Common use of TERMINATION UPON RETIREMENT, DISABILITY OR DEATH Clause in Contracts

TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination by the Bank of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment by the President and Chief Executive Officer upon Executive’s attainment of age 62, or such later date as determined by the President and Chief Executive Officer. Upon termination of Executive’s employment because of Retirement, Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party, but Executive shall not be entitled to the Termination Benefits specified in Section 6. In the event Executive is unable to perform his/her duties under this Agreement on a full-time basis for a period of six (6) consecutive months by reason of “Disability” within the meaning of Code Section 409A, the Bank may terminate this Agreement, provided that the Bank shall continue to be obligated to pay Executive his/her Base Salary at the rate in effect at the Date of Termination for the remaining term of the Agreement, or one year, whichever is the longer period of time, and provided further that any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Bank has provided or may provide on behalf of its employees or pursuant to any xxxxxxx’x or Social Security disability program shall reduce the Base Salary to be paid to Executive pursuant to this paragraph. In the event of Executive’s death during the term of the Agreement, his/her estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary at the rate in effect at the time Executive’s death for a period of one (1) year from the date of Executive’s death, and the Bank will continue to provide non-taxable medical and dental and other benefits normally provided for an Executive’s family for one (1) year after Executive’s death.

TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination by the Bank of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment by the President Board of the Bank and Chief Executive Officer the Board of Directors of the Company upon Executive’s attainment of age 6265, or such later date as determined by the President and Chief Executive OfficerBoard of Directors of the Bank. Upon termination of Executive’s employment because of Retirement, Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party, but Executive shall not be entitled to the Termination Benefits specified in Section 66(b) through 6(d) hereof. Termination of Executive’s employment based on “Disability” shall be construed to comply with Code Section 409A and shall be deemed to have occurred if: (i) 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 12 months; (ii) 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 12 months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Bank or the Company; or (iii) Executive is determined to be totally disabled by the Social Security Administration. In the event Executive is unable to perform his/her duties under this Agreement on a full-time basis for a period of six (6) consecutive months by reason of “Executive’s Disability” within the meaning of Code Section 409A, the Bank may terminate this Agreement, provided that the Bank shall continue to be obligated to pay Executive his/her his Base Salary at the rate in effect at the Date of Termination for the remaining term of the Agreement, or one year, whichever is the longer period of time, and provided further that any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Bank has provided or may provide on behalf of its employees or pursuant to any xxxxxxx’x or Social Security social security disability program shall reduce the Base Salary compensation to be paid to Executive pursuant to this paragraph. Disability payments hereunder shall commence within thirty (30) days of the Disability determination. In the event of Executive’s death during the term of the Agreement, his/her his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary as defined in Paragraph 3(a) at the rate in effect at the time Executive’s death for a period of one (1) year from the date of Executive’s death, and the Bank will continue to provide non-taxable medical and dental medical, dental, family and other benefits normally provided for an to Executive’s family for one (1) year after Executive’s death.

TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination Termination by the Bank of Executive’s employment Executive based on “Retirement” shall mean termination of at age 70 (or at an early retirement age in accordance with any retirement arrangement established with Executive’s employment by the President and Chief Executive Officer upon Executive’s attainment of age 62, or such later date as determined by the President and Chief Executive Officerconsent). Upon termination of Executive’s employment because of Executive at Retirement, Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party, but and no benefits other than as specified in this paragraph shall be due under this Agreement (unless an Event of Termination or a Change in Control occurred prior to Retirement, in which event the provisions of Sections 4 and 5 shall apply). Following Retirement, the Executive and his spouse shall not be entitled to continuing health care insurance coverage, in substantially the same form and amount as provided to the Executive and his spouse prior to the Executive’s Retirement, which coverage shall continue until the death of the Executive and his spouse. Termination Benefits specified in Section 6by the Bank of Executive’s employment based on “Disability” shall mean termination because of any physical or mental impairment which qualifies Executive for disability benefits under the applicable long-term disability plan maintained by the Bank or, if no such plan applies, which would qualify Executive for disability benefits under the federal social security system. In the event Executive is unable to perform his/her his duties under this Agreement on a full-time basis for a period of six (6) consecutive months by reason of “Disability” within the meaning of Code Section 409A, the Bank may terminate this Agreement, provided that the Bank shall continue to be obligated to pay Executive his/her his Base Salary at the rate in effect at the Date of Termination Salary, including bonuses and any other cash compensation paid to Executive during such period for the remaining term of the this Agreement, or one (1) year, whichever is the longer period of time, and provided further that any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Bank has provided or may provide on behalf of its employees or pursuant to any xxxxxxx’x or Social Security social security disability program shall reduce the Base Salary compensation to be paid to Executive pursuant to this paragraph. Upon disability, the Executive and his spouse shall be entitled to continuing health care insurance as provided in the Oritani Savings Bank nonqualified senior officers medical benefit plan. In the event of Executive’s death during the term of the this Agreement, his/her his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary at the rate in effect at the time of Executive’s death for a period the remaining term of one (1) year from the date of Executive’s deaththis Agreement, and the Bank will continue to provide non-taxable medical and dental medical, dental, family and other benefits normally provided for an Executive’s family for one (1) year after Executive’s deathas provided in the Oritani Savings Bank nonqualified senior officers medical benefit plan.

TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination by the Bank of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment by the President and Chief Executive Officer Board upon Executive’s attainment of age 62, or such later date as determined by the President and Chief Executive OfficerBoard. Upon termination of Executive’s employment because of Retirement, Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party, but Executive shall not be entitled to the Termination Benefits specified in Section 6. In the event Executive is unable to perform his/her duties under this Agreement on a full-time basis for a period of six (6) consecutive months by reason of “Disability” within the meaning of Code Section 409A, the Bank may terminate this Agreement, provided that the Bank shall continue to be obligated to pay Executive his/her Base Salary at the rate in effect at the Date of Termination for the remaining term of the Agreement, or one year, whichever is the longer period of time, and provided further that any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Bank has provided or may provide on behalf of its employees or pursuant to any xxxxxxx’x or Social Security disability program shall reduce the Base Salary to be paid to Executive pursuant to this paragraph. In the event of Executive’s death during the term of the Agreement, his/her estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary at the rate in effect at the time Executive’s death for a period of one (1) year from the date of Executive’s death, and the Bank will continue to provide non-taxable medical and dental and other benefits normally provided for an Executive’s family for one (1) year after Executive’s death.

TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination by the Bank of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment by the President Board of Directors of the Bank and Chief Executive Officer the Board of Directors of the Company upon Executive’s attainment of age 6273, or such later date as determined by the President and Chief Executive OfficerBoard of Directors of the Bank. Upon termination of Executive’s employment because of Retirement, Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party, but Executive shall not be entitled to the Termination Benefits specified in Section 6Sections 6(b) and (c) hereof. In the event Executive is suffers a “Disability” rendering him unable to perform his/her his duties under this Agreement on a full-full time basis for a period of six (6) consecutive months by reason of “Disability” within illness or other physical or mental disability (as determined by a physician approved by the meaning Board of Code Section 409ADirectors and Executive), the Bank may terminate this Agreement, provided that the Bank shall continue to be obligated to (i) pay Executive his/her his Base Salary at and (ii) cause to be continued life, medical and dental coverage substantially comparable, as reasonable or customarily available, to the rate coverage maintained by the Bank for Executive prior to the termination of this Agreement by the Bank due to Executive’s Disability except to the extent such coverage may be changed in effect at the Date of Termination its application to all Bank employees or not available on an individual basis to an employee terminated for Disability, for the remaining term of the Agreement, or one (1) year, whichever is the longer period of time, and provided further that any . Any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Bank has provided or may provide on behalf of its employees or pursuant to any xxxxxxx’x or Social Security social security disability program shall reduce the Base Salary amounts to be paid to Executive pursuant to this paragraph. In the event of Executive’s death during the term of the Agreement, his/her his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary as defined in Paragraph 0 at the rate in effect at the time Executive’s death for a period of one (1) year from the date of Executive’s death, and the Bank will continue to provide non-taxable medical and medical, dental and other insurance benefits normally provided for an to Executive’s family for one (1) year after Executive’s death.

TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination by the Bank of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment by the President Board of the Bank and Chief Executive Officer the Board of Directors of the Company upon Executive’s attainment of age 6265, or such later date as determined by the President and Chief Executive OfficerBoard of Directors of the Bank. Upon termination of Executive’s employment because of Retirement, Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party, but Executive shall not be entitled to the Termination Benefits specified in Section 66(b) through 6(d) hereof. Termination of Executive’s employment based on “Disability” shall be construed to comply with Code Section 409A and shall be deemed to have occurred if: (i) 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 12 months; (ii) 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 12 months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Bank or the Company; or (iii) Executive is determined to be totally disabled by the Social Security Administration. In the event Executive is unable to perform his/her duties under this Agreement on a full-time basis for a period of six (6) consecutive months by reason of “Executive’s Disability” within the meaning of Code Section 409A, the Bank may terminate this Agreement, provided that the Bank shall continue to be obligated to pay Executive his/her his Base Salary at the rate in effect at the Date of Termination for the remaining term of the Agreement, or one year, whichever is the longer period of time, and provided further that any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Bank has provided or may provide on behalf of its employees or pursuant to any xxxxxxx’x or Social Security social security disability program shall reduce the Base Salary compensation to be paid to Executive pursuant to this paragraph. Disability payments hereunder shall commence within thirty (30) days of the Disability determination. In the event of Executive’s death during the term of the Agreement, his/her his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary as defined in Paragraph 3(a) at the rate in effect at the time Executive’s death for a period of one (1) year from the date of Executive’s death, and the Bank will continue to provide non-taxable medical and dental medical, dental, family and other benefits normally provided for an to Executive’s family for one (1) year after Executive’s death.

TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination by the Bank of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment by the President Board of the Bank and Chief Executive Officer the Board of Directors of the Company upon Executive’s attainment of age 6265, or such later date as determined by the President and Chief Executive OfficerBoard of Directors of the Bank. Upon termination of Executive’s employment because of Retirement, Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party, but Executive shall not be entitled to the Termination Benefits specified in Section 66(b) through 6(d) hereof. Termination of Executive’s employment based on “Disability” shall be construed to comply with Code Section 409A and shall be deemed to have occurred if: (i) 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 12 months; (ii) 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 12 months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Bank or the Company; or (iii) Executive is determined to be totally disabled by the Social Security Administration. In the event Executive is unable to perform his/her duties under this Agreement on a full-time basis for a period of six (6) consecutive months by reason of “Executive’s Disability” within the meaning of Code Section 409A, the Bank may terminate this Agreement, provided that the Bank shall continue to be obligated to pay Executive his/her Base Salary at the rate in effect at the Date of Termination for the remaining term of the Agreement, or one year, whichever is the longer period of time, and provided further that any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Bank has provided or may provide on behalf of its employees or pursuant to any xxxxxxx’x or Social Security social security disability program shall reduce the Base Salary compensation to be paid to Executive pursuant to this paragraph. Disability payments hereunder shall commence within thirty (30) days of the Disability determination. In the event of Executive’s death during the term of the Agreement, his/her estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary as defined in Paragraph 3(a) at the rate in effect at the time Executive’s death for a period of one (1) year from the date of Executive’s death, and the Bank will continue to provide non-taxable medical and dental medical, dental, family and other benefits normally provided for an to Executive’s family for one (1) year after Executive’s death.

TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination by the Bank Company of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment by the President and Chief Executive Officer Company upon Executive’s attainment of age 6265, or such later date as determined to by the President and Chief Executive OfficerBoard of Directors of the Company. Upon termination of Executive’s employment because of upon Retirement, Executive shall be entitled to all benefits under any retirement plan of the Bank Company and other plans to which Executive is a party, party but Executive shall not be entitled to the Termination Benefits specified in Section 66(b) through (f) hereof. In the event Executive is unable to perform his/her his duties under this Agreement on a full-time basis for a period of six (6) consecutive months by reason of “Disability” within the meaning of Code Section 409Aillness or other physical or mental disability, the Bank Company may terminate this Agreement, provided that the Bank Company shall continue to be obligated to pay Executive his/her his Base Salary at the rate in effect at the Date of Termination for the remaining term of the Agreement, or one year, whichever is the longer period of time, and provided further that any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Bank Company has provided or may provide on behalf of its employees or pursuant to any xxxxxxx’x or Social Security social security disability program shall reduce the Base Salary compensation to be paid to Executive pursuant to this paragraph. In the event of Executive’s death during the term of the Agreement, his/her his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary as defined in Paragraph 3(a) at the rate in effect at the time Executive’s death for a period of one (1) year from the date of Executive’s death, and the Bank Company will continue to provide non-taxable medical and dental medical, dental, family and other benefits normally provided for an Executive’s family for one (1) year after Executive’s death.

TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination by the Bank of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment by the President and Chief Executive Officer Board of the Bank or the Company upon Executive’s attainment of age 6265, or such later date as determined by the President and Chief Executive OfficerBoard of Directors of the Bank. Upon termination of Executive’s employment because of Retirement, Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party, but Executive shall not be entitled to the Termination Benefits specified in Section 66(b) through 6(d) hereof. In the event Executive is unable to perform his/her his duties under this Agreement on a full-time basis for a period of six (6) consecutive months by reason of “Disability” within the meaning of Code Section 409Aillness or other physical or mental disability, the Bank may terminate this Agreement, provided that the Bank shall continue to be obligated to pay Executive his/her his Base Salary at the rate in effect at the Date of Termination for the remaining term of the Agreement, or one year, whichever is the longer period of time, and provided further that any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Bank has provided or may provide on behalf of its employees or pursuant to any xxxxxxx’x wxxxxxx’x or Social Security social security disability program shall reduce the Base Salary compensation to be paid to Executive pursuant to this paragraph. The Bank or the Company may require a physician’s written confirmation that Executive cannot perform his duties because of Executive’s disability. In the event of Executive’s death during the term of the Agreement, his/her his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary as defined in Paragraph 3(a) at the rate in effect at the time Executive’s death for a period of one (1) year from the date of Executive’s death, and the Bank will continue to provide non-taxable medical and dental medical, dental, family and other benefits normally provided for an Executive’s family for one (1) year after Executive’s death.

TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination by the Bank of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment by the President and Chief Executive Officer Board of the Bank or the Company upon Executive’s attainment of age 6265, or such later date as determined by the President and Chief Executive OfficerBoard of Directors of the Bank. Upon termination of Executive’s employment because of Retirement, Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party, but Executive shall not be entitled to the Termination Benefits specified in Section 66(b) through 6(d) hereof. In the event Executive is unable to perform his/her his duties under this Agreement on a full-time basis for a period of six (6) consecutive months by reason of “Disability” within the meaning of Code Section 409Aillness or other physical or mental disability, the Bank may terminate this Agreement, provided that the Bank shall continue to be obligated to pay Executive his/her his Base Salary at the rate in effect at the Date of Termination for the remaining term of the Agreement, or one year, whichever is the longer period of time, and provided further that any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Bank has provided or may provide on behalf of its employees or pursuant to any xxxxxxx’x or Social Security social security disability program shall reduce the Base Salary compensation to be paid to Executive pursuant to this paragraph. In the event of Executive’s death during the term of the Agreement, his/her his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary as defined in Paragraph 3(a) at the rate in effect at the time Executive’s death for a period of one (1) year from the date of Executive’s death, and the Bank will continue to provide non-taxable medical and dental medical, dental, family and other benefits normally provided for an Executive’s family for one (1) year after Executive’s death.

TERMINATION UPON RETIREMENT, DISABILITY OR DEATH. For purposes of this Agreement, termination Termination by the Bank of Executive’s employment the Executive based on “Retirement” shall mean termination of in accordance with the Bank’s retirement policy or in accordance with any retirement arrangement established with Executive’s employment by the President and Chief Executive Officer upon Executive’s attainment of age 62, or such later date as determined by the President and Chief Executive Officerconsent with respect to him. Upon termination of Executive’s employment because of Executive upon Retirement, Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party, but Executive shall not be entitled to the Termination Benefits specified in Section 6. In the event Executive is unable to perform his/her his duties under this Agreement on a full-time basis for a period of six (6) consecutive months by reason of “Disability” within the meaning of Code Section 409Aillness or other physical or mental disability, the Bank Employer may terminate this Agreement, provided that the Bank Employer shall continue to be obligated to pay the Executive his/her his Base Salary at the rate in effect at the Date of Termination for the remaining term of the Agreement, or one year, whichever is the longer period of time, and provided further that any amounts actually paid to Executive pursuant to any disability insurance or other similar such program which the Bank Employer has provided or may provide on behalf of its employees or pursuant to any xxxxxxx’x or Social Security social security disability program shall reduce the Base Salary compensation to be paid to the Executive pursuant to this paragraph. In the event of Executive’s death during the term of the Agreement, his/her his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary as defined in Paragraph 3(a) at the rate in effect at the time Executive’s death for a period of one (1) year from the date of the Executive’s death, and the Bank Employers will continue to provide non-taxable medical and dental medical, dental, family and other benefits normally provided for an Executive’s family for one (1) year after the Executive’s death.