Disability Prior to Retirement. In the event the Executive should be come disabled while actively employed by the bank, at any time after the date of this Agreement but prior to him attaining the age of sixty-five (65) years, the Executive will be considered to be fully 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. At the Executive’s option said payment may be received over a period not to exceed 60 months. Said payment shall be in lieu of any other retirement or death benefit under this Agreement.
Appears in 2 contracts
Samples: Continuation and Participation Agreement (Southeastern Bank Financial CORP), Continuation and Participation Agreement (Southeastern Bank Financial CORP)
Disability Prior to Retirement. In the event the Executive should be come become disabled while actively employed by the bank, Bank at any time after the date of this Agreement but prior to him his attaining the age of sixty-five (65) years, ' the Executive will Will be considered to be fully vested eligible for his projected retirement benefit as noted in the amount set forth in Schedule A attached hereto and made a part hereof3.2. Said amount shall be paid to the Executive in a lump sum within three (3) months of the determination of disability. At the Executive’s option said payment may be received over a period not to exceed 60 monthsexecutive beginning on his 65th birthday. Said payment shall be in lieu of any other retirement or death benefit under this Agreement.
Appears in 1 contract
Samples: Executive Salary Continuation Agreement (First Farmers & Merchants Corp)
Disability Prior to Retirement. In the event the Executive should be come disabled while actively employed by the bank, at any time after the date of this Agreement but prior to him attaining the age of sixty-five (65) years, the Executive will be considered to be fully 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. At the Executive’s option said payment may be received over a period not to exceed 60 months. Said payment shall be in lieu of any other retirement or death benefit under this Agreement.. 129
Appears in 1 contract
Samples: Continuation Agreement
