Termination for Disability or Death. (a) Termination of Executive's employment based on "Disability" shall be construed to comply with
Section Code section 409A
of the Internal Revenue Code and shall be deemed to have occurred
if: if (i)
the Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
that which can be expected to result in death, or last for a continuous period of not less than 12 months; (ii) by reason of any medically determinable physica
...l or mental impairment that which can be expected to result in death, or last for a continuous period of not less than 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 Bank or the Company; or (iii) the Executive is determined to be totally disabled by the Social Security Administration. The provisions of Sections paragraph 6(b) and (c) shall apply upon the termination of the Executive's employment based for Disability. (b) The Bank will pay Executive, as Disability pay, a bi-weekly payment equal to seventy-five percent (75%) of Executive's bi-weekly rate of Base Salary commencing on Disability. Upon the determination that date the Executive has suffered a Disability, disability is determined to be Disabled. These Disability payments hereunder shall commence within thirty (30) days. (b) will be paid bi-weekly and will end on the earlier (i) the date Executive returns to the full-time employment of the Bank in the same capacity as he was employed prior to his termination for Disability; (ii) Executive's full-time employment by another employer; (iii) Executive attains the age of 65; or (iv) Executive's death. The Disability pay shall be entitled to receive benefits under all short-term or long-term disability plans maintained reduced by the Bank for its executives. To the extent such benefits are less than Executive's Base Salary, amount, if any, paid to Executive under any plan of the Bank shall pay Executive an amount equal or the Company providing disability benefits to the difference between such disability plan benefits and the amount of Executive's Base Salary for one (1) year following the termination of the Executive's employment due to Disability, which shall be payable in accordance with the regular payroll practices of the Bank. Executive. (c) In addition to Section 6(b), the The Bank shall will cause to be continued life insurance and non-taxable medical and dental coverage substantially comparable, as reasonably reasonable or customarily available, to the coverage maintained by the Bank for Executive prior to the his termination of the Executive's employment based on for Disability, except to the extent such coverage may be changed in its application to all Bank employees or not available on an individual basis to an employee terminated based on termination for Disability. This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time employment of the Bank; Bank in the same capacity as he was employed prior to his termination for Disability; (ii) Executive's full-time employment by another employer; (iii) one (1) year following Executive attaining the termination age of the Executive's employment due to Disability; 65; or (iv) Executive's death. 7 (d) In the event of Executive's death during the term of this the Agreement, the Executive's his estate, legal representatives or named beneficiaries (as directed by Executive executive in writing) shall be paid Executive's Base Salary as defined in paragraph 3(a) at the rate in effect at the time of Executive's death in accordance with the regular payroll practices of the Bank for a period of one (1) year from the date of Executive's death, death in accordance with regular payroll practices, and the Bank shall will continue to provide non-taxable medical medical, dental and dental other insurance benefits normally provided for Executive's family (in accordance with its customary co-pay percentages) for twelve (12) months one year after Executive's death. Such payments are in addition to any other life insurance benefits that Executive's beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank for the benefit of Executive, including, but not limited to, the Bank's tax-qualified retirement plans.
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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 12
months; (ii) by reason of any medically determinable physical or mental impairment tha...t can be expected to result in death, or last for months, and as a continuous period of not less than 12 months, result, 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 Bank or the Company; or (iii) (ii) Executive is determined to be totally disabled by the Social Security Administration. The provisions of Sections 6(b) and (c) shall apply upon the termination of the Executive's employment based on Disability. Upon the determination that Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days. 7 (b) Executive shall be entitled to receive benefits under all short-term or long-term disability plans maintained by the Bank for its executives. To the extent such benefits are less than Executive's Base Salary, the Bank shall pay Executive an amount equal to the difference between such disability plan benefits and the amount of Executive's Base Salary for one (1) year following the termination of the Executive's employment due to Disability, which shall be payable in accordance with the regular payroll practices of the Bank. (c) In addition to Section 6(b), the The Bank shall cause to be continued life insurance coverage and non-taxable medical and dental coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive and Executive's dependents prior to the termination of the Executive's his employment based on Disability, Disability (in accordance with its customary co-pay percentages), except to the extent such coverage may be changed in its application to all Bank employees or not available on an individual basis to an employee terminated based on Disability. This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time employment of the Bank; (ii) Executive's full-time employment by another employer; or (iii) one (1) year following twelve (12) months from the date of termination of the Executive's employment due based on Disability. Nothing herein shall be construed to Disability; or (iv) Executive's death. 7 (d) prevent Executive from continuing such coverage for the remainder of any applicable COBRA period at his own expense. If participation by the Executive is not permitted under the terms of an applicable plan (i.e., such as a group life insurance plan), the Bank shall provide Executive with reimbursement (payable on a monthly basis) of premiums paid by the Executive to obtain similar benefits for the period specified above; provided, however, that the reimbursement shall not exceed the cost of the monthly premiums for active employees. (c) In the event of Executive's death during the term of this Agreement, the Executive's his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive's Base Salary at the rate in effect at the time of Executive's death in accordance with the regular payroll practices of the Bank for a period of one (1) year six (6) months from the date of Executive's death, and the Bank shall continue to provide non-taxable medical and dental insurance benefits normally provided for Executive's family (in accordance with its customary co-pay percentages) for twelve (12) months after Executive's death. Such payments are in addition to any other life insurance benefits that Executive's beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank for the benefit of Executive, including, but not limited to, the Bank's tax-qualified retirement plans. In addition, the Bank shall continue to provide for twelve (12) months after Executive's death non-taxable medical, dental and other insurance benefits substantially comparable to the coverage maintained by the Bank for Executive's dependents prior to his death (in accordance with the customary co-pay percentages). Nothing herein shall be construed to prevent Executive's eligible dependents from continuing such coverage for the remainder of any applicable COBRA period at their own expense.
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Termination for Disability or Death. (a)
Termination In the event of
the Executive's
termination of employment based on
"Disability" shall be construed to comply with Section 409A disability during the term of
this Agreement, 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 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 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 Bank or the Company; or (iii) Executive is determined to be totally disabled by the Social Security Administration. The provisions of Sections 6(b) and (c) shall apply upon the termination of the Executive's employment based on Disability. Upon the determination that Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days. (b) Executive shall be entitled to receive benefits under all short-term or long-term disability plans maintained by the Bank for its executives. To the extent such benefits are less than Executive's Base Salary, the Bank shall pay Executive an amount equal to the difference between such disability plan benefits and the amount employees. Termination of Executive's Base Salary for one (1) year following the termination of the Executive's employment due to Disability, which shall be payable in accordance with the regular payroll practices of the Bank. (c) In addition to Section 6(b), the Bank shall cause to be continued non-taxable medical and dental coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive prior to the termination of the Executive's employment based on Disability, except "disability" shall be construed to the extent such coverage may be changed in its application to all Bank employees or not available on an individual basis to an employee terminated based on Disability. This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time employment comply with Section 409A of the Bank; (ii) Executive's full-time employment by another employer; (iii) one (1) year following the termination of the Executive's employment due to Disability; or (iv) Executive's death. 7 (d) Internal Revenue Code. (b) In the event of Executive's death during the term of this Agreement, the Executive's estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive's Base Salary at the rate in effect at the time of Executive's death in accordance with the regular payroll practices of the Bank for a period of one (1) year from the date of Executive's death, and the Bank shall continue to provide non-taxable medical and dental insurance benefits normally provided for Executive's family (in accordance with its customary co-pay percentages) for twelve (12) months after Executive's death. Such payments are in addition to any other life insurance benefits that Executive's beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank for the benefit of Executive, including, but not limited to, the Bank's tax-qualified retirement plans. Executive.
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