Disability Prior to Retirement. In the event the Executive should become disabled while actively employed by the Bank at any time after the date of this Agreement but prior to her Retirement Date, the Executive shall become fully vested. In the event of disability, Executive then may elect to receive payments either pursuant to the provisions of Section 3.2 regarding retirement or Section 3.4 regarding early retirement.
Disability Prior to Retirement. Permanent Disability" for purposes of this Agreement means the Executive's inability, by reason of any physical or mental impairment, to substantially perform the significant aspects of his regular duties which inability is reasonably contemplated to continue for at least one (1) year from its inception, as determined by the Board of Directors of Elco Industries, Inc. In the event that during the period of active daily employment prior to termination of his employment with the Corporation the Executive shall incur a Permanent Disability, the Corporation shall pay the Supplemental Benefit described in this Article 3 to the Executive or his legal representative. In the event that the Executive incurs a Permanent Disability, but dies before receiving the entire Supplemental Benefit described in this Article 3, then the remaining payments shall be made in accordance with the schedule described in this Article 3 to such individual or individuals as the Executive has designated in writing, filed with and been approved by the Corporation. In the absence of any effective designation of a beneficiary, any amounts payable under this Article 3 shall be payable to the Executive's duly qualified executor or administrator.
Disability Prior to Retirement. In the event the Executive should become disabled while actively employed by the Corporation at any time after the date of this Agreement but prior to his attaining the age of sixty-five (65) years, the Executive will be considered to be one hundred percent (100%) vested in the amount set forth in Schedule A attached hereto and made a part hereof. Said amount shall be paid to the Executive in a lump sum within three (3) months of the determination of disability. Said payment shall be in lieu of any other retirement or death benefit under this Agreement. For purposes of this paragraph, the definition of the term "disability" shall be the same as required for eligibility for disability payments under the Social Security Act.
Disability Prior to Retirement. No disability benefits will be paid under this Agreement. If the Executive’s employment is terminated or suspended by reason of mental or physical disability, disability benefits may be paid to the Executive pursuant to insurance provided by the Corporation pursuant to a separate policy, plan or agreement. Upon the later of (x) termination of any such other disability benefits, (y) the Normal Retirement Date or (z) the lapse of six months following the date of termination of employment, payment to the Executive of his Accrued Benefit (determined as of the date of disability) shall commence and such payment shall be made in the form provided in Section 2.4. If, following termination or suspension of the Executive’s employment by reason of disability, the Executive resumes employment with the Corporation in the position he held immediately prior to the onset of disability, this Agreement shall continue in full force and effect as if no such disability or termination or suspension of employment had occurred. For the purposes of the numerator of the fractions in Sections 2.1 and 2.3, the Executive’s period of disability shall be treated as a period of employment with the Corporation.
Disability Prior to Retirement. In the event the Executive should become disabled while actively employed by the Corporation at any time after the date of this Agreement but prior to his attaining the age of seventy (70) years, the Executive will be considered to be one hundred percent (100%) vested in the amount set forth in Schedule A attached hereto and made a part hereof. Said amount shall be paid to the Executive in a lump sum within three (3) months of the determination of disability. Said payment shall be in lieu of any other retirement or death benefit under this Agreement.
Disability Prior to Retirement. No disability benefits will be paid under this Agreement. If the Executive's employment is terminated or suspended by reason of mental or physical disability, disability benefits may be paid to the Executive pursuant to insurance provided by the Corporation pursuant to a separate policy, plan or agreement. Upon the later of (x) termination of any such other disability benefits or (y) the Normal Retirement Date, payment to the Executive of his Accrued Benefit (determined as of the date of disability) shall commence and such payment shall be made in the form provided in Section 2.4. If, following termination or suspension of the Executive's employment by reason of disability, the Executive resumes employment with the Corporation in the position he held immediately prior to the onset of disability, this Agreement shall continue in full force and effect as if no such disability or termination or suspension of employment had occurred. For the purposes of the numerator of the fractions in Sections 2.1 and 2.3, the Executive's period of disability shall be treated as a period of employment with the Corporation.
Disability Prior to Retirement. In the event the Executive shall ------------------------------ become disabled, mentally or physically, which disability prevents him from performing the material aspects of his duties, the Corporation will pay no disability benefits hereunder. Disability benefits (if any) will be paid to the Executive through such insurance programs as may be sponsored by the Corporation. Upon the later of termination of such other disability benefits (if any), or the Executive's attainment of the Normal Retirement Date, the Executive shall commence receiving payment of his Accrued Benefit determined as of the date of the disability, but with additional service credited as if the Executive were working until the earlier of his Normal Retirement Date or Termination of Service Date or Discharge Date as determined by the Corporation. The Accrued Benefit shall be paid monthly, for twenty (20) years certain commencing on the first day of the month following the later of the termination of such benefits or the Normal Retirement Date, or in the manner provided in Section 2.04.
Disability Prior to Retirement. In the event the Executive should become disabled while actively employed by the Bank at any time after the date of this Agreement but prior to his Retirement Date, the Executive shall be considered to be one hundred percent (100%) vested in the amount set forth in Schedule A attached hereto and made a part hereof, under Accrued Salary Continuation Liability for the appropriate Plan Year. Said amount shall be paid to the Executive in a lump sum within three (3) months of the determination of disability. Said payment shall be in lieu of any other retirement or death benefit under this Agreement.
Disability Prior to Retirement. 4.01 If the Executive shall become totally and permanently disabled before retirement such that he is unable to perform his duties in a manner satisfactory to the Company, and the Company terminates Executive's employment pursuant to the Employment Agreement, then such termination for disability shall be deemed a termination without Cause pursuant to Article 2, provided, however, that in the event the Executive's death should occur after such severance, no death benefits will be payable by the Company under this Agreement.
5.01 The deferred compensation benefit provided by this Agreement shall vest fully, immediately upon the full execution of this Agreement and the ratification of the Employment Agreement by the board of directors of the Company.
Disability Prior to Retirement. In the event the Executive shall become disabled, mentally or physically, which disability prevents him from performing the material aspects of his duties, the Bank will pay to the Executive in monthly payments an annual amount equal to sixty percent (60%) of his salary and bonus at the time he became disabled until such time as he is no longer so disabled. Disability benefits hereunder shall be reduced by the amount of payments made to or on behalf of the Executive as a result of any disability insurance policies paid for by the Bank or as a result of any subsequent employment or self-employment of the Executive. The Executive shall be considered to be no longer disabled at such time as he returns to work in a position with responsibilities comparable to those inherent in the position in which he was employed at the date of disability. The benefits provided for disability shall terminate at age sixty-five (65) or, in the event of a disability commencing after age sixty-five (65), after two years of payments. In addition, the Bank agrees to pay the premium on the Retirement Completer individual disability policy while the Bank employs the Executive. The Retirement Completer policy will provide for continued funding of the Split Dollar arrangement in the event of disability. In the event there is disagreement as to whether the provisions of this Article are applicable, the Bank and the Executive (or his personal representative) each shall select a physician. If the physicians are in disagreement, they shall select a third physician. A majority opinion as to disability shall be binding on all the parties hereto. The parties agree that the Bank, will, regardless of the outcome of this procedure, reimburse the Executive (or his spouse or beneficiary, as the case may be) for the reasonable and necessary fees and costs directly attributable to such procedure. During the pendency of any such proceedings the Bank shall continue to make the same payments to the Executive of compensation or disability benefits, as the case may be, that the Bank was making at the time such procedure was initiated, provided that if the results of the proceedings are such that a greater or lesser amount was paid to the Executive than was otherwise due under this Agreement (disregarding the provisions of this Section), the Bank shall deduct from or add to, as the case may be, any further payments, the amount of such overpayment or underpayment. In the event that there are no further pay...
