Common use of Benefit Upon Disability Clause in Contracts

Benefit Upon Disability. If a Participant suffers a Disability prior to Termination of Employment and terminates employment with the Employer as a result of that Disability, or if a Terminated Participant suffers a Disability prior to a distribution of his or her Vested Aggregate Account balance, he or she will be entitled to his or her Vested Aggregate Account balance determined as of the most recent Valuation Date coinciding with or immediately preceding the date of distribution. Distribution will be made under Section 5.3.

Appears in 2 contracts

Samples: Employee Stock Ownership Plan & Trust (Picis Inc), Employee Stock Ownership Plan & Trust (Picis Inc)

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Benefit Upon Disability. If a Participant suffers a Disability prior to Termination of Employment and terminates employment with the Employer as a result of that DisabilityEmployer, or if a Terminated Participant suffers a Disability prior to a distribution of his or her Vested Aggregate Account balanceAccount, he or she will be entitled to his or her Vested Aggregate Account balance determined as of the most recent Valuation Date coinciding with or immediately preceding the date of distribution. Distribution will be made under Section 5.3.

Appears in 2 contracts

Samples: 401(k) Non Standardized Prototype Adoption Agreement (Michaels Stores Inc), 401(k) Non Standardized Prototype Adoption Agreement (Littelfuse Inc /De)

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Benefit Upon Disability. If a Participant suffers a Disability prior to Termination of Employment and terminates employment with the Employer as a result of that Disability, or if a Terminated Participant suffers a Disability prior to a distribution of his or her Vested Aggregate Account balance, he or she will be entitled to his or her Vested Aggregate Account balance determined as of the most recent Valuation Date coinciding with or immediately preceding the date of distribution. Distribution will be made under in accordance with Section 5.3.

Appears in 1 contract

Samples: 401(k) Plan Agreement (Provident Bancorp Inc/Ny/)

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