Common use of Normal form of payment Clause in Contracts

Normal form of payment. Notwithstanding any other provision hereof, if requested by the Director and approved by the Board of Directors, the Director shall be entitled to receive the Disability Benefit hereunder, in any case in which it is determined by a duly licensed physician selected by the Bank, that the Director is no longer able, properly and satisfactorily, to perform his regular duties as a Director, because of ill health; accident, disability or general inability due to age. If the Director’s service is terminated pursuant to this paragraph and Board of Director approval is obtained, the Director may begin receiving a monthly Disability Benefit in lieu of any Deferred Compensation Benefit, which is not available prior to the Director’s Benefit Eligibility Date. The Disability Benefit shall begin not more than thirty (30) days following the date of Board of Director approval of such benefit. The amount of the monthly benefit shall be the annuitized value (using the Interest Factor) of the Director’s Elective Contribution Account, measured initially as of the date of such disability determination, and re-annuitized at the beginning of each calendar year thereafter, using the interest Factor in effect at such time as adjusted pursuant to Subsection 1.16. The Elective Contribution Account shall be payable in monthly installments throughout the Payout Period. In the event the Director dies while receiving payments pursuant to this Subsection, or after becoming eligible for such payments but before the actual commencement of such payments, his Beneficiary shall be entitled to receive those benefits provided for in Subsection 5.1(a)(1) and the Disability Benefits provided for in this Subsection shall terminate upon the Director’s death.

Normal form of payment. Notwithstanding any other provision hereof, if requested by the Director Executive and approved by the Board of Directors, the Director Executive shall be entitled to receive the Disability Benefit hereunder, in any case in which it is determined by a duly licensed physician selected by the Bank, that the Director Executive is no longer able, properly and satisfactorily, to perform his regular duties as a Directoran Executive, because of ill health; , accident, disability or general inability due to age. If the DirectorExecutive’s service is terminated pursuant to this paragraph and Board of Director approval is obtained, the Director Executive may begin receiving a monthly Disability Benefit in lieu of any Deferred Compensation Benefit, which is not available prior to the DirectorExecutive’s Benefit Eligibility Date. The Disability Benefit shall begin not more than thirty (30) days following the date of Board of Director approval of such benefit. The amount of the monthly benefit shall be the annuitized value (using the Interest Factor) of the DirectorExecutive’s Elective Contribution Account, measured initially as of the date of such disability determination, and re-annuitized at the beginning of each calendar year thereafter, using the interest Interest Factor in effect at such time as adjusted pursuant to Subsection 1.161.17. The Elective Contribution Account shall be payable in monthly installments throughout the Payout Period. In the event the Director Executive dies while receiving payments pursuant to this Subsection, or after becoming eligible for such payments but before the actual commencement of such payments, his Beneficiary shall be entitled to receive those benefits provided for in Subsection 5.1(a)(1) and the Disability Benefits provided for in this Subsection shall terminate upon the DirectorExecutive’s death.