Common use of By Reason of Death or Disability Clause in Contracts

By Reason of Death or Disability. If the Executive incurs a separation from service with the Company by reason of his death or Disability pursuant to Section 7(a) or 7(b) above, then the Company shall pay to the Executive (or his estate, as appropriate) (i) his then current Base Salary through the termination date, (ii) employee benefits in accordance with terms of the applicable plan documents, and (iii) any earned and unpaid cash bonuses for any previously completed bonus years (clauses (i) through (iii) collectively, the “Accrued Obligations”), within thirty (30) days after the date of separation from service. In addition, if the Executive incurs a separation from service with the Company by reason of his death or Disability pursuant to Section 7(a) or 7(b) above, then the Company shall pay to the Executive (or his estate, as appropriate) within 2-1/2 months following the fiscal year in which such separation of service occurs an amount equal to a pro rata share of the Executive’s cash bonus for the fiscal year in which such separation from service occurs based on actual performance for such fiscal year (without regard to the requirement to be employed on the payment date) in an amount equal to the Executive’s bonus multiplied by the number of days the Executive was employed by the Company in such fiscal year divided by three hundred and sixty-five (365) (the “Pro Rata Bonus”). Thereafter, the Company shall have no further obligations to the Executive.

Appears in 2 contracts

Samples: Employment Agreement (F&G Annuities & Life, Inc.), Employment Agreement (FGL Holdings)

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By Reason of Death or Disability. If the Executive incurs a separation from service with the Company by reason of his death or Disability pursuant to Section 7(a) or 7(b) above, then the Company shall pay to the Executive (or his estate, as appropriate) (i) his then current Base Salary through the termination date, (ii) employee benefits in accordance with terms of the applicable plan documents, and (iii) any earned and unpaid cash bonuses for any previously completed bonus years (clauses (i) through (iii) collectively, the “Accrued Obligations”), within thirty (30) days after the date of separation from service. In addition, if the Executive incurs a separation from service with the Company by reason of his death or Disability pursuant to Section 7(a) or 7(b) above, then the Company shall pay to the Executive (or his estate, as appropriate) within 2-1/2 months by the March 15 following the fiscal year in which such separation of service occurs an amount equal to a pro rata share of the Executive’s cash bonus for the fiscal year in which such separation from service occurs based on actual performance for such fiscal year (without regard to the requirement to be employed on the payment date) in an amount equal to the Executive’s bonus multiplied by the number of days the Executive was employed by the Company in such fiscal year divided by three hundred and sixty-five (365) (the “Pro Rata Bonus”). Thereafter, the Company shall have no further obligations to the Executive.

Appears in 2 contracts

Samples: Employment Agreement (F&G Annuities & Life, Inc.), Employment Agreement (FGL Holdings)

By Reason of Death or Disability. If the Executive incurs a separation from service with the Company by reason of his death or Disability pursuant to Section 7(a) or 7(b) above, then the Company shall pay to the Executive (or his estate, as appropriate) (i) his then current Base Salary through the termination date, (ii) employee benefits in accordance with terms any accrued but unused vacation days as of the applicable plan documentstermination date, and (iii) any earned and unpaid cash bonuses for any previously completed bonus years (clauses (i) through (iii) collectively, the “Accrued Obligations”), within thirty (30) days after the date of separation from service. In addition, subject to Section 8(f) below, if the Executive incurs a separation from service with the Company by reason of his death or Disability pursuant to Section 7(a) or 7(b) above, then the Company shall pay to the Executive (or his estate, as appropriate) within 2-1/2 months by the March 15th following the fiscal year in which such separation of service occurs an amount equal to a pro rata share of the Executive’s cash bonus for the fiscal year in which such separation from service occurs based on actual performance for such fiscal year (without regard to but not including the requirement to be employed on the payment date) in an amount equal to the Executive’s bonus multiplied by the number of days the Executive was employed by the Company in such fiscal bonus year divided by three hundred and sixty-five (365) 365 (the “Pro Rata Bonus”). Thereafter, the Company shall have no further obligations to the Executive.

Appears in 1 contract

Samples: Employment Agreement (Fidelity & Guaranty Life)

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By Reason of Death or Disability. If the Executive incurs a separation from service with the Company by reason of his death or Disability pursuant to Section 7(a) or 7(b) above, then the Company shall pay to the Executive (or his estate, as appropriate) (i) his then current Base Salary through the termination date, (ii) employee benefits in accordance with terms any accrued but unused vacation days as of the applicable plan documentstermination date, and (iii) any earned and unpaid cash bonuses for any previously completed bonus years (clauses (i) through (iii) collectively, the “Accrued Obligations”), within thirty (30) days after the date of separation from service. In addition, subject to Section 8(g) below, if the Executive incurs a separation from service with the Company by reason of his death or Disability pursuant to Section 7(a) or 7(b) above, then the Company shall pay to the Executive (or his estate, as appropriate) within 2-1/2 months by the March 15th following the fiscal year in which such separation of service occurs an amount equal to a pro rata share of the Executive’s cash bonus for the fiscal year in which such separation from service occurs based on actual performance for such fiscal year (without regard to but not including the requirement to be employed on the payment date) in an amount equal to the Executive’s bonus multiplied by the number of days the Executive was employed by the Company in such fiscal bonus year divided by three hundred and sixty-five (365) 365 (the “Pro Rata Bonus”). Thereafter, the Company shall have no further obligations to the Executive.

Appears in 1 contract

Samples: Employment Agreement (Fidelity & Guaranty Life)

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