Secondary Disability Benefits. The Bank shall pay to Executive a monthly disability benefit equal to sixty percent (60%) of his monthly salary at the time he became Disabled. Payment of such disability benefit shall commence on the last day of the month following the month for which the final payment under paragraph 7(a) was made and cease with the earliest of (i) the payment for the month in which Executive dies, or (ii) the payment for the twelfth (12th) calendar month following notice of termination pursuant to paragraph 7(a), or (iii) the payment for the month immediately preceding the date Executive is no longer Disabled, or (iv) Executive retires on or after attaining age 65.
Appears in 5 contracts
Samples: Employment Agreement (Ameriana Bancorp), Employment Agreement (Ameriana Bancorp), Employment Agreement (Ameriana Bancorp)
Secondary Disability Benefits. The Bank shall pay to Executive a monthly disability benefit equal to sixty percent (60%) of his monthly salary at the time he became Disabled. Payment of such disability benefit shall commence on the last day of the month following the month for which the final payment under paragraph 7(a) was made and cease with the earliest of (i) the payment for the month in which Executive dies, or (ii) the payment for the twelfth (12th) calendar month following notice of termination pursuant to paragraph 7(a), or (iii) the payment for the month immediately preceding the date Executive is no longer Disabled, or (iv) Executive retires on or after attaining age 65.
Appears in 3 contracts
Samples: Employment Agreement (Ameriana Bancorp), Employment Agreement (Ameriana Bancorp), Employment Agreement (Ameriana Bancorp)
Secondary Disability Benefits. The Bank shall pay to Executive a monthly disability benefit equal to sixty percent (60%) of his her monthly salary at the time he she became Disabled. Payment of such disability benefit shall commence on the last day of the month following the month for which the final payment under paragraph 7(a) was made and cease with the earliest of (i) the payment for the month in which Executive dies, or (ii) the payment for the twelfth (12th) calendar month following notice of termination pursuant to paragraph 7(a), or (iii) the payment for the month immediately preceding the date Executive is no longer Disabled, or (iv) Executive retires on or after attaining age 65.
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