Common use of Payments in the Event of Disability Prior to Retirement Clause in Contracts

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed by the Employer; and (ii) be entitled to be paid the Annual Benefit in One Hundred Fifty-Six (156) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive's principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date of this Agreement and prior to Retirement, the payments provided in Paragraph 4.1 shall be paid in lieu of the payments provided in this Paragraph 4.2, provided that Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced. 5. PAYMENTS IN THE EVENT EMPLOYMENT IS TERMINATED OTHER THAN BY DEATH, DISABILITY, OR RETIREMENT. As indicated in Paragraph 2 above, the Employer reserves the right to terminate the Executive's employment, with or without cause but subject to any written employment agreement which may then exist, at any time prior to the Executive's Retirement. In the event that the employment of the Executive shall be terminated, for any reason, including voluntary termination by the Executive, but other than by reason of (i) Disability except as provided in Paragraph 4.2, (ii) death, (iii) termination for cause as defined in Executive's current or most recent employment agreement or (iv) Retirement, the Executive or his legal representative shall be entitled to be paid the Annual Benefit, for a period of thirteen (13) years in One Hundred Fifty-Six (156) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month Following the month in which the Executive terminates employment and attains sixty-five (65) years of age or, if earlier, beginning with the month following the Executive's death.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date Effective Date of this Agreement but prior to Retirement, the Employer agrees to pay the Annual Benefit to the Executive, in equal monthly installments, for that number of years equal to the number of years (not to exceed fifteen) Executive shall: (i) continue shall have been employed full-time by Employer, provided that, if Executive shall become Disabled prior to attaining seven years of continuous full-time employment, the Annual Benefit shall be treated during such paid for a period of Disability as being gainfully employed by the Employer; and (ii) seven years. The Executive shall be entitled to be paid the Annual Benefit Benefit, as defined above, in One Hundred Fifty-Six (156) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive's principal Disability insurance policy and does notis, at such time, unable to return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in if the event Executive should die while actively or gainfully employed by chooses to elect the Employer at any time after the Effective Date of this Agreement and prior to Retirement, the payments provided Retirement payout option set forth in Paragraph 4.1 shall be paid in lieu of the payments provided in this Paragraph 4.2, provided that Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced. 5. PAYMENTS IN THE EVENT EMPLOYMENT IS TERMINATED OTHER THAN BY DEATH, DISABILITY, OR RETIREMENT. As indicated in Paragraph 2 above, the Employer reserves the right to terminate the Executive's employment, with or without cause but subject to any written employment agreement which may then exist, at any time prior to the Executive's Retirement. In the event that the employment of the Executive shall be terminated, for any reason, including voluntary termination by the Executive, but other than by reason of (i) Disability except as provided in Paragraph 4.2, (ii) death, (iii) termination for cause as defined in Executive's current or most recent employment agreement or (iv) Retirement3 hereof, the Executive or his legal representative shall may waive the payout provisions set forth in this subparagraph 4.2 and in lieu thereof receive the Annual Benefit which the Executive would be entitled to be paid receive under the Annual Benefit, for a period terms of thirteen (13) years in One Hundred Fifty-Six (156) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month Following the month in which the Executive terminates employment and attains sixty-five (65) years of age or, if earlier, beginning with the month following the Executive's deathParagraph 3.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the effective date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed but not actively employed by the EmployerEmployer but shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) be entitled to be paid the Annual Benefit Benefit, with the Applicable Percentage as set forth in One Hundred Fifty-Six Schedule A and as determined by the applicable years of service at the time of disability, for fifteen (15615) years in one hundred eighty (180) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive's ’s principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding The Employer agrees that if the foregoingExecutive shall die before receiving all of the one hundred eighty (180) monthly payments described in this paragraph 4.2, in the event Executive should die while actively or gainfully employed by the Employer at any time will make the remaining monthly payments to Executive’s designated beneficiary. If a valid beneficiary designation is not in effect, then the remaining payments due to Executive shall be paid to Executive’s Surviving Spouse. If the Executive leaves no Surviving Spouse, the remaining amounts due to Executive shall be paid to the duly qualified personal representative, executor, or administrator of the Executive’s estate. If the Executive dies after the Effective Date of this Agreement becoming Disabled and prior to Retirement, being paid benefits pursuant to the payments provided in Paragraph 4.1 shall be paid in lieu of the payments provided in this Paragraph 4.2, provided that Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced. 5. PAYMENTS IN THE EVENT EMPLOYMENT IS TERMINATED OTHER THAN BY DEATH, DISABILITY, OR RETIREMENT. As indicated in Paragraph 2 aboveprior paragraph, the Employer reserves the right will pay to terminate the Executive's employment, with or without cause but subject to any written employment agreement which may then exist, at any time prior to the Executive's Retirement. In the event that the employment of the Executive shall be terminated, for any reason, including voluntary termination by the Executive, but other than by reason of (i) Disability except as provided in Paragraph 4.2, (ii) death, (iii) termination for cause as defined in Executive's current or most recent employment agreement or (iv) Retirement, the Executive or his legal representative shall be entitled to be paid designated beneficiary the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by the applicable years of service at the time of disability, for a period of thirteen (1315) years in One Hundred Fifty-Six (156) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month Following following the month date of Executive's death. If a valid Beneficiary Designation is not in which place, then the payments due to the Executive terminates employment and attains sixty-five (65) years under this paragraph shall be paid to the Executive’s Surviving Spouse. If Executive leaves no Surviving Spouse, the payments due to Executive under this paragraph shall be paid to the duly qualified personal representative, executor, or administrator of age or, if earlier, beginning with the month following the Executive's deathestate.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) solely for purpose of determining the duration of the Executive's employment as may be required by this Agreement, continue to be treated during such period of Disability as being gainfully employed by the Employer; and (ii) be entitled to be paid the Annual Benefit Benefit, as defined above, in One Hundred Fifty-Six (156) equal monthly installments, for a period of fifteen (15) years (One Hundred Eighty (180) months), with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five sixty (6560) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive's principal Disability insurance policy and does notis, at such time, unable to return to and thereafter fulfill fulfil the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date For purposes of this Agreement and prior to RetirementParagraph, the payments provided in Paragraph 4.1 Annual Benefit amount shall be paid in lieu determined by reference to the earlier of the payments provided in this Paragraph 4.2, provided that Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced. 5. PAYMENTS IN THE EVENT EMPLOYMENT IS TERMINATED OTHER THAN BY DEATH, DISABILITY, OR RETIREMENT. As indicated in Paragraph 2 above, the Employer reserves the right to terminate the Executive's employment, with or without cause but subject to any written employment agreement which may then exist, at any time prior to the Executive's Retirement. In the event that the employment of the Executive shall be terminated, for any reason, including voluntary termination by the Executive, but other than by reason of following dates: (i1) Disability except as provided in Paragraph 4.2, (ii) death, (iii) termination for cause as defined in Executive's current or most recent employment agreement or (iv) Retirement, the Executive or his legal representative shall be entitled to be paid the Annual Benefit, for a period of thirteen (13) years in One Hundred Fifty-Six (156) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month Following the month in which the Executive terminates employment and attains sixty-five sixty (6560) years of age or, if earlier, beginning with age; or (2) the month following date upon which the Executive is no longer entitled to receive Disability benefits under the Executive's deathprincipal Disability insurance policy. Notwithstanding the foregoing, if the Executive chooses to elect either the Retirement payout option set forth in Paragraph 3 hereof or the Early Retirement payout option set forth in Paragraph 6 hereof, the Executive may waive the payout provisions set forth in this subparagraph 4.2 and in lieu thereof receive the Annual Benefit which the Executive would be entitled to receive under the terms of Paragraphs 3 or 6, as the case may be, provided that the Executive does, in fact, Retire from all employment responsibilities with the Employer at the time of his executing this election.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) solely for purpose of determining the duration of the Executive's employment as may be required by this Agreement, continue to be treated during such period of Disability as being gainfully employed by the Employer; and (ii) be entitled to be paid the Annual Benefit Benefit, as defined above, in One Hundred Fifty-Six (156) equal monthly installments, for a period of fifteen (15) years (One Hundred Eighty (180) months), with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive's principal Disability insurance policy and does notis, at such time, unable to return to and thereafter fulfill fulfil the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date For purposes of this Agreement and prior to RetirementParagraph, the payments provided in Paragraph 4.1 Annual Benefit amount shall be paid in lieu determined by reference to the earlier of the payments provided in this Paragraph 4.2, provided that Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced. 5. PAYMENTS IN THE EVENT EMPLOYMENT IS TERMINATED OTHER THAN BY DEATH, DISABILITY, OR RETIREMENT. As indicated in Paragraph 2 above, the Employer reserves the right to terminate the Executive's employment, with or without cause but subject to any written employment agreement which may then exist, at any time prior to the Executive's Retirement. In the event that the employment of the Executive shall be terminated, for any reason, including voluntary termination by the Executive, but other than by reason of following dates: (i1) Disability except as provided in Paragraph 4.2, (ii) death, (iii) termination for cause as defined in Executive's current or most recent employment agreement or (iv) Retirement, the Executive or his legal representative shall be entitled to be paid the Annual Benefit, for a period of thirteen (13) years in One Hundred Fifty-Six (156) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month Following the month in which the Executive terminates employment and attains sixty-five (65) years of age or, if earlier, beginning with age; or (2) the month following date upon which the Executive is no longer entitled to receive Disability benefits under the Executive's deathprincipal Disability insurance policy. Notwithstanding the foregoing, if the Executive chooses to elect either the Retirement payout option set forth in Paragraph 3 hereof or the Early Retirement payout option set forth in Paragraph 6 hereof, the Executive may waive the payout provisions set forth in this subparagraph 4.2 and in lieu thereof receive the Annual Benefit which the Executive would be entitled to receive under the terms of Paragraphs 3 or 6, as the case may be, provided that the Executive does, in fact, Retire from all employment responsibilities with the Employer at the time of his executing this election.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) solely for purpose of determining the duration of the Executive's employment as may be required by this Agreement, continue to be treated during such period of Disability as being gainfully employed by the Employer; and (ii) be entitled to be paid the Annual Benefit Benefit, as defined above, in One Hundred Fifty-Six (156) equal monthly installments, for a period of fifteen (15) years (One Hundred Eighty (180) months), with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive's principal Disability insurance policy and does notis, at such time, unable to return to and thereafter fulfill fulfil the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date For purposes of this Agreement and prior to RetirementParagraph, the payments provided in Paragraph 4.1 Annual Benefit amount shall be paid in lieu determined by reference to the earlier of the payments provided in this Paragraph 4.2, provided that Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced. 5. PAYMENTS IN THE EVENT EMPLOYMENT IS TERMINATED OTHER THAN BY DEATH, DISABILITY, OR RETIREMENT. As indicated in Paragraph 2 above, the Employer reserves the right to terminate the Executive's employment, with or without cause but subject to any written employment agreement which may then exist, at any time prior to the Executive's Retirement. In the event that the employment of the Executive shall be terminated, for any reason, including voluntary termination by the Executive, but other than by reason of following dates: (i1) Disability except as provided in Paragraph 4.2, (ii) death, (iii) termination for cause as defined in Executive's current or most recent employment agreement or (iv) Retirement, the Executive or his legal representative shall be entitled to be paid the Annual Benefit, for a period of thirteen (13) years in One Hundred Fifty-Six (156) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month Following the month in which the Executive terminates employment and attains sixty-five (65) years of age or, if earlier, beginning with age; or (2) the month following date upon which the Executive is no longer entitled to receive Disability benefits under the Executive's deathprincipal Disability insurance policy. Notwithstanding the foregoing, if the Executive chooses to elect either the Retirement payout option set forth in Paragraph 3 hereof or the Early Retirement payout option set forth in Paragraph 6 hereof, the Executive may waive the payout provisions set forth in this subparagraph 4.2 and in lieu thereof receive the Annual Benefit which the Executive would be entitled to receive under the terms of Paragraphs 3 or 6, as the case may be, provided that the Executive does, in fact, Retire from all employment responsibilities with the Employer at the time of his executing this election.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (ior the Executive's Surviving Spouse) continue to be treated during such period of Disability as being gainfully employed by the Employer; and (ii) shall be entitled to be paid the Annual Benefit Benefit, as defined above, in One Hundred Fifty-Six (156) equal monthly installments, with each until: (a) both the Executive and the Executive's Surviving Spouse, if any, have died; or (b) the Annual Benefit has been paid to Executive and/or Executive's Surviving spouse, as the case may be, for a period of fifteen (15) years (One Hundred Eighty (180) months), whichever occurs first. Each installment to shall be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive's principal Disability insurance policy and does notis, at such time, unable to return to and thereafter fulfill fulfil the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in if the event Executive should die while actively or gainfully employed by chooses to elect the Employer at any time after the Effective Date of this Agreement and prior to Retirement, the payments provided Retirement payout option set forth in Paragraph 4.1 shall be paid in lieu of the payments provided in this Paragraph 4.2, provided that Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced. 5. PAYMENTS IN THE EVENT EMPLOYMENT IS TERMINATED OTHER THAN BY DEATH, DISABILITY, OR RETIREMENT. As indicated in Paragraph 2 above, the Employer reserves the right to terminate the Executive's employment, with or without cause but subject to any written employment agreement which may then exist, at any time prior to the Executive's Retirement. In the event that the employment of the Executive shall be terminated, for any reason, including voluntary termination by the Executive, but other than by reason of (i) Disability except as provided in Paragraph 4.2, (ii) death, (iii) termination for cause as defined in Executive's current or most recent employment agreement or (iv) Retirement3 hereof, the Executive or his legal representative shall may waive the payout provisions set forth in this subparagraph 4.2 and in lieu thereof receive the Annual Benefit which the Executive would be entitled to be paid receive under the Annual Benefit, for a period terms of thirteen (13) years in One Hundred Fifty-Six (156) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month Following the month in which the Executive terminates employment and attains sixty-five (65) years of age or, if earlier, beginning with the month following the Executive's deathParagraph 3 hereof.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date Effective Date of this Agreement but prior and remains Disabled at the earliest applicable commencement date of payments pursuant to Retirementthis Paragraph 4.2, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed but not actively employed by the EmployerEmployer and shall not have any applicable years of service added during the time of disability for the purpose of determining the Annual Benefit; and (ii) be entitled to be paid the Annual Benefit Benefit, with the Applicable Percentage as set forth in One Hundred Fifty-Six Schedule A and as determined by the applicable years of service at the time of disability, for fifteen (15615) years in one hundred eighty (180) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five seven (6567) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive's ’s principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding The Employer agrees that if the foregoingExecutive shall die before receiving all of the one hundred eighty (180) monthly payments described in this paragraph 4.2, in the event Executive should die while actively or gainfully employed by the Employer at any time will make the remaining monthly payments to Executive’s designated beneficiary. If a valid beneficiary designation is not in effect, then the remaining payments due to Executive shall be paid to Executive’s Surviving Spouse. If the Executive leaves no Surviving Spouse, the remaining amounts due to Executive shall be paid to the duly qualified personal representative, executor, or administrator of the Executive’s estate. If the Executive dies after the Effective Date of this Agreement becoming Disabled and prior to Retirement, being paid benefits pursuant to the payments provided in Paragraph 4.1 shall be paid in lieu of the payments provided in this Paragraph 4.2, provided that Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced. 5. PAYMENTS IN THE EVENT EMPLOYMENT IS TERMINATED OTHER THAN BY DEATH, DISABILITY, OR RETIREMENT. As indicated in Paragraph 2 aboveprior paragraph, the Employer reserves the right will pay to terminate the Executive's employment, with or without cause but subject to any written employment agreement which may then exist, at any time prior to the Executive's Retirement. In the event that the employment of the Executive shall be terminated, for any reason, including voluntary termination by the Executive, but other than by reason of (i) Disability except as provided in Paragraph 4.2, (ii) death, (iii) termination for cause as defined in Executive's current or most recent employment agreement or (iv) Retirement, the Executive or his legal representative shall be entitled to be paid ’s designated beneficiary the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by the applicable years of service at the time of the Disability, for a period of thirteen (1315) years in One Hundred Fifty-Six (156) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month Following following the month date of Executive’s death. If a valid Beneficiary Designation is not in which place, then the payments due to the Executive terminates employment and attains sixty-five (65) years of age or, if earlier, beginning with the month following under this paragraph shall be paid to the Executive's death’s Surviving Spouse. If Executive leaves no Surviving Spouse, the payments due to Executive under this paragraph shall be paid to the duly qualified personal representative, executor, or administrator of the Executive’s estate.

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed by the EmployerEmployer but shall not add applicable years of service for the purpose of determining the Annual Benefit; and (ii) be entitled to be paid the Annual Benefit (with the Applicable Percentage determined by the applicable years of service Executive had with Employer at the time Executive first becomes Disabled as set forth on Schedule A) for a period of twenty (20) years in One Two Hundred Fifty-Six Forty (156240) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five (65) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive's principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding the foregoing, in the event Executive should die while actively or gainfully employed by the Employer at any time after the Effective Date of this Agreement and prior to Retirementattaining the age of sixty-five (65) years of age, the payments provided in Paragraph 4.1 shall be paid in lieu of the payments provided in this Paragraph 4.2, provided that Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced. 5. 5. PAYMENTS IN THE EVENT EMPLOYMENT IS TERMINATED OTHER THAN BY DEATH, DISABILITY, OR RETIREMENT. As indicated in Paragraph 2 above, the Employer reserves the right to terminate the Executive's employment, with or without cause but subject to any written employment agreement which may then exist, at any time prior to the Executive's Retirement. In the event that the employment Section 5 of the Executive Agreement shall be terminated, for any reason, including voluntary termination by amended in the Executive, but other than by reason of (i) Disability except entirety to read as provided in Paragraph 4.2, (ii) death, (iii) termination for cause as defined in Executive's current or most recent employment agreement or (iv) Retirement, the Executive or his legal representative shall be entitled to be paid the Annual Benefit, for a period of thirteen (13) years in One Hundred Fifty-Six (156) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month Following the month in which the Executive terminates employment and attains sixty-five (65) years of age or, if earlier, beginning with the month following the Executive's death.follows;

Payments in the Event of Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by the Employer at any time after the date Effective Date of this Agreement but prior and remains Disabled at the earliest applicable commencement date of payments pursuant to Retirementthis Paragraph 4.2, the Executive shall: (i) continue to be treated during such period of Disability as being gainfully employed but not actively employed by the EmployerEmployer and shall not have any applicable years of service added during the time of disability for the purpose of determining the Annual Benefit; and (ii) be entitled to be paid the Annual Benefit Benefit, with the Applicable Percentage as set forth in One Hundred Fifty-Six Schedule A and as determined by the applicable years of service at the time of disability, for fifteen (15615) years in one hundred eighty (180) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the earlier of (1) the month in which the Executive attains sixty-five six (6566) years of age; or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive's ’s principal Disability insurance policy and does not, at such time, return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled by reason of such Disability continuing. Notwithstanding The Employer agrees that if the foregoingExecutive shall die before receiving all of the one hundred eighty (180) monthly payments described in this paragraph 4.2, in the event Executive should die while actively or gainfully employed by the Employer at any time will make the remaining monthly payments to Executive’s designated beneficiary. If a valid beneficiary designation is not in effect, then the remaining payments due to Executive shall be paid to Executive’s Surviving Spouse. If the Executive leaves no Surviving Spouse, the remaining amounts due to Executive shall be paid to the duly qualified personal representative, executor, or administrator of the Executive’s estate. If the Executive dies after the Effective Date of this Agreement becoming Disabled and prior to Retirement, being paid benefits pursuant to the payments provided in Paragraph 4.1 shall be paid in lieu of the payments provided in this Paragraph 4.2, provided that Executive or his legal representative shall have not elected to take the benefits provided by Paragraph 5 and payments provided in Paragraph 4.2 have not commenced. 5. PAYMENTS IN THE EVENT EMPLOYMENT IS TERMINATED OTHER THAN BY DEATH, DISABILITY, OR RETIREMENT. As indicated in Paragraph 2 aboveprior paragraph, the Employer reserves the right will pay to terminate the Executive's employment, with or without cause but subject to any written employment agreement which may then exist, at any time prior to the Executive's Retirement. In the event that the employment of the Executive shall be terminated, for any reason, including voluntary termination by the Executive, but other than by reason of (i) Disability except as provided in Paragraph 4.2, (ii) death, (iii) termination for cause as defined in Executive's current or most recent employment agreement or (iv) Retirement, the Executive or his legal representative shall be entitled to be paid ’s designated beneficiary the Annual Benefit, with the Applicable Percentage as set forth in Schedule A and as determined by the applicable years of service at the time of the Disability, for a period of thirteen (1315) years in One Hundred Fifty-Six (156) equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month Following following the month date of Executive’s death. If a valid Beneficiary Designation is not in which place, then the payments due to the Executive terminates employment and attains sixty-five (65) years of age or, if earlier, beginning with the month following under this paragraph shall be paid to the Executive's death’s Surviving Spouse. If Executive leaves no Surviving Spouse, the payments due to Executive under this paragraph shall be paid to the duly qualified personal representative, executor, or administrator of the Executive’s estate.