Common use of Disability Prior to Retirement Clause in Contracts

Disability Prior to Retirement. In the event the Executive should become disabled while actively employed by the Corporation at any time after the date of this Agreement but prior to his attaining the age of sixty-five (65) years, the Executive will be considered to be one hundred percent (100%) vested in the amount set forth in Schedule A attached hereto and made a part hereof. Said amount shall be paid to the Executive in a lump sum within three (3) months of the determination of disability. Said payment shall be in lieu of any other retirement or death benefit under this Agreement. For purposes of this paragraph, the definition of the term "disability" shall be the same as required for eligibility for disability payments under the Social Security Act.

Disability Prior to Retirement. In the event the Executive should become disabled while actively employed by the Corporation at any time after the date of this Agreement but prior to his attaining the age of sixty-five (65) years, the Executive will be considered to be one hundred percent (100%) vested in the amount set forth in Schedule A attached hereto and made a part hereof. Said amount shall be paid to the Executive in a lump sum within three (3) months of the determination of disability. Said payment shall be in lieu of any other retirement or death benefit benefits under this Agreement. For purposes of this paragraph, the definition of the term "disability" shall be the same as required for eligibility for disability payments under the Social Security Act.