Common use of Disability Benefit Clause in Contracts

Disability Benefit. In the event the Executive suffers a Disability prior to Normal Retirement Age the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) years.

Appears in 5 contracts

Samples: Salary Continuation Agreement (First South Bancorp Inc /Va/), Salary Continuation Agreement (First South Bancorp Inc /Va/), Salary Continuation Agreement (First South Bancorp Inc /Va/)

AutoNDA by SimpleDocs

Disability Benefit. In the event the Executive suffers a Disability prior to Normal Early Retirement Age the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month following Normal Retirement Age Disability and continuing for fifteen (15) yearsuntil the Executive’s death.

Appears in 5 contracts

Samples: Salary Continuation Agreement (Eagle Bancorp Montana, Inc.), Salary Continuation Agreement (Eagle Bancorp Montana, Inc.), Salary Continuation Agreement (Eagle Bancorp Montana, Inc.)

Disability Benefit. In the event the Executive suffers a Disability prior to Normal Retirement Age Age, the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the first day of the month following Normal Retirement Age and continuing for fifteen twenty (1520) years.

Appears in 3 contracts

Samples: Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp), Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp), Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp)

Disability Benefit. In the event the Executive suffers a Disability prior to Change in Control and Normal Retirement Age the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability in lieu of any other benefit hereunder. Additionally, the annual benefit shall be increased by a pro-rated amount relative to the Executive's service during the partial Plan Year in which Disability takes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) yearsDisability.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Norwood Financial Corp), Salary Continuation Agreement (Norwood Financial Corp), Salary Continuation Agreement (Norwood Financial Corp)

Disability Benefit. In the event the Executive suffers a Disability prior to Normal Retirement Age Age, the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability in lieu of any other benefit hereunderDisability. The annual benefit will be paid in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) years. This benefit will be in lieu of any other benefit under this Agreement.

Appears in 2 contracts

Samples: Supplemental Executive Retirement Agreement (Community Partners Bancorp), Supplemental Executive Retirement Agreement (Community Partners Bancorp)

Disability Benefit. In the event the Executive suffers a Disability prior to Normal Retirement Age the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for corresponding to the Plan Year ending immediately prior to in which Disability in lieu of any other benefit hereunderoccurs. The annual benefit will be paid in equal monthly installments commencing the month following Normal Retirement Age and continuing for the greater of the Executive’s lifetime or fifteen (15) years.

Appears in 2 contracts

Samples: Salary Continuation Agreement (National Bankshares Inc), Salary Continuation Agreement (National Bankshares Inc)

Disability Benefit. In the event the Executive suffers a Disability prior to Change in Control and Normal Retirement Age the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability in lieu of any other benefit hereunder. Additionally, the annual benefit shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Disability takes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) yearsDisability.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Norwood Financial Corp), Salary Continuation Agreement (Norwood Financial Corp)

Disability Benefit. In the event the Executive suffers a Disability prior to Normal Retirement Age the Employer shall pay the Executive the Disability annual benefit amount shown on Schedule A for the Plan Year ending immediately prior to Disability Disability, in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing a lump sum the month following Normal Retirement Age and continuing for fifteen (15) yearsDisability.

Appears in 1 contract

Samples: 2016 Salary Continuation Agreement (Bank of the James Financial Group Inc)

Disability Benefit. In the event the Executive suffers a Disability prior to Normal Retirement Age the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability in lieu of any other benefit hereunder. Additionally, the annual benefit shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Disability takes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) yearsDisability.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan (Riverview Financial Corp)

Disability Benefit. In the event the Executive suffers a Disability prior to Normal Retirement Age Age, Separation from Service and Change in Control the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability. Additionally, this benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Disability in lieu of any other benefit hereundertakes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) yearsAge.

Appears in 1 contract

Samples: Supplemental Executive Retirement Agreement (Two River Bancorp)

Disability Benefit. In the event the Executive suffers a Disability prior to Normal Retirement Age Age, the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability in lieu of any other benefit hereunder. Additionally, the benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Disability takes place. The annual benefit will be paid in equal monthly installments commencing the month following Normal Retirement Age Disability and continuing for fifteen (15) years.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan Agreement (LINKBANCORP, Inc.)

AutoNDA by SimpleDocs

Disability Benefit. In the event the Executive suffers a Disability prior to Normal Retirement Age the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability in lieu of any other benefit hereunder. Additionally, the annual benefit shall be increased by a pro-rated amount relative to the Executive's service during the partial Plan Year in which Disability takes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) yearsDisability.

Appears in 1 contract

Samples: Salary Continuation Agreement (Norwood Financial Corp)

Disability Benefit. In the event the Executive suffers a Disability prior to the Normal Retirement Age Benefit Date the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability in lieu of any other benefit hereunder. Additionally, the annual benefit shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Disability takes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) yearsDisability.

Appears in 1 contract

Samples: Retirement Plan (Codorus Valley Bancorp Inc)

Disability Benefit. In the event the Executive suffers a Disability prior to Separation from Service and Normal Retirement Age the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability in lieu of any other benefit hereunder. Additionally, this benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Disability takes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) yearsDisability.

Appears in 1 contract

Samples: MUNCY COLUMBIA FINANCIAL Corp

Disability Benefit. In the event the Executive suffers a Disability prior to Normal Retirement Age the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability. Additionally, this benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Disability in lieu of any other benefit hereundertakes place. The annual benefit will be paid in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) years. This benefit will be in lieu of any other benefit under this Agreement.

Appears in 1 contract

Samples: Supplemental Executive Retiement Agreement (Two River Bancorp)

Disability Benefit. In the event the Executive suffers a Disability prior to Normal Retirement Age Age, the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability Disability, in lieu of any other benefit hereunder. Additionally, the benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Disability takes place. The annual benefit will be paid in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) years.

Appears in 1 contract

Samples: 2022 Supplemental Executive Retirement Plan (CCFNB Bancorp Inc)

Disability Benefit. In the event the Executive suffers a Disability prior to Separation from Service and Normal Retirement Age the Employer Company shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability in lieu of any other benefit hereunder. Additionally, this benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Disability takes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen (15) yearsAge.

Appears in 1 contract

Samples: Retirement Agreement (MUNCY COLUMBIA FINANCIAL Corp)

Disability Benefit. In the event the Executive suffers a Disability prior to Normal Retirement Age the Employer shall pay the Executive the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month following Normal Retirement Age and continuing for fifteen twenty (1520) years.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp)

Time is Money Join Law Insider Premium to draft better contracts faster.