Common use of TERMINATION FOR DISABILITY OR DEATH Clause in Contracts

TERMINATION FOR DISABILITY OR DEATH. (a) Termination of Executive’s employment based on “Disability” shall be construed to comply with Section 409A of the Internal Revenue Code and shall be deemed to have occurred if: (i) Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than twelve (12) months; (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than twelve (12) months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Employer; or (iii) Executive is determined to be totally disabled by the Social Security Administration. Upon the termination of Executive’s employment based on Disability, Executive shall be entitled to receive benefits in accordance with the terms and provisions of under all short-term and/or long-term disability plans maintained by the Employer for its executives. (b) In the event of Executive’s death during the term of this Agreement, Executive’s estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be entitled to any other rights, compensation and/or benefits as may be due to Executive following death to which Executive is otherwise entitled in accordance with the terms and provisions of any plans or programs of the Employer.

TERMINATION FOR DISABILITY OR DEATH. (a) Termination of Executive’s employment based on “Disability” shall be construed to comply with Section 409A of the Internal Revenue Code and shall be deemed to have occurred if: (i) Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than twelve (12) months; (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than twelve (12) months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Employer; or (iii) Executive is determined to be totally disabled by the Social Security Administration. Upon the termination of Executive’s employment based on Disability, Executive shall be entitled to receive benefits in accordance with the terms and provisions of under all short-term and/or long-term disability plans maintained by the Employer for its executives. (b) In the event of Executive’s death during the term of this Agreement, Executive’s his or her estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be entitled to any other rights, compensation and/or benefits as may be due to Executive following death to which Executive is otherwise entitled in accordance with the terms and provisions of any plans or programs of the Employer.

TERMINATION FOR DISABILITY OR DEATH. (a) Termination of Executive’s employment based on “Disability” shall be construed to comply with Section 409A of the Internal Revenue Code and shall be deemed to have occurred if: (i) Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than twelve (12) months; (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than twelve (12) months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Employer; or (iii) Executive is determined to be totally disabled by the Social Security Administration. Upon the termination of Executive’s employment based on Disability, Executive shall be entitled to receive benefits in accordance with the terms and provisions of under all short-term and/or long-term disability plans maintained by the Employer for its executives. (b) In the event of Executive’s death during the term of this Agreement, Executive’s his or her estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be entitled to any other rights, compensation and/or benefits as may be due to Executive following death to which Executive is otherwise entitled in accordance with the terms and provisions of any plans or programs of the Employer.

TERMINATION FOR DISABILITY OR DEATH. (a) Termination of The Bank may terminate the Executive’s employment based on due to the Executive’s Disability. The Executive shall be treated as experiencing a “Disability” shall be construed upon the earliest to comply with Section 409A occur of the Internal Revenue Code and shall be deemed to have occurred iffollowing: (i) the Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than twelve (12) 12 months; (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than twelve (12) 12 months, the Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the EmployerBank; or (iii) the Executive is determined to be totally disabled by the Social Security Administration. Upon In the termination event of such Disability, the Executive’s employment based on Disability, obligation to perform services under this Agreement will terminate and the Executive shall be entitled to receive benefits in accordance with the terms and provisions of under all short-term and/or long-term any disability plans maintained program that may be sponsored by the Employer for its executivesCompany or the Bank at the time of such Disability. (b) In the event of the Executive’s death during the term of this Agreement, the Bank shall be obligated to pay Executive’s estatedesignated beneficiary his accrued and unpaid Base Salary, legal representatives or named beneficiaries (as directed by Executive any accrued and upaid vacation and his earned Cash Bonus for the year in writing) which he dies prorated on a per diem basis through the date of death. Such amounts shall be entitled payable to any other rightsthe persons designated in writing by Executive, compensation and/or benefits as may be due or if none, to Executive following death to which Executive is otherwise entitled in accordance with the terms and provisions of any plans or programs of the Employerhis estate.