Common use of Upon Disability and Change in Control Clause in Contracts

Upon Disability and Change in Control. Upon Director’s Disability or upon a Change in Control, the Applicable Percentage shall be advanced to One Hundred Percent (100%). In the event of Director’s Disability, then Director shall be entitled to be paid an annual Director Benefit equal to a One Hundred Percent (100%) Applicable Percentage of the Director Benefit based on Years of Service [i.e. AP% X ($1,000 X Years of Service)]. Payment of the annual amount shall be made in twelve (12) substantially equal monthly installments on the first day of each month, with payments commencing the month following the month in which Director becomes Disabled and continuing monthly thereafter until Director’s death (with 2% annual increase). In the event of a Change in Control, then Director shall be entitled to be paid an annual Director Benefit equal to a One Hundred Percent (100%) Applicable Percentage of the Director Benefit based on Years of Service [i.e. AP% X ($1,000 X Years of Service)]. Payment of the annual amount shall be made in twelve (12) substantially equal monthly installments on the first day of each month, with payments commencing the month following the month in which Director Separates From Service and continuing monthly thereafter until Director’s death (with 2% annual increase).

Upon Disability and Change in Control. Upon Director’s Disability or upon a Change in Control, the Applicable Percentage shall be advanced to One Hundred Percent (100%). In the event of Director’s Disability, then Director shall be entitled to be paid an annual Director Benefit equal to a One Hundred Percent (100%) Applicable Percentage of the Director Benefit based on Years of Service [i.e. AP% X ($1,000 X Years of Service)]. Payment of the annual amount shall be made in twelve (12) substantially equal monthly installments on the first day of each month, with payments commencing the month following the month in which Director becomes Disabled and continuing monthly thereafter until Director’s death (with 2% annual increase). In the event of a Change in Control, then Director shall be entitled to be paid an annual Director Benefit equal to a One Hundred Percent (100%) Applicable Percentage of the Director Benefit based on Years of Service [i.e. AP% X ($1,000 X Years of Service)]. Payment of the annual amount shall be made in twelve (12) substantially equal monthly installments on the first day of each month, with payments commencing the later of the following: (i) the month following the month in which Director Separates From Service and continuing or (ii) Director’s attainment of the Early Retirement Age. Payments shall continue monthly thereafter until Director’s death (with 2% annual increase).