Benefits Payable Upon Disability Sample Clauses
The "Benefits Payable Upon Disability" clause defines the circumstances under which an individual is entitled to receive financial benefits if they become disabled. Typically, this clause outlines the criteria for qualifying as disabled, the amount and duration of payments, and any waiting periods before benefits begin. For example, it may specify that benefits are paid monthly if the insured cannot perform their job due to illness or injury. The core function of this clause is to provide financial security to individuals who are unable to work because of a disability, thereby mitigating the economic impact of lost income.
Benefits Payable Upon Disability. In the event of the disability (as hereinafter defined) of Executive, the Company shall pay Executive such compensation and other benefits as are then provided under the Compensation Program. As used in this Agreement the term "disability" shall mean the complete inability of Executive to perform his or her duties under this Agreement as determined by an independent physician selected with the approval of the Board of Directors and Executive. In addition, the Company may terminate Executive's employment under this Agreement in the event Executive is disabled for a period exceeding twelve (12) months, in which event Executive will be eligible for any disability insurance benefit then in effect.
Benefits Payable Upon Disability. If the Company terminates the employment of the Executive under subsection 6(a)(ii) by reason of disability, the Company shall pay to the Executive, the amount of long-term disability benefits required to be maintained under subsection 5(d)(ii), if any, for so long as the Executive is disabled and remains entitled to benefits under the LTD Plan. Upon the Date of Termination because of disability, there shall be pro-rata vesting of the Executive's bonus compensation for the year of termination and the Executive shall be paid a pro-rata bonus in a cash lump sum within five days from the Date of Termination, determined by multiplying the bonus paid or payable to the Executive for the prior fiscal year by a fraction, the numerator of which is the number of days from the beginning of the fiscal year in which the Date of Termination occurs until the Date of Termination, and the denominator of which is 365 (a pro-rata bonus determined in this manner is referred to in subsection 7(e)(A)(II) below as a "Pro-Rata Bonus"). Prior to termination for disability, full compensation and benefits shall continue to be provided to the Executive. After the Date of Termination, the Executive's medical coverage under the Company Compensation Plans shall continue to be provided at Company expense in accordance with the applicable Company plans or practices in effect on the Date of Termination.
Benefits Payable Upon Disability. If Employee shall be prevented during the term of this Agreement from properly performing services hereunder by reason of illness or other physical or mental incapacity, Employer shall continue to pay Employee any earned incentive payments as set forth in Section 4 of this Agreement and reimbursement for any unreimbursed business expenses hereunder during the period of Employee's disability; provided, however, that (a) Employee shall not receive such payments after the end of the term of this Agreement, and (b) if Employee is disabled for a period or periods aggregating 90 calendar days, then Employee shall receive the greater of (i) the earned incentive payments as set forth in Section 4 for such 90-day period, provided, however, that Employer's obligations hereunder shall cease and terminate at the end of such 90-day period, and (ii) any amounts Employee is entitled to receive pursuant to any Employer-sponsored benefit plans by virtue of his disability or inability to perform his duties as described in Section 1 herein ("Disability Plans").
Benefits Payable Upon Disability