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 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 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 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; (iii) one (1) year following the termination of the Executive's employment due to Disability; or (iv) Executive's death. 7 (d) 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.
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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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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; Employer; 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 on for Disability. Upon the determination that Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days. (b) The Executive shall be entitled to receive benefits under all short-term any short or long-term long term disability plans plan maintained by the Bank for its executives. Employer. To the extent such benefits are less than the Executive's Base Salary, the Bank shall Employer will pay Executive an amount equal to the difference between such disability plan benefits and the amount of Executive's Base Salary for the longer of (i) the remaining term of the Agreement or (ii) one (1) year following the his termination of the Executive's employment due to Disability, which Disability. Any payments required hereunder shall be payable in accordance with monthly installments and shall commence within 30 days following the regular payroll practices of the Bank. date on which Executive is determined to be Disabled. (c) In addition to Section 6(b), the Bank shall The Employer will cause to be continued life insurance and non-taxable medical medical, dental and dental vision coverage substantially comparable, as reasonably reasonable or customarily available, to the coverage maintained by the Bank Employer 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 Employer employees or not available on an individual basis to an employee terminated based on for Disability. This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time employment of the Bank; Employer; (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. If the Bank cannot provide one or more of the benefits set forth in this paragraph because Executive is no longer an employee, and applicable rules and regulations (including, but not limited to the Affordable Care Act) prohibit such benefits or the payment of such benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such 7 determination. Such cash payment shall be made in a lump sum within 30 days after the later of Executive's date of termination or the effective date of the rules or regulations prohibiting such benefits or subjecting the Bank to penalties. (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, and the Bank shall Employer will continue to provide non-taxable medical medical, dental, vision and dental other insurance benefits normally provided for Executive's family (in accordance with its customary co-pay percentages) for twelve (12) months one (1) year after Executive's death. If the Bank cannot provide one or more of the benefits set forth in this paragraph because Executive is no longer an employee, and applicable rules and regulations (including, but not limited to the Affordable Care Act) prohibit such benefits or the payment of such benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such determination. Such cash payment shall be made in a lump sum within 30 days after the later of Executive's date of termination or the effective date of the rules or regulations prohibiting such benefits or subjecting the Bank to penalties. Such payments are in addition to any other life insurance benefits that the Executive's beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank Employer for the benefit of the Executive, including, but not limited to, the Bank's Employer'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 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; Employer; 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 on for Disability. Upon the determination that Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days. (b) The Executive shall be entitled to receive benefits under all short-term any short or long-term long term disability plans plan maintained by the Bank for its executives. Employer. To the extent such benefits are less than the Executive's Base Salary, the Bank shall Employer will pay Executive an amount equal to the difference between such disability plan benefits and the amount of Executive's Base Salary for the longer of (i) the remaining term of the Agreement or (ii) one (1) year following the his termination of the Executive's employment due to Disability, which Disability. Any payments required hereunder shall be payable in accordance with monthly installments and shall commence within 30 days following the regular payroll practices of the Bank. date on which Executive is determined to be Disabled. (c) In addition to Section 6(b), the Bank shall The Employer will cause to be continued life insurance and non-taxable medical medical, dental and dental vision coverage substantially comparable, as reasonably reasonable or customarily available, to the coverage maintained by the Bank Employer 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 Employer employees or not available on an individual basis to an employee terminated based on for Disability. This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time employment of the Bank; Employer; (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. If the Bank cannot provide one or more of the benefits set forth in this paragraph because Executive is no longer an employee, and applicable rules and regulations (including, but not limited to the Affordable Care Act) prohibit such benefits or the 7 payment of such benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such determination. Such cash payment shall be made in a lump sum within 30 days after the later of Executive's date of termination or the effective date of the rules or regulations prohibiting such benefits or subjecting the Bank to penalties. (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, and the Bank shall Employer will continue to provide non-taxable medical medical, dental, vision and dental other insurance benefits normally provided for Executive's family (in accordance with its customary co-pay percentages) for twelve (12) months one (1) year after Executive's death. Such payments are in addition to any other life insurance benefits that the Executive's beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank Employer for the benefit of the Executive, including, but not limited to, the Bank's Employer's tax-qualified retirement plans. plans and the Executive Salary Continuation Agreement (SERP). If the Bank cannot provide one or more of the benefits set forth in this paragraph because Executive is no longer an employee, and applicable rules and regulations (including, but not limited to the Affordable Care Act) prohibit such benefits or the payment of such benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such determination. Such cash payment shall be made in a lump sum within 30 days after the later of Executive's date of termination or the effective date of the rules or regulations prohibiting such benefits or subjecting the Bank to penalties.
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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 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; Bank; 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 on for Disability. Upon the determination that Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days. (b) The Executive shall be entitled to receive benefits under all short-term any short or long-term long term disability plans plan maintained by the Bank for its executives. Bank. To the extent such benefits are less than the Executive's Base Salary, the Bank shall will pay Executive an amount equal to the difference between such disability plan benefits and the amount of Executive's Base Salary for the longer of (i) the remaining term of the Agreement or (ii) one (1) year following the his termination of the Executive's employment due to Disability, which Disability. Any payments required hereunder shall be payable in accordance with monthly installments and shall commence within 30 days following the regular payroll practices of the Bank. date on which Executive is determined to be Disabled. (c) In addition to Section 6(b), the The Bank shall will cause to be continued life insurance and non-taxable medical medical, dental and dental vision 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 for 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; (iii) one (1) year following Executive attaining the termination age of the Executive's employment due to Disability; 65; or (iv) Executive's death. If the Bank cannot provide one or more of the benefits set forth in this paragraph because Executive is no longer an employee, and applicable rules and regulations (including, but not limited to the Affordable Care Act) prohibit such benefits or the payment of such benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such determination. Such cash payment shall be made in a lump sum within 30 days after the later of Executive's date of termination or the effective date of the rules or regulations prohibiting such benefits or subjecting the Bank to penalties. 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, and the Bank shall will continue to provide non-taxable medical medical, dental, vision 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. If the Bank cannot provide one or more of the benefits set forth in this paragraph because Executive is no longer an employee, and applicable rules and regulations (including, but not limited to the Affordable Care Act) prohibit such benefits or the payment of such benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such determination. Such cash payment shall be made in a lump sum within 30 days after the later of Executive's date of termination or the effective date of the rules or regulations prohibiting such benefits or subjecting the Bank to penalties. Such payments are in addition to any other life insurance benefits that the Executive's beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank for the benefit of the Executive, including, but not limited to, the Bank's tax-qualified retirement plans.
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Termination for Disability or Death. (a)
The provisions of Sections 6(b) and 6(c) shall apply upon the termination of the Executive's employment based on Disability. Section 6(d) shall apply in the event of the Executive's death during the term of this Agreement. (b) 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 medic
...ally 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 Association 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) (c) Upon the termination of the Executive's employment due to Disability, Executive shall be entitled to receive benefits under all any short-term or long-term disability plans plan maintained by the Bank for its executives. Association. To the extent such benefits are less than eighty percent (80%) of Executive's Base Salary, the Bank Association shall pay Executive an amount equal to the difference between such disability plan benefits and the amount eighty percent (80%) of Executive's Base Salary for one (1) year 7 following the termination of the Executive's his 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 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; (iii) one (1) year following the termination of the Executive's employment due to Disability; or (iv) Executive's death. 7 Association. (d) 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 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 receive any other life insurance benefits that Executive's beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank Association for the benefit of Executive, including, but not limited to, the Bank's tax-qualified retirement plans. Executive. To the extent such benefits are less than twelve (12) months of Executive's Base Salary, the Association shall pay an amount equal to the difference between such life insurance benefits and twelve months of Executive's Base Salary by lump sum within thirty (30) days of the date of death.
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Termination for Disability or Death. (a)
Termination of The Bank or Executive may terminate Executive's employment
based on after having established Executive's Disability. For purposes of this Agreement, "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 continu
...ous 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; Bank; or (iii) Executive is determined to be totally disabled by the Social Security Administration. The provisions As a condition to any benefits, the Chief Executive Officer may require Executive to submit to such physical or mental evaluations and tests as the Chief Executive Officer deems reasonably appropriate, at the Bank's expense. In the event 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 such Disability, disability payments hereunder shall commence within thirty (30) days. (b) Executive shall be entitled to receive benefits under all short-term any short or long-term disability plans plan maintained by the Bank for its executives. Bank. To the extent that 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 the remaining term of the Agreement, following the termination of the Executive's employment due to Disability, which Disability. Accordingly, any payments required hereunder shall commence within thirty (30) days from the Date of Termination due to Disability and 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 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; (iii) one (1) year following the termination of the Executive's employment due to Disability; or (iv) Executive's death. 7 (d) monthly installments. (b) In the event of Executive's death during the term of this Agreement, the Executive's his estate, legal representatives or named beneficiary or beneficiaries (as directed by Executive in writing) shall be paid Executive's Base Salary Salary, at the rate in effect at the time of Executive's death in accordance with for the regular payroll practices remainder of the Bank for a period of one (1) year from then-current term, which payments shall commence within thirty days following 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.
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Termination for Disability or Death. (a)
The provisions of Sections 6(b) and 6(c) shall apply upon the termination of the Executive's employment based on Disability. Section 6(d) shall apply in the event of the Executive's death during the term of this Agreement. (b) 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 medic
...ally 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 Association 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) (c) Upon the termination of the Executive's employment due to Disability, Executive shall be entitled to receive benefits under all any short-term or long-term disability plans plan maintained 7 by the Bank for its executives. Association. To the extent such benefits are less than eighty percent (80%) of Executive's Base Salary, the Bank Association shall pay Executive an amount equal to the difference between such disability plan benefits and the amount eighty percent (80%) of Executive's Base Salary for one (1) year following the termination of the Executive's her 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 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; (iii) one (1) year following the termination of the Executive's employment due to Disability; or (iv) Executive's death. 7 Association. (d) In the event of Executive's death during the term of this Agreement, the Executive's her 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 receive any other life insurance benefits that Executive's beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank Association for the benefit of Executive, including, but not limited to, the Bank's tax-qualified retirement plans. Executive. To the extent such benefits are less than twelve (12) months of Executive's Base Salary, the Association shall pay an amount equal to the difference between such life insurance benefits and twelve months of Executive's Base Salary by lump sum within thirty (30) days of the date of death.
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Termination for Disability or Death. (a)
The provisions of Sections 6(b) and 6(c) shall apply upon the termination of the Executive's employment based on Disability. Section 6(d) shall apply in the event of the Executive's death during the term of this Agreement. (b) 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 medic
...ally 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 Association 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) (c) Upon the termination of the Executive's employment due to Disability, Executive shall be entitled to receive benefits under all any short-term or long-term disability plans plan maintained by the Bank for its executives. Association. To the extent such benefits are less than eighty percent (80%) of Executive's Base Salary, the Bank Association shall pay Executive an amount equal to the difference between such disability plan benefits and the amount eighty percent (80%) of Executive's Base Salary for one (1) year following the termination of the Executive's her 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 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; (iii) one (1) year following the termination of the Executive's employment due to Disability; or (iv) Executive's death. 7 Association. -7- (d) In the event of Executive's death during the term of this Agreement, the Executive's her 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 receive any other life insurance benefits that Executive's beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank Association for the benefit of Executive, including, but not limited to, the Bank's tax-qualified retirement plans. Executive. To the extent such benefits are less than twelve (12) months of Executive's Base Salary, the Association shall pay an amount equal to the difference between such life insurance benefits and twelve months of Executive's Base Salary by lump sum within thirty (30) days of the date of death.
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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 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 5 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 she was employed prior to her 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 her 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 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 she was employed prior to her 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 her 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 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 her 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 her 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 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 her 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 6 (d) In the event of Executive's death during the term of this the Agreement, the Executive's her 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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