Common use of Payments in the Event of Disability Prior to Retirement Clause in Contracts

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) subject to any applicable deferral period as set forth in Section 11.14 herein, be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by the applicable years of service at the time of disability, for fifteen (15) years in one hundred eighty (180) equal monthly installments with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive’s principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event the Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date and prior to (i) Retirement and (ii) the commencement of any payments under this Section 4.2, the payments provided in Section 4.1 herein shall be paid in lieu of the payments provided in this Section 4.2.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) subject to any applicable deferral period as set forth in Section 11.14 herein, be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth in on Schedule A and "A", for fifteen (15) years, as determined by the applicable years of service at the time of disability, for fifteen (15) years as defined above, in one hundred eighty One Hundred Eighty (180) equal monthly installments installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive’s 's principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event the Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date of this Agreement and prior to attaining the age of sixty-five (i65) Retirement and (ii) the commencement years of any payments under this Section 4.2age, the payments provided in Section Paragraph 4.1 herein shall be paid in lieu of the payments provided in this Section Paragraph 4.2, provided that the Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided for in this Paragraph 4.2 have not commenced.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) subject to any applicable deferral period as set forth in Section 11.14 herein, be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth in Schedule on Schedule" A and ", for fifteen ( 15 ) years, as determined by the applicable years of service at the time of disability, for fifteen (15) years as defined above, in one hundred eighty One Hundred Eighty (180) equal monthly installments installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive’s 's principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event the Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date of this Agreement and prior to attaining the age of sixty-five (i65) Retirement and (ii) the commencement years of any payments under this Section 4.2age, the payments provided in Section Paragraph 4.1 herein shall be paid in lieu of the payments provided in this Section Paragraph 4.2, provided that Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed by the Employer but shall not add applicable years Years of service Service for the purpose of determining the Annual Benefit; and (ii) subject to any applicable deferral period as set forth in Section 11.14 herein, be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by the applicable years Years of service Service at the time of disability, for fifteen twelve (1512) years in one hundred eighty (180) equal monthly installments with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five three (6563) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive’s principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event the Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date and prior to (i) Retirement and (ii) the commencement of any payments under this Section 4.2, the payments provided in Section 4.1 herein shall be paid in lieu of the payments provided in this Section 4.2.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) subject to any applicable deferral period as set forth in Section 11.14 herein, be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by the applicable years of service at the time of disability, for fifteen (15) years in one hundred eighty (180) equal monthly installments installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five one (6561) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive’s principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event the Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date and prior to (i) Retirement and (ii) the commencement of any payments under this Section 4.2, the payments provided in Section 4.1 herein shall be paid in lieu of the payments provided in this Section 4.2.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) subject to any applicable deferral period as set forth in Section 11.14 herein, be entitled to be paid the Annual Benefit, Benefit (with the Applicable Percentage as set forth in Schedule A and as determined by the applicable years of service Executive had with Employer at the time Executive first becomes Disabled as set forth on Schedule A) for a period of disability, for fifteen twenty (1520) years in one hundred eighty Two Hundred Forty (180240) equal monthly installments installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive’s 's principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event the Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date of this Agreement and prior to attaining the age of sixty-five (i65) Retirement and (ii) the commencement years of any payments under this Section 4.2age, the payments provided in Section Paragraph 4.1 herein shall be paid in lieu of the payments provided in this Section Paragraph 4.2, provided that Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date Effective Date of this Agreement but prior to Retirement, the Employer agrees to pay the Annual Benefit to the Executive, in equal monthly installments, for that number of years equal to the number of years (not to exceed fifteen) Executive shall: (i) continue shall have been employed full-time by Employer, provided that, if Executive shall become Disabled prior to attaining seven years of continuous full-time employment, the Annual Benefit shall be treated during such paid for a period of Disability as being gainfully employed by the Employer but seven years. The Executive shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) subject to any applicable deferral period as set forth in Section 11.14 herein, be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth defined above, in Schedule A and as determined by the applicable years of service at the time of disability, for fifteen (15) years in one hundred eighty (180) equal monthly installments installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive’s 's principal Disability insurance policy and does notis, at such time, unable to return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event if the Executive should die while actively or gainfully employed by chooses to elect the Employer at any time after the Effective Date and prior to (i) Retirement and (ii) the commencement of any payments under this Section 4.2payout option set forth in Paragraph 3 hereof, the payments provided Executive may waive the payout provisions set forth in Section 4.1 herein shall be paid this subparagraph 4.2 and in lieu thereof receive the Annual Benefit which the Executive would be entitled to receive under the terms of the payments provided in this Section 4.2Paragraph 3.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (ior the Executive's Surviving Spouse) continue to be treated during such period of Disability as being gainfully employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) subject to any applicable deferral period as set forth in Section 11.14 herein, be entitled to be paid the Annual Benefit, with as defined above, in equal monthly installments, until: (a) both the Applicable Percentage Executive and the Executive's Surviving Spouse, if any, have died; or (b) the Annual Benefit has been paid to Executive and/or Executive's Surviving spouse, as set forth in Schedule A and as determined by the applicable years of service at the time of disabilitycase may be, for a period of fifteen (15) years in one hundred eighty (One Hundred Eighty (180) equal monthly installments with each months), whichever occurs first. Each installment to shall be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive’s 's principal Disability insurance policy and does notis, at such time, unable to return to and thereafter fulfill fulfil the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event if the Executive should die while actively or gainfully employed by chooses to elect the Employer at any time after the Effective Date and prior to (i) Retirement and (ii) the commencement of any payments under this Section 4.2payout option set forth in Paragraph 3 hereof, the payments provided Executive may waive the payout provisions set forth in Section 4.1 herein shall be paid this subparagraph 4.2 and in lieu thereof receive the Annual Benefit which the Executive would be entitled to receive under the terms of the payments provided in this Section 4.2Paragraph 3 hereof.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) subject to any applicable deferral period as set forth in Section 11.14 herein, be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by the applicable years of service at the time of disability, for fifteen (15) years in one hundred eighty (180) equal monthly installments installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five one (6561) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive’s 's principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event the Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date of this Agreement and prior to (i) Retirement and (ii) the commencement of any payments under this Section 4.2Retirement, the payments provided in Section Paragraph 4.1 herein shall be paid in lieu of the payments provided in this Section Paragraph 4.2, provided that the Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) subject to any applicable deferral period as set forth in Section 11.14 herein, be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by the applicable years of service at the time of disability, for fifteen (15) years in one hundred eighty (180) equal monthly installments installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65)) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive’s 's principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event the Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date of this Agreement and prior to (i) Retirement and (ii) the commencement of any payments under this Section 4.2Retirement, the payments provided in Section Paragraph 4.1 herein shall be paid in lieu of the payments provided in this Section Paragraph 4.2, provided that the Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual BenefitEmployer; and (ii) subject to any applicable deferral period as set forth in Section 11.14 herein, be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth Benefit in Schedule A and as determined by the applicable years of service at the time of disability, for fifteen One Hundred Fifty-Six (15) years in one hundred eighty (180156) equal monthly installments installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive’s 's principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event the Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date of this Agreement and prior to (i) Retirement and (ii) the commencement of any payments under this Section 4.2Retirement, the payments provided in Section Paragraph 4.1 herein shall be paid in lieu of the payments provided in this Section Paragraph 4.2, provided that Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced. 5. PAYMENTS IN THE EVENT EMPLOYMENT IS TERMINATED OTHER THAN BY DEATH, DISABILITY, OR RETIREMENT. As indicated in Paragraph 2 above, the Employer reserves the right to terminate the Executive's employment, with or without cause but subject to any written employment agreement which may then exist, at any time prior to the Executive's Retirement. In the event that the employment of the Executive shall be terminated, for any reason, including voluntary termination by the Executive, but other than by reason of (i) Disability except as provided in Paragraph 4.2, (ii) death, (iii) termination for cause as defined in Executive's current or most recent employment agreement or (iv) Retirement, the Executive or his legal representative shall be entitled to be paid the Annual Benefit, for a period of thirteen (13) years in One Hundred Fifty-Six (156) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month Following the month in which the Executive terminates employment and attains sixty-five (65) years of age or, if earlier, beginning with the month following the Executive's death.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) subject to any applicable deferral period as set forth in Section 11.14 herein, be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by the applicable years of service at the time of disability, for fifteen (15) years in one hundred eighty (180) equal monthly installments with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixtyfifty-five nine (6559) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive’s principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event the Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date and prior to (i) Retirement and (ii) the commencement of any payments under this Section 4.2, the payments provided in Section 4.1 herein shall be paid in lieu of the payments provided in this Section 4.2.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) subject to any applicable deferral period as set forth in Section 11.14 herein, be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by the applicable years of service at the time of disability, for fifteen (15) years in one hundred eighty (180) equal monthly installments installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five eight (6568) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive’s 's principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event the Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date of this Agreement and prior to (i) Retirement and (ii) the commencement of any payments under this Section 4.2Retirement, the payments provided in Section Paragraph 4.1 herein shall be paid in lieu of the payments provided in this Section Paragraph 4.2, provided that the Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) subject to any applicable deferral period as set forth in Section 11.14 herein, be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by the applicable years of service at the time of disability, for fifteen (15) years in one hundred eighty (180) equal monthly installments installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixtyfifty-five nine (6559) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive’s 's principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event the Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date of this Agreement and prior to (i) Retirement and (ii) the commencement of any payments under this Section 4.2Retirement, the payments provided in Section Paragraph 4.1 herein shall be paid in lieu of the payments provided in this Section Paragraph 4.2, provided that the Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced.