Upon Termination for Disability Clause Samples

Upon Termination for Disability. Upon termination of the Executive's employment because of Disability, the Corporation will provide the following:
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Upon Termination for Disability. If the Employment Period is terminated by reason of Executive's Total Disability, the Company shall: (a) pay Executive the Accrued Base Salary; (b) pay Executive the Accrued Vacation Payment; (c) pay Executive the Accrued Reimbursable Expenses; (d) pay Executive the Accrued Benefits, together with any benefits required to be paid under applicable law, in the event of Executive's Total Disability; (e) pay Executive any annual bonus with respect to a prior fiscal year which has accrued but has not been paid, if any; (f) pay Executive for a period of twelve (12) months from his Termination Date, his Base Salary, provided however, that such amounts shall be offset by any amounts payable under the Company's short-term or long-term disability plans; (g) pay Executive a pro-rated annual bonus based on the current fiscal year's target bonus determined as described in Section 2.2 and adjusted for the period of time from the beginning of the then current fiscal year to the Termination Date; (h) permit Executive to elect continuation medical coverage in accordance with the requirements of COBRA for him and his dependents, and for a period of 12 months from the Termination Date pay the applicable premium for such coverage, except that Executive shall continue to pay the applicable premium Executive would pay if he continued as an active employee of the Company. In the event the period of COBRA coverage paid by the Company under this Section 4.2(h) shall be less than the period mandated under applicable provisions of COBRA, Executive and his dependents shall be entitled to elect to continue coverage at his or her own expense for the remainder of the COBRA continuation period; and (i) permit Executive to exercise all stock options previously granted (whether or not exercisable as of the Termination Date) at any time for the remainder of the original terms of the options as set forth in the stock option agreements, and provide Executive with equivalent value pursuant to Section 2.3(ii) for any of the ungranted options referred to therein at the Termination Date (such ungranted options shall be deemed to have the same terms as the options most recently granted to Executive, provided, however, that the exercise price of such ungranted options shall be deemed to be the fair market value of the Common Stock on the Termination Date).
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Upon Termination for Disability. Employee shall continue to receive the compensation described in Section 3 hereof for a period of three (3) months after the date of termination reduced by any disability payment to which the Employee may be entitled in lieu of such compensation but not by any disability payment for which the Employee has privately contracted without the Company's involvement. At the expiration of the three month period, payment of such compensation pursuant to Section 3 shall cease until such time during the term of this Agreement as Employee may return to his duties under this Agreement. The term "disability" as used herein shall mean a condition which prohibits the Employee from performing his duties in substantially the manner he is capable of such performance on the date of this Agreement for sixty (60) consecutive days or more during any one-year period. If Employee should die before the termination of this Agreement, Employee's compensation under Section 3 hereof shall terminate upon the date of his death.
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Related to Upon Termination for Disability

  • Termination for Disability (a) If, as a result of Executive's incapacity due to physical or mental illness, he shall have been absent from his duties with the Bank or the Company on a full-time basis for six (6) consecutive months, and within thirty (30) days after written notice of potential termination is given he shall not have returned to the full-time performance of his duties, the Bank may terminate Executive's employment for "Disability." (b) The Bank will pay Executive, as disability pay, a bi-weekly payment equal to 75% of the Executive's bi-weekly rate of Base Salary on the effective date of such termination. These disability payments shall commence on the effective date of Executive's termination and will end on the earlier of (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 and pursuant to an employment agreement between Executive and the Bank; (ii) Executive's full-time employment by another employer; (iii) Executive attaining a Retirement age as identified in Section 6; or (iv) Executive's death. The disability pay shall be reduced by the amount, if any, paid to the Executive under any plan of the Bank or the Company providing disability benefits to the Executive. (c) The Bank will cause to be continued life, medical, and dental coverage substantially comparable, as reasonable or customarily available, to the coverage maintained by the Bank for Executive prior to his termination for Disability, except to the extent such coverage may be changed in its application to all Bank employees. This coverage shall cease upon the earlier of (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 and pursuant to an employment agreement between Executive and the Bank; (ii) Executive's full-time employment by another employer; (iii) Executive attaining the Retirement age as identified in Section 6; or (iv) Executive's death. (d) Notwithstanding the foregoing, there will be no reduction in the compensation otherwise payable to Executive during any period during which Executive is incapable of performing his duties hereunder by reason of temporary disability.

  • Termination for Death or Disability If the Employee's employment is terminated by death or because of disability pursuant to Section 4.3, the Company shall pay to the estate of the Employee or to the Employee, as the case may be, all sums which would otherwise be payable to the Employee under Section 3 up to the end of the month in which the termination of his employment because of death or disability occurs.

  • 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 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, Social Security disability benefits and the amount of Executive’s Base Salary for the longer of one (1) year following the termination of his employment due to Disability or the remaining term of this Agreement, which shall be payable in accordance with the regular payroll practices of the Bank. (c) 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 his 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) expiration of the remaining term of this Agreement; or (iv) Executive’s death. (d) In the event of Executive’s death during the term of this Agreement, 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 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.

  • Termination by Disability In the event the employment of the Optionee is terminated by reason of Disability, the Option shall become immediately and fully exercisable as of the date the Committee determines the Optionee terminated for Disability and shall remain exercisable at any time prior to the end of the Exercise Term, or for one (1) year after the date of termination, whichever period is shorter.

  • Voluntary Termination; Termination for Cause If Executive’s employment with the Company terminates voluntarily by Executive or for “Cause” by the Company, then (i) all vesting of the Option will terminate immediately and all payments of compensation by the Company to Executive hereunder will terminate immediately (except as to amounts already earned), and (ii) Executive will only be eligible for severance benefits in accordance with the Company’s established policies as then in effect.