Common use of Termination as a Result of Disability Clause in Contracts

Termination as a Result of Disability. If this Agreement and Executive’s employment under this Agreement are terminated due to Executive becoming Totally Disabled, then Executive shall be entitled to receive: (a) a pro rata share of Executive’s Base Salary and any other compensation, in each case, earned through the Termination Date, (b) subject to the terms and conditions of any applicable Plans, such stock options, share awards, and grants as shall have fully vested before the Termination Date, and (c) subject to Section 2.9, a lump sum payment in an amount equal to Executive’s Base Salary that would have otherwise been payable to Executive if he had continued in active employment with the Company until the shorter of (i) six (6) months or (ii) the date benefits become payable to Executive under the terms of the Company’s disability policy.

Appears in 2 contracts

Sources: Employment Agreement (Newpark Resources Inc), Employment Agreement (Newpark Resources Inc)