Common use of Disability Prior to Retirement Clause in Contracts

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.

Appears in 2 contracts

Samples: Supplemental Executive Retirement Agreement (Sandwich Bancorp Inc), Supplemental Executive Retirement Agreement (1855 Bancorp)

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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.

Appears in 2 contracts

Samples: Supplemental Executive Retirement Agreement (1855 Bancorp), Supplemental Executive Retirement Agreement (Sandwich Bancorp Inc)

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