Termination Due to Disability or Death. (a) Termination of the Executive’s employment due to “Disability” shall be construed to comply with Code Section 409A and shall be deemed to have occurred if: (i) the Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than twelve (12) months, and as a result, the Executive is receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Bank or the Company; or (ii) the Executive is determined to be totally disabled by the Social Security Administration. The provisions of Sections 6(b) and (c) shall apply upon the termination of the Executive’s employment due to Disability. Upon the determination that the Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days.
Appears in 3 contracts
Samples: Employment Agreement (First Seacoast Bancorp), Employment Agreement (First Seacoast Bancorp, Inc.), Employment Agreement (First Seacoast Bancorp)
Termination Due to Disability or Death. (a) Termination of the Executive’s employment due to “Disability” shall be construed to comply with Code Section 409A and shall be deemed to have occurred if: (i) the Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than twelve (12) months, and as a result, the Executive is receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Bank Association or the Company; or (ii) the Executive is determined to be totally disabled by the Social Security Administration. The provisions of Sections 6(b) and (c) shall apply upon the termination of the Executive’s employment due to Disability. Upon the determination that the Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days.
Appears in 3 contracts
Samples: Employment Agreement (Eureka Homestead Bancorp, Inc.), Employment Agreement (Eureka Homestead Bancorp, Inc.), Employment Agreement (Eureka Homestead Bancorp, Inc.)
