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) solely for purpose of determining the duration of the Executive's employment as may be required by this Agreement, continue to be treated during such period of Disability as being gainfully employed by the Employer; and (ii) be entitled to be paid the Annual Benefit, as defined above, in equal monthly installments, for a period of fifteen (15) years (One Hundred Eighty (180) months), 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 (60) 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 is, at such time, unable to return to and thereafter fulfil the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. For purposes of this Paragraph, the Annual Benefit amount shall be determined by reference to the earlier of the following dates: (1) the first day of the month in which the Executive attains sixty (60) 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. Notwithstanding the foregoing, if the Executive chooses to elect either the Retirement payout option set forth in Paragraph 3 hereof or the Early Retirement payout option set forth in Paragraph 6 hereof, the Executive may waive the payout provisions set forth in this subparagraph 4.2 and in lieu thereof receive the Annual Benefit which the Executive would be entitled to receive under the terms of Paragraphs 3 or 6, as the case may be, provided that the Executive does, in fact, Retire from all employment responsibilities with the Employer at the time of his executing this election.

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 and remains Disabled at the earliest applicable commencement date of payments pursuant to Retirementthis Paragraph 4.2, the Executive shall: (i) solely for purpose of determining the duration of the Executive's employment as may be required by this Agreement, continue to be treated during such period of Disability as being gainfully employed but not actively employed by the EmployerEmployer and shall not have any applicable years of service added during the time of disability for the purpose of determining the Annual Benefit; and (ii) be entitled to be paid the Annual Benefit, with the Applicable Percentage as defined above, set forth in equal monthly installmentsSchedule A and as determined by the applicable years of service at the time of disability, for a period of fifteen (15) years (One Hundred Eighty in one hundred eighty (180) months)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 sixty-six (6066) 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 isdoes not, at such time, unable to return to and thereafter fulfil fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. For purposes The Employer agrees that if the Executive shall die before receiving all of the one hundred eighty (180) monthly payments described in this Paragraphparagraph 4.2, the Annual Benefit amount Employer will make the remaining monthly payments to Executive’s designated beneficiary. If a valid beneficiary designation is not in effect, then the remaining payments due to Executive shall be paid to Executive’s Surviving Spouse. If the Executive leaves no Surviving Spouse, the remaining amounts due to Executive shall be paid to the duly qualified personal representative, executor, or administrator of the Executive’s estate. If the Executive dies after becoming Disabled and prior to being paid benefits pursuant to the prior paragraph, the Employer will pay to Executive’s designated beneficiary the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by reference to the earlier applicable years of service at the time of the following dates: Disability, for a period of (115) years in equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the date of Executive’s death. If a valid Beneficiary Designation is not in which place, then the payments due to the Executive attains sixty (60) years of age; or (2) the date upon which the Executive is no longer entitled under this paragraph shall be paid to receive Disability benefits under the Executive's principal Disability insurance policy’s Surviving Spouse. Notwithstanding the foregoing, if the If Executive chooses to elect either the Retirement payout option set forth in Paragraph 3 hereof or the Early Retirement payout option set forth in Paragraph 6 hereofleaves no Surviving Spouse, the payments due to Executive may waive under this paragraph shall be paid to the payout provisions set forth in this subparagraph 4.2 and in lieu thereof receive duly qualified personal representative, executor, or administrator of the Annual Benefit which the Executive would be entitled to receive under the terms of Paragraphs 3 or 6, as the case may be, provided that the Executive does, in fact, Retire from all employment responsibilities with the Employer at the time of his executing this electionExecutive’s estate.

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 effective date of this Agreement but prior to Retirement, the Executive shall: (i) solely for purpose of determining the duration of the Executive's employment as may be required by this Agreement, continue to be treated during such period of Disability as being gainfully employed but not actively employed by the EmployerEmployer but shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) be entitled to be paid the Annual Benefit, with the Applicable Percentage as defined above, set forth in equal monthly installmentsSchedule A and as determined by the applicable years of service at the time of disability, for a period of fifteen (15) years (One Hundred Eighty in one hundred eighty (180) months)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 sixty-five (6065) 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 isdoes not, at such time, unable to return to and thereafter fulfil fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. For purposes The Employer agrees that if the Executive shall die before receiving all of the one hundred eighty (180) monthly payments described in this Paragraphparagraph 4.2, the Annual Benefit amount Employer will make the remaining monthly payments to Executive’s designated beneficiary. If a valid beneficiary designation is not in effect, then the remaining payments due to Executive shall be paid to Executive’s Surviving Spouse. If the Executive leaves no Surviving Spouse, the remaining amounts due to Executive shall be paid to the duly qualified personal representative, executor, or administrator of the Executive’s estate. If the Executive dies after becoming Disabled and prior to being paid benefits pursuant to the prior paragraph, the Employer will pay to Executive's designated beneficiary the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by reference the applicable years of service at the time of disability, for a period of (15) years in equal monthly installments, with each installment to the earlier of the following dates: (1) be paid on the first day of each month, beginning with the month following the date of Executive's death. If a valid Beneficiary Designation is not in which place, then the payments due to the Executive attains sixty (60) years under this paragraph shall be paid to the Executive’s Surviving Spouse. If Executive leaves no Surviving Spouse, the payments due to Executive under this paragraph shall be paid to the duly qualified personal representative, executor, or administrator 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. Notwithstanding the foregoing, if the Executive chooses to elect either the Retirement payout option set forth in Paragraph 3 hereof or the Early Retirement payout option set forth in Paragraph 6 hereof, the Executive may waive the payout provisions set forth in this subparagraph 4.2 and in lieu thereof receive the Annual Benefit which the Executive would be entitled to receive under the terms of Paragraphs 3 or 6, as the case may be, provided that the Executive does, in fact, Retire from all employment responsibilities with the Employer at the time of his executing this electionestate.

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) solely for purpose of determining the duration of the Executive's employment as may be required by this Agreement, continue to be treated during such period of Disability as being gainfully employed by the Employer; and (ii) be entitled to be paid the Annual Benefit, as defined above, in equal monthly installments, for a period of fifteen (15) years (One Hundred Eighty (180) months), 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 sixty-five (6065) 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 is, at such time, unable to return to and thereafter fulfil the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. For purposes of this Paragraph, the Annual Benefit amount shall be determined by reference to the earlier of the following dates: (1) the first day of the month in which the Executive attains sixty sixty-five (6065) 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. Notwithstanding the foregoing, if the Executive chooses to elect either the Retirement payout option set forth in Paragraph 3 hereof or the Early Retirement payout option set forth in Paragraph 6 hereof, the Executive may waive the payout provisions set forth in this subparagraph 4.2 and in lieu thereof receive the Annual Benefit which the Executive would be entitled to receive under the terms of Paragraphs 3 or 6, as the case may be, provided that the Executive does, in fact, Retire from all employment responsibilities with the Employer at the time of his executing this election.

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) solely for purpose of determining the duration of the Executive's employment as may be required by this Agreement, continue to be treated during such period of Disability as being gainfully employed by the Employer; and (ii) be entitled to be paid the Annual Benefit, as defined above, in equal monthly installments, for a period of fifteen (15) years (One Hundred Eighty (180) months), 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 sixty-five (6065) 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 is, at such time, unable to return to and thereafter fulfil the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. For purposes of this Paragraph, the Annual Benefit amount shall be determined by reference to the earlier of the following dates: (1) the first day of the month in which the Executive attains sixty sixty-five (6065) 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. Notwithstanding the foregoing, if the Executive chooses to elect either the Retirement payout option set forth in Paragraph 3 hereof or the Early Retirement payout option set forth in Paragraph 6 hereof, the Executive may waive the payout provisions set forth in this subparagraph 4.2 and in lieu thereof receive the Annual Benefit which the Executive would be entitled to receive under the terms of Paragraphs 3 or 6, as the case may be, provided that the Executive does, in fact, Retire from all employment responsibilities with the Employer at the time of his executing this election.

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 and remains Disabled at the earliest applicable commencement date of payments pursuant to Retirementthis Paragraph 4.2, the Executive shall: (i) solely for purpose of determining the duration of the Executive's employment as may be required by this Agreement, continue to be treated during such period of Disability as being gainfully employed but not actively employed by the EmployerEmployer and shall not have any applicable years of service added during the time of disability for the purpose of determining the Annual Benefit; and (ii) be entitled to be paid the Annual Benefit, with the Applicable Percentage as defined above, set forth in equal monthly installmentsSchedule A and as determined by the applicable years of service at the time of disability, for a period of fifteen (15) years (One Hundred Eighty in one hundred eighty (180) months)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 sixty-seven (6067) 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 isdoes not, at such time, unable to return to and thereafter fulfil fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. For purposes The Employer agrees that if the Executive shall die before receiving all of the one hundred eighty (180) monthly payments described in this Paragraphparagraph 4.2, the Annual Benefit amount Employer will make the remaining monthly payments to Executive’s designated beneficiary. If a valid beneficiary designation is not in effect, then the remaining payments due to Executive shall be paid to Executive’s Surviving Spouse. If the Executive leaves no Surviving Spouse, the remaining amounts due to Executive shall be paid to the duly qualified personal representative, executor, or administrator of the Executive’s estate. If the Executive dies after becoming Disabled and prior to being paid benefits pursuant to the prior paragraph, the Employer will pay to Executive’s designated beneficiary the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by reference to the earlier applicable years of service at the time of the following dates: Disability, for a period of (115) years in equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the date of Executive’s death. If a valid Beneficiary Designation is not in which place, then the payments due to the Executive attains sixty (60) years of age; or (2) the date upon which the Executive is no longer entitled under this paragraph shall be paid to receive Disability benefits under the Executive's principal Disability insurance policy’s Surviving Spouse. Notwithstanding the foregoing, if the If Executive chooses to elect either the Retirement payout option set forth in Paragraph 3 hereof or the Early Retirement payout option set forth in Paragraph 6 hereofleaves no Surviving Spouse, the payments due to Executive may waive under this paragraph shall be paid to the payout provisions set forth in this subparagraph 4.2 and in lieu thereof receive duly qualified personal representative, executor, or administrator of the Annual Benefit which the Executive would be entitled to receive under the terms of Paragraphs 3 or 6, as the case may be, provided that the Executive does, in fact, Retire from all employment responsibilities with the Employer at the time of his executing this electionExecutive’s estate.