Common use of Cost of Living Increase Clause in Contracts

Cost of Living Increase. For each year that the Executive shall receive a benefit, said benefit amount shall be increased by three percent (3%) from the previous years benefit amount. Disability shall be defined in the Executive's Employment Agreement in effect at the time of said termination or, if no Employment Agreement is in effect, then as defined in the Bank's long term termination policy in effect at the time of said disability. If neither definition exists at the time of termination and there is a dispute regarding whether the Executive is disabled, such dispute shall be resolved by a physician selected by the Bank, a physician selected by the Executive, and a third physician selected by each of the other two (2) physicians. Such resolution shall be binding upon all parties to this Agreement.

Cost of Living Increase. For each year that the Executive shall receive a benefit, said benefit amount shall be increased by three percent (3%) from the previous years benefit amount. Disability shall be defined in the Executive's ’s Employment Agreement in effect at the time of said termination or, if no Employment Agreement is in effect, then as defined in the Bank's ’s long term termination policy in effect at the time of said disability. If neither definition exists at the time of termination and there is a dispute regarding whether the Executive is disabled, such dispute shall be resolved by a physician selected by the Bank, a physician selected by the Executive, and a third physician selected by each of the other two (2) physicians. Such resolution shall be binding upon all parties to this Agreement.