becoming eligible for such payment(s) but before the actual payment(s) is (are) made, his Beneficiary shall be entitled to receive the benefit(s) provided for in this Subsection 6.1(a) within thirty (30) days of the date the Administrator receives notice of the DirectorExecutive's death.

Disability Benefit. If the DirectorExecutive's service is terminated prior to Benefit Age due to a disability which meets the criteria set forth below, the Director Executive may request to receive the Disability Benefit in lieu of the retirement benefit(s) benefits available pursuant to Section 5.1 (which is (are) are not available prior to the DirectorExecutive's Benefit Eligibility Date). In any instance in which: (i) it is determined by a duly licensed, independent physician selected by the Bank, that the Director Executive is no longer able, properly and satisfactorily, to perform his regular duties as an officer, because of ill health, accident, disability or general inability due to age, (ii) the Director Executive requests payment under this Subsection in lieu of Subsection 5.1, and (iii) Board of Director Executive approval is obtained to allow payment under this Subsection, in lieu of Subsection 5.1, the Director Executive shall be entitled to the following lump sum benefit(s). The lump sum benefit(s) to which the Director Executive is entitled shall include: (i) the balance of the Retirement Income Trust Fund, plus (ii) the balance of the Accrued Benefit Account (if applicable). The benefit(s) shall be paid within thirty (30) days following the date of the DirectorExecutive's request for such benefit is approved by the Board of Directors. In the event the Director Executive dies after becoming eligible for such payment(s) but before the actual payment(s) is (are) made, his Beneficiary shall be entitled to receive the benefit(s) provided for in this Subsection 6.1(a) within thirty (30) days of the date the Administrator receives notice of the DirectorExecutive's death.

Disability Benefit. If the Director's Executive’s service is terminated prior to Benefit Age due to a disability which meets the criteria set forth below, the Director Executive may request to receive the Disability Benefit in lieu of the retirement benefit(sbenefits) available pursuant to Section 5.1 (which is (are) not available prior to the Director's Executive’s Benefit Eligibility Date). In any instance in which: (i) it is determined by a duly licensed, independent physician selected by the Bank, that the Director Executive is no longer able, properly and satisfactorily, to perform his regular duties as an officer, because of ill health, accident, disability or general inability due to age, (ii) the Director Executive requests payment under this Subsection in lieu of Subsection 5.1, and (iii) Board of Director approval is obtained to allow payment under this Subsection, in lieu of Subsection 5.1, the Director Executive shall be entitled to the following lump sum benefit(s). The lump sum benefit(s) to which the Director Executive is entitled shall include: (i) the balance of the Retirement Income Trust Fund, plus (ii) the balance of the Accrued Benefit Account (if applicable). The benefit(s) shall be paid within thirty (30) days following the date of the Director's Executive’s request for such benefit is approved by the Board of Directors. In the event the Director Executive dies after becoming eligible for such payment(s) but before the actual payment(s) is (are) made, his Beneficiary shall be entitled to receive the benefit(s) provided for in this Subsection 6.1(a) within thirty (30) days of the date the Administrator receives notice of the Director's Executive’s death.

Disability Benefit. If the Director's ’s service is terminated prior to Benefit Age due to a disability which meets the criteria set forth below, the Director may request to receive the Disability Benefit in lieu of the retirement benefit(s) available pursuant to Section 5.1 (which is (are) not available prior to the Director's ’s Benefit Eligibility Date). In any instance in which: (i) it is determined by a duly licensed, independent physician selected by the Bank, that the Director is no longer able, properly and satisfactorily, to perform his regular duties as an officer, because of ill health, accident, disability or general inability due to age, (ii) the Director requests payment under this Subsection in lieu of Subsection 5.1, and (iii) Board of Director approval is obtained to allow payment under this Subsection, in lieu of Subsection 5.1, the Director shall be entitled to the following lump sum benefit(s). The lump sum benefit(s) to which the Director is entitled shall include: (i) the balance of the Retirement Income Trust Fund, plus (ii) the balance of the Accrued Benefit Account (if applicable). The benefit(s) shall be paid within thirty (30) days following the date of the Director's ’s request for such benefit is approved by the Board of Directors. In the event the Director dies after becoming eligible for such payment(s) but before the actual payment(s) is (are) made, his Beneficiary shall be entitled to receive the benefit(s) provided for in this Subsection 6.1(a6.1 (a) within thirty (30) days of the date the Administrator receives notice of the Director's ’s death.

Disability Benefit. If the DirectorExecutive's service is terminated prior to Benefit Age due to a disability which meets the criteria set forth below, the Director Executive may request to receive the Disability Benefit in lieu of the retirement benefit(s) available pursuant to Section 5.1 (which is (are) not available prior to the DirectorExecutive's Benefit Eligibility Date). In any instance in which: (i) it is determined by a duly licensed, independent physician selected by the Bank, that the Director Executive is no longer able, properly and satisfactorily, to perform his regular duties as an officer, because of ill health, accident, disability or general inability due to age, (ii) the Director Executive requests payment under this Subsection in lieu of Subsection 5.1, and (iii) Board of Director approval is obtained to allow payment under this Subsection, in lieu of Subsection 5.1, the Director Executive shall be entitled to the following lump sum benefit(s). The lump sum benefit(s) to which the Director Executive is entitled shall include: (i) the balance of the Retirement Income Trust Fund, plus (ii) the balance of the Accrued Benefit Account (if applicable). The benefit(s) shall be paid within thirty (30) days following the date of the DirectorExecutive's request for such benefit is approved by the Board of Directors. In the event the Director Executive dies after becoming eligible for such payment(s) but before the actual payment(s) is (are) made, his Beneficiary shall be entitled to receive the benefit(s) provided for in this Subsection 6.1(a) within thirty (30) days of the date the Administrator receives notice of the DirectorExecutive's death.

Disability Benefit. If the Director's Executive’s service is terminated prior to Benefit Age due to a disability which meets the criteria set forth below, the Director Executive may request to receive the Disability Benefit in lieu of the retirement benefit(s) available pursuant to Section 5.1 (which is (are) not available prior to the Director's Executive’s Benefit Eligibility Date). In any instance in which: (i) it is determined by a duly licensed, independent physician selected by the Bank, that the Director Executive is no longer able, properly and satisfactorily, to perform his regular duties as an officer, because of ill health, accident, disability or general inability due to age, (ii) the Director Executive requests payment under this Subsection in lieu of Subsection 5.1, and (iii) Board of Director approval is obtained to allow payment under this Subsection, in lieu of Subsection 5.1, the Director Executive shall be entitled to the following lump sum benefit(s). The lump sum benefit(s) to which the Director Executive is entitled shall include: (i) the balance of the Retirement Income Trust Fund, plus (ii) the balance of the Accrued Benefit Account (if applicable). The benefit(s) shall be paid within thirty (30) days following the date of the Director's Executive’s request for such benefit is approved by the Board of Directors. In the event the Director Executive dies after becoming eligible for such payment(s) but before the actual payment(s) is (are) made, his Beneficiary shall be entitled to receive the benefit(s) provided for in this Subsection 6.1(a) within thirty (30) days of the date the Administrator receives notice of the Director's Executive’s death.

Disability Benefit. If the Director's Executive’s service is terminated prior to Benefit Retirement Age due to a disability which meets the criteria set forth below, the Director Executive may request to receive the Disability Benefit in lieu of the retirement benefit(s) available pursuant to Section 5.1 (which is (are) not available prior to the Director's Executive’s Benefit Eligibility Commencement Date). In any instance in which: (i) it is determined by a duly licensed, independent physician selected by the Bank, that the Director Executive is no longer able, properly and satisfactorily, to perform his regular duties as an officer, because of ill health, accident, disability or general inability due to age, (ii) the Director Executive requests payment under this Subsection in lieu of Subsection 5.1, and (iii) Board of Director approval is obtained to allow payment under this Subsection, in lieu of Subsection 5.1., the Director Executive shall be entitled to the following lump sum benefit(s). The lump sum benefit(s) to which the Director Executive is entitled shall include: (i) the balance of the Retirement Income Trust Fund, plus (ii) the balance of the Accrued Benefit Account (if applicable). The benefit(s) shall be paid within thirty (30) days following the date of the Director's Executive’s request for such benefit is approved by the Board of Directors. In the event the Director Executive dies after becoming eligible for such payment(s) but before the actual payment(s) is (are) made, his Beneficiary shall be entitled to receive the benefit(s) provided for in this Subsection 6.1(a) within thirty (30) days of the date the Administrator receives notice of the Director's Executive’s death.