Common use of Termination due to Death or Total Disability Clause in Contracts

Termination due to Death or Total Disability. If Executive's employment is terminated due to his death or Total Disability, Executive (or his estate) shall be entitled to: (a) any unpaid salary and other benefits which have accrued for services already performed as of the date the termination of Executive's employment becomes effective and, in the event of Total Disability, benefits in accordance with the Company's disability plan; (b) pro-rata annual bonus for the year of termination based on the target bonus (based on number of days employed divided by 365); (c) in the case of Total Disability, the continuation of the benefits described in Subsections 5.7(a), (b), (c), and (d) above for a period of twelve (12) months, or a lump sum payment to Executive of the economic equivalent to the extent plans do not permit his continued participation, provided that such benefits shall cease to the extent Executive becomes covered under the plans of a new employer (in which case, Executive shall return to the Company a pro rata portion of any lump sum payment made by the Company in lieu of continuing the benefits).

Appears in 1 contract

Sources: Employment Agreement (Ydi Wireless Inc)

Termination due to Death or Total Disability. If Executive's ’s employment is terminated due to his death or Total Disability, Executive (or his estate) shall be entitled to: (a) any unpaid salary and other benefits which have accrued for services already performed as of the date the termination of Executive's ’s employment becomes effective and, in the event of Total Disability, benefits in accordance with the Company's ’s disability plan; (b) pro-rata annual bonus for the year of termination based on the target bonus (based on number of days employed divided by 365); (c) in the case of Total Disability, the continuation of the benefits described in Subsections 5.7(a), (b), (c), and (d) above for a period of twelve (12) months, or a lump sum payment to Executive of the economic equivalent to the extent plans do not permit his continued participation, provided that such benefits shall cease to the extent Executive becomes covered under the plans of a new employer (in which case, Executive shall return to the Company a pro rata portion of any lump sum payment made by the Company in lieu of continuing the benefits).

Appears in 1 contract

Sources: Employment Agreement (Proxim Wireless Corp)