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 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 Employer 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 as set forth in Schedule A and as determined by the applicable years of service at the time of disability, for fifteen (15) 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 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. The Employer agrees that if the Executive shall die before receiving all of the one hundred eighty (180) monthly payments described in this paragraph 4.2, the Employer 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 becoming Disabled and prior to being paid benefits pursuant to the prior paragraph, the Employer will pay to Executive'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 disability, for a period of (15) years in equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the date of Executive's death. If a valid Beneficiary Designation is not in place, then the payments due to the Executive 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 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 effective 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 Employer but and shall not add 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, 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 fifteen (15) 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 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. The Employer agrees that if the Executive shall die before receiving all of the one hundred eighty (180) monthly payments described in this paragraph 4.2, the Employer 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 becoming Disabled and prior to being paid benefits pursuant to the prior paragraph, the Employer will pay to Executive's ’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 disabilitythe Disability, for a period of (15) years in equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the date of Executive's ’s death. If a valid Beneficiary Designation is not in place, then the payments due to the Executive 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 the Executive's ’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 effective 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 but not actively employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual BenefitEmployer; and (ii) be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth defined above, in Schedule A and as determined by the applicable years of service at the time of disabilityequal monthly installments, for a period of fifteen (15) years in one hundred eighty (One Hundred Eighty (180) equal monthly installmentsmonths), 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 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. The Employer agrees that For purposes of this Paragraph, the Annual Benefit amount shall be determined by reference to the earlier of the following dates: (1) the first day of 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. Notwithstanding the foregoing, if the Executive shall die before receiving all of chooses to elect either the one hundred eighty (180) monthly payments described in this paragraph 4.2, the Employer 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 becoming Disabled and prior to being paid benefits pursuant to the prior paragraph, the Employer will pay to Executive's designated beneficiary the Annual Benefit, with the Applicable Percentage as Retirement payout option set forth in Schedule A 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 determined by the applicable years of service case may be, provided that the Executive does, in fact, Retire from all employment responsibilities with the Employer at the time of disability, for a period of (15) years in equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the date of Executive's death. If a valid Beneficiary Designation is not in place, then the payments due to the Executive under his executing 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 the Executive's estateelection.

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) 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 but not actively employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual BenefitEmployer; and (ii) be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth defined above, in Schedule A and as determined by the applicable years of service at the time of disabilityequal monthly installments, for a period of fifteen (15) years in one hundred eighty (One Hundred Eighty (180) equal monthly installmentsmonths), 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 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. The Employer agrees that For purposes of this Paragraph, the Annual Benefit amount shall be determined by reference to the earlier of the following dates: (1) the first day of 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. Notwithstanding the foregoing, if the Executive shall die before receiving all of chooses to elect either the one hundred eighty (180) monthly payments described in this paragraph 4.2, the Employer 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 becoming Disabled and prior to being paid benefits pursuant to the prior paragraph, the Employer will pay to Executive's designated beneficiary the Annual Benefit, with the Applicable Percentage as Retirement payout option set forth in Schedule A 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 determined by the applicable years of service case may be, provided that the Executive does, in fact, Retire from all employment responsibilities with the Employer at the time of disability, for a period of (15) years in equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the date of Executive's death. If a valid Beneficiary Designation is not in place, then the payments due to the Executive under his executing 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 the Executive's estateelection.

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 Employer but shall not add applicable years of service for the purpose of determining the Annual BenefitEmployer; and (ii) be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth Benefit in Schedule A and as determined by the applicable years of service at the time of disability, for fifteen One Hundred Fifty-Six (15) years in one hundred eighty (180156) 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. The Notwithstanding the foregoing, in the event Executive should die while actively or gainfully employed by the Employer agrees 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 if 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 die before receiving all be terminated, for any reason, including voluntary termination by the Executive, but other than by reason of the one hundred eighty (180i) monthly payments described Disability except as provided in this paragraph Paragraph 4.2, (ii) death, (iii) termination for cause as defined in Executive's current or most recent employment agreement or (iv) Retirement, the Employer 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 or his legal representative shall be paid entitled 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 becoming Disabled and prior to being paid benefits pursuant to the prior paragraph, the Employer will pay to Executive'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 disability, for a period of thirteen (1513) 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 date of Executive's death. If a valid Beneficiary Designation is not in place, then the payments due to the Executive 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 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 effective 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 Employer but and shall not add 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, 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 fifteen (15) 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 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. The Employer agrees that if the Executive shall die before receiving all of the one hundred eighty (180) monthly payments described in this paragraph 4.2, the Employer 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 becoming Disabled and prior to being paid benefits pursuant to the prior paragraph, the Employer will pay to Executive's ’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 disabilitythe Disability, for a period of (15) years in equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the date of Executive's ’s death. If a valid Beneficiary Designation is not in place, then the payments due to the Executive 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 the Executive's ’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 effective 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 but not actively employed by the Employer 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 as defined above, in equal monthly installments, until: (a) both the Applicable Percentage 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 set forth in Schedule A and as determined by the applicable years of service at the time of disabilitycase may be, for a period of fifteen (15) years in one hundred eighty (One Hundred Eighty (180) equal monthly installmentsmonths), with each 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 '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. The Employer agrees that Notwithstanding the foregoing, if the Executive shall die before receiving all of chooses to elect the one hundred eighty (180) monthly payments described in this paragraph 4.2, the Employer 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 becoming Disabled and prior to being paid benefits pursuant to the prior paragraph, the Employer will pay to Executive's designated beneficiary the Annual Benefit, with the Applicable Percentage as Retirement payout option set forth in Schedule A and as determined by the applicable years of service at the time of disabilityParagraph 3 hereof, for a period of (15) years in equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the date of Executive's death. If a valid Beneficiary Designation is not in place, then the payments due to 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 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 terms of the Executive's estateParagraph 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 effective 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 but not actively employed by the Employer but seven years. The Executive 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 as set forth defined above, in Schedule A and as determined by the applicable years of service at the time of disability, for fifteen (15) 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 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. The Employer agrees that Notwithstanding the foregoing, if the Executive shall die before receiving all of chooses to elect the one hundred eighty (180) monthly payments described in this paragraph 4.2, the Employer 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 becoming Disabled and prior to being paid benefits pursuant to the prior paragraph, the Employer will pay to Executive's designated beneficiary the Annual Benefit, with the Applicable Percentage as Retirement payout option set forth in Schedule A and as determined by the applicable years of service at the time of disabilityParagraph 3 hereof, for a period of (15) years in equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the date of Executive's death. If a valid Beneficiary Designation is not in place, then the payments due to 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 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 terms of the Executive's estateParagraph 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) 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 but not actively employed by the Employer but shall not add applicable years of service for the purpose of determining the Annual BenefitEmployer; and (ii) be entitled to be paid the Annual Benefit, with the Applicable Percentage as set forth defined above, in Schedule A and as determined by the applicable years of service at the time of disabilityequal monthly installments, for a period of fifteen (15) years in one hundred eighty (One Hundred Eighty (180) equal monthly installmentsmonths), 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 '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. The Employer agrees that For purposes of this Paragraph, the Annual Benefit amount shall be determined by reference to the earlier of the following dates: (1) the first day of the month in which the Executive attains sixty (60) 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. Notwithstanding the foregoing, if the Executive shall die before receiving all of chooses to elect either the one hundred eighty (180) monthly payments described in this paragraph 4.2, the Employer 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 becoming Disabled and prior to being paid benefits pursuant to the prior paragraph, the Employer will pay to Executive's designated beneficiary the Annual Benefit, with the Applicable Percentage as Retirement payout option set forth in Schedule A 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 determined by the applicable years of service case may be, provided that the Executive does, in fact, Retire from all employment responsibilities with the Employer at the time of disability, for a period of (15) years in equal monthly installments, with each installment to be paid on the first day of each month, beginning with the month following the date of Executive's death. If a valid Beneficiary Designation is not in place, then the payments due to the Executive under his executing 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 the Executive's estateelection.