Common use of Death or Disability Prior to Retirement Clause in Contracts

Death or Disability Prior to Retirement. In the event the Executive should die or become Disabled while actively employed by the Bank, at any time after the date of this Agreement but prior to age sixty-five (65) of Executive, the Executive will be considered to be vested in the annual benefit amount set forth in Schedule A corresponding with the year in which the death occurred or the Disability commenced, payable monthly for 240 months to Executive (in the case of Disability) or to the Executive's beneficiary or estate as contemplated by Section 3.3 above (in the case of death) beginning with the month following death or Disability, as applicable.

Death or Disability Prior to Retirement. In the event the Executive should die or become Disabled disabled while actively employed by the Bankbank, at any time after the date of this Agreement but prior to him attaining the age of sixty-five (65) of Executiveyears, the Executive will be considered to be fully vested in the annual benefit amount set forth in Schedule A “A” corresponding with the year in which the death occurred or the Disability commenced, payable monthly for 240 months to Executive (in the case of Disability) or to the Executive's ’s beneficiary or estate as contemplated by Section 3.3 above (in the case of death) beginning with the month following commencing sixty (60) days after death or the determination of Disability. Bank may, as applicableat its option, make a lump sum payment based upon the present value of remaining benefit.