Common use of Disability Provision Clause in Contracts

Disability Provision. In the event the Executive’s employment should terminate due to a total disability, as determined by the Executive’s individual disability insurance policy, one hundred percent (100%) of the balance in the Executive’s accrued liability account (at the time of said disability) shall be paid to the Executive for ten (10) years using the average Federal funds rate for the twelve (12) months preceding the Executive’s date of disability, or in lump sum at Bank’s discretion. Said payment shall commence thirty (30) days following termination due to disability. It is further agreed that in conjunction with this benefit plan the Bank will apply for and pay for a disability income policy in an amount providing at least sixty percent (60%) of the Executive’s annual total compensation and sixty percent (60%) of the Executive’s insurable retirement benefit plan contributions. This Plan shall have an elimination period of one (1) year.

Disability Provision. In the event the Executive’s employment should terminate due to a total disability, as determined by the Executive’s individual disability insurance policy, one hundred percent (100%) of the balance in the Executive’s accrued liability account (at the time of said disability) shall be paid to the Executive for ten (10) years using the average Federal funds rate for the twelve (12) months preceding the Executive’s date of disability, or in lump sum at Bank’s discretion. Said payment shall commence thirty (30) days following termination due to disability. It is further agreed that in conjunction with this benefit plan the Bank will apply for and pay for a disability income policy in an amount providing at least sixty percent (60%) of the Executive’s 's annual total compensation and sixty percent (60%) of the Executive’s insurable retirement benefit plan contributions. This Plan shall have an elimination period of one (1) year.