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, 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 for fifteen (15) years, as determined by the applicable years of service at the time of Disability 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. Upon Executive’s death, no further payments will be made under this Article 4.02. XXXXX XXXXXXXXXX & LONG PC

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, 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 for fifteen (15) years, as determined by the applicable years of service at the time of Disability 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. Upon Executive’s death, no further payments will be made under this Article 4.02. XXXXX XXXXXXXXXX & LONG PC.