Payment on Executive's Disability Sample Clauses

Payment on Executive's Disability. If the Bank terminates this Agreement by reason of Executive's Disability (as defined in Section 4.6 below), the Bank shall pay to Executive an annual amount at a rate of up to $50,000 per year. Executive may change the amount and the time for payment of any amounts under this Section 3.4(c)(ii)(A) so long as such change is made in compliance with the election and other requirements of Section 409A of the Code until all amounts credited to the Deferral Account have been paid to or for the account of Executive. Notwithstanding the foregoing, once Executive attains age 66, the amounts payable by the Bank to Executive shall be determined under Section 3.4(c)(ii) above and not this Section 3.4(c)(iii). If Executive dies after the Bank has commenced paying his amounts under this Section 3.4(c)(iii), the Bank shall pay to Executive's Designated Heirs (as defined below) in accordance with the provisions of Section 3.4(c)(iv), below, the balance in the Deferred Account on the date of Executive's death. Executive may change the amount and the time for payment of any amounts under this Section 3.4(c)(ii)(A) so long as such change is made in compliance with the election and other requirements of Section 409A of the Code.
Sample 1
AutoNDA by SimpleDocs
Payment on Executive's Disability. If the Bank --------------------------------- terminates this Agreement by reason of Executive's disability (as defined in SECTION 4.6 below), the Bank shall pay to or on behalf of Executive an amount selected by Executive, but in any event not less than Two Thousand Dollars ($2,000.00) and not more than Four Thousand Dollars ($4,000.00) per month, until all amounts credited to the Deferral Account have been paid to or for the account of Executive. Notwithstanding the foregoing, once Executive attains age 66, the amounts payable by the Bank to Executive shall be determined under SECTION 3.4(d)(ii) above and not this SECTION 3.4(d)(iii). If Executive dies after the Bank has commenced paying her amounts under this SECTION 3.4(d)(iii), the Bank shall pay to Executive's Designated Heirs (as defined below) in accordance with the provisions of SECTION 3.4(d)(iv), below, the balance in the Deferred Account on the date of Executive's death.
Sample 1
Payment on Executive's Disability. If the Bank terminates this Agreement by reason of Executive's disability (as defined in Section 4.6 below), the Bank shall pay to or on behalf of Executive the sum of Ten Thousand Dollars ($10,000.00) per month until all amounts credited to the Deferral Account have been paid to or for the account of Executive. Notwithstanding the foregoing, once Executive attains age sixty six (66), the amounts payable by the Bank to Executive shall be determined under Section 3.4(c)(ii) above and not this Section 3.4(c)(iii). If Executive dies after the Bank has commenced paying his amounts under this Section 3.4(c)(iii), the Bank shall pay to Executive's Designated Heirs (as defined below) in accordance with the provisions of Section 3.4(c)(iv), below, the balance in the Deferred Account on the date of Executive's death. Executive may change the amount and the time for payment of any amounts under this Section 3.4(c)(ii)(A) so long as such change is made in compliance with the election and other requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code").
Sample 1
Payment on Executive's Disability. If the Bank terminates this Agreement by reason of Executive’s disability (as defined in Section 4.6 below), the Bank shall pay to or on behalf of Executive an amount selected by Executive, but in any event not less than One Thousand Three Hundred Forty Dollars ($1,340) and not more than Two Thousand Six Hundred Eighty Dollars ($2,680) per month until all amounts credited to the Deferral Account have been paid to or for the account of Executive. Notwithstanding the foregoing, once Executive attains age 66, the amounts payable by the Bank to Executive shall be determined under Section 3.4 above as they may apply and not this Section 3.4. If Executive dies after the Bank has commenced paying his amounts under this Section 3.4, the Bank shall pay to Executive’s Designated Heirs (as defined below) in accordance with the provisions of Section 3.4 below, the balance in the Deferred Account on the date of Executive’s death.
Sample 1

Related to Payment on Executive's Disability

  • Termination Upon Executive’s Death If the Executive’s employment terminates during the Term due to the Executive’s death, then:

  • Executive’s Death or Disability The Executive’s employment shall terminate immediately upon his death or, upon written notice as set forth below, his Disability. As used in this Agreement, Disability shall mean such physical or mental impairment as would render the Executive eligible to receive benefits under the long-term disability insurance policy or plan then made available by the Company Group to the Executive. If the Employment Period is terminated by reason of the Executive’s Disability, either party shall give thirty (30) days’ advance written notice to that effect to the other.

  • Termination of Executives Employment Termination of Executive's Employment means that (i) the Company has terminated Executive's employment with the Company (including any subsidiary of the Company) other than for Cause (as defined in Section 5.2), death or Disability (as defined in Section 5.3), or (ii) Executive, by written notice to the Company, has terminated his employment with the Company (including any subsidiary of the Company) for Good Reason (as defined below). For purposes of this Agreement, "Good Reason" means:

  • Employment Termination This Agreement and the employment of the Executive shall terminate upon the occurrence of any of the following:

  • Early Termination of the Employment Period Notwithstanding Section 1(b) hereof, the Employment Period shall end upon the earliest to occur of (i) a Termination For Cause, (ii) a Termination Without Cause, (iii) a Voluntary Termination, (iv) a Termination Due to Retirement, (v) a Termination Due to Disability, or (vi) a Termination Due to Death.

  • Death or Disability of Executive Executive's employment -------------------------------- hereunder shall terminate immediately upon the death or Disability of Executive.

  • Executive’s Death In the event Executive shall die after, or within six months prior to, the date a Change in Control occurs and this Agreement becomes operative, all amounts and benefits which would have been payable or due to Executive if Executive had continued to live (including, in the event Executive dies after a Voluntary or Involuntary Termination, the amounts and benefits described in Section 4(c) hereof) shall be paid and provided in accordance with the terms of this Agreement to the executors, administrators, heirs or personal representatives of Executive's estate.

  • Payments Upon Termination of Employment (a) If Executive’s employment with the Company is terminated by reason of:

  • Term; Termination of Employment The term of this Agreement (the “Term”) begins on the Effective Date and will end, along with Executive’s employment with the Company, on the earliest to occur of the following events.

  • Employment Termination Date The Employment Termination Date shall be as follows: (i) if the Executive’s employment is terminated by Executive’s death, the date of Executive’s death; (ii) if the Executive’s employment is terminated pursuant to any other provision of this Agreement, the date specified in the Notice of Termination (the “Employment Termination Date”).

Time is Money Join Law Insider Premium to draft better contracts faster.