For Death or Disability Sample Clauses

For Death or Disability. This Agreement shall terminate without notice upon the date of Executive’s death or the date when Executive becomes “completely disabled.” Upon termination of Executive’s employment pursuant to this Section 5.4, Executive or his estate or personal representative, as the case may be, shall be entitled to receive a lump sum payment equal to six (6) months of Executive’s then current annual Base Salary, less applicable withholdings, and payable within one month of the date of termination. For purposes of this Agreement, “completely disabled” shall mean Executive’s physical or mental inability to perform the essential functions of his duties with or without reasonable accommodation for a period of one hundred eighty (180) consecutive days or one hundred eighty (180) days in total within a 365-day period as determined by the Company in its reasonable discretion and in accordance with applicable law.
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For Death or Disability. If Employee's employment is terminated pursuant to Section 3.4, , Employee will be entitled to receive only the payments and benefits specified in Section 4.1.
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For Death or Disability. If Employee’s employment is terminated by reason of the death or disability of Employee:
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For Death or Disability. If the Executive's employment hereunder terminates due to death or Disability, in lieu of any other payments or benefits, he shall be entitled to (A) the payments referred to in Section 5(a) hereof, (B) receive a monthly payment equal to the sum of (i) Executive's then applicable monthly Base Salary on the date of death or on the date of termination for Disability plus (ii) the quotient of the average annual Incentive Bonus paid or payable pursuant to this Agreement for each calendar year completed prior to such termination (such amount for calendar year 2000 being $125,000) divided by twelve (such monthly payment, the "Monthly Severance Payment") payable for eighteen (18) months following such date (the "Benefits Period"), which Monthly Severance Payment shall be paid to the Executive, or his beneficiary or estate, as applicable, during the Benefits Period, and (C) in the case of termination due to Disability, continuation, at the Company's expense, of the Executive's coverage in any group health plan (which may be provided by payment of COBRA continuation coverage premiums), life insurance, long-term disability and other employee benefit plans or programs, to the extent permissible under the terms of such plans or law, at the level in effect on the Executive's date of termination until the end of the Benefits Period (or shall reimburse Executive during the Benefits Period on a monthly basis an amount equal to the after-tax cost incurred by Executive to secure coverage reasonably equivalent to the coverage Executive enjoyed as an employee under such plans and programs immediately prior to the Benefits Period), provided that if the Company can, pursuant to the terms of the Company's health insurance plan, continue Executive's coverage and participation in the Company's health insurance plan as if he were an eligible employee, the last day of the Benefits Period shall be treated as the date of the Executive's termination of employment solely for the purpose of determining the rights of the Executive (and his eligible dependents, if any) to COBRA continuation coverage and if Executive cannot continue to participate in the Company's health insurance plan as if he were an eligible employee, the date of termination shall be treated as the date of Executive's termination of employment for purposes of COBRA continuation coverage.
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For Death or Disability. If the Employee's employment terminates because of the Employee's death or disability, the Company shall not thereafter be obligated to make any further payments of any type or amount pursuant to this Agreement other than (i) any benefits required by Federal or State law; (ii) any accrued and unpaid Base Compensation; (iii) any incentive compensation earned pursuant to subparagraph 4(c)(i) with respect to the First Year (if previously completed) or subparagraph 4(c)(ii) with respect to any previously completed fiscal year which remains unpaid as of such date of termination; and (iv) any amounts to which the Employee may be entitled pursuant to the plans, policies and practices of the Company then in effect. In addition, if the Employee's employment terminates due to his death or disability prior to the end of the First Year or during a fiscal year, the Company shall pay to the Employee (or his legal representative) at the time incentive cash compensation is paid with respect to the First Year or fiscal year in which such termination occurs a pro rata amount of any cash incentive compensation due in respect of the First Year or fiscal year in which such event occurs calculated as if the Employee had been employed for the duration of such First Year or fiscal year, provided, however, that the amount of such incentive compensation shall be proportionately adjusted by multiplying such incentive compensation by a fraction, the numerator of which is the number of days in such First Year or fiscal year prior to the termination of the Employee's employment hereunder and the denominator of which is 365 or 366, as applicable.
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For Death or Disability. If the Company or Metropolitan terminates your employment for Disability (as defined below) or your employment terminates by reason of your death, then, as of the date of such termination, (i) you will receive a lump sum payment equal to one month's base salary, plus a pro rata bonus for the year of termination, less any applicable withholding, (ii) any remaining Company Options will vest and be exercisable in accordance with the terms of the Company's 1998 Stock Option Plan, (iii) any existing Tax Loans will immediately be forgiven, but no new Tax Loan will be made based on such forgiveness, (iv) any unvested Core Awards and unvested Special Awards will immediately be cancelled and forfeited, and (v) except as otherwise provided by applicable law or the terms of applicable benefit plans, you will not receive any other compensation or benefits from the Company or Metropolitan (other than any accrued but unpaid Base Salary and any awarded but unpaid Cash Bonus) after the date of such termination.
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For Death or Disability. If the Executive's employment hereunder terminates due to death or Disability, in lieu of any payments hereunder, he shall be entitled to (A) any accrued but unpaid Base Salary earned through the date of death or Disability, (B) his Base Salary, at the rate in effect on the date of death or Disability (the date of termination of employment), as applicable, for twelve (12) months following such date, payable to the Executive, or his beneficiary or estate, as applicable, (C) any amounts due but unpaid with respect to any prior completed fiscal year, including any Incentive Bonus actually awarded for such year, (D) in the case of termination due to Disability, continue to participate, for twelve (12) months following his date of Disability, in all employee benefit plans maintained by the Company in which he was a participant (or shall receive from the Company the economic equivalent of such coverage in cash). Executive agrees to cooperate with the Company in securing life and disability insurance coverage to fund, or partially fund, the Company's obligations under this Section 5(b).
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Related to For Death or 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.

  • Death or Disability The Executive's employment shall terminate automatically upon the Executive's death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 12(b) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the "Disability Effective Date"), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive's duties. For purposes of this Agreement, "Disability" shall mean the absence of the Executive from the Executive's duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive's legal representative.

  • Upon Death or Disability If the Executive dies, all provisions of Section 3 of this Agreement (other than rights or benefits arising as a result of such death) and the Employment Term shall be automatically terminated; provided, however, that an amount equal to the earned and unpaid Incentive Payments to the date of death and the Standard Termination Payments shall be paid, as described above, to the Executive’s surviving spouse or, if none, the Executive’s estate (as set forth above), and the death benefits under the Company’s employee benefit plans shall be paid to the Executive’s beneficiary or beneficiaries as properly designated in writing by the Executive, in accordance with the Company’s applicable employee benefit plans. If the Executive is unable to perform the essential functions of the Executive’s job under this Agreement, with or without reasonable accommodation, by reason of physical or mental disability or incapacity (“Disability”) and such disability or incapacity shall have continued for any period aggregating six (6) months within any twelve (12) consecutive months, the Company may terminate the Executive’s employment, this Agreement and the Employment Term at any time thereafter. In such event, the Executive shall be entitled to receive the Executive’s normal compensation hereunder during said time of disability or incapacity, and shall thereafter be entitled to receive the “Disability Incentive Payment” (as described in the penultimate sentence of this subsection (b)), payable no later than two and a half (2 1/2) months after the Company terminates the Executive’s employment, and the earned and unpaid Incentive Payments to the date of termination of the Executive’s employment and the Standard Termination Payments, payable as described above. The portion of the payment representing the Disability Incentive Payment shall be paid in a lump sum determined on a net present value basis, using a reasonable discount rate determined by the Board. The Disability Incentive Payment shall be equal to the target Incentive Payment that the Executive would have been eligible to receive for the year in which the Employment Term is terminated multiplied by a fraction, the numerator of which is the number of days in such year before and including the day of termination of the Employment Term and the denominator of which is the total number of days in such year.

  • Retirement, Death or Disability If the Executive’s employment terminates during the Term of this Agreement due to his death, a disability that results in his collection of any long-term disability benefits, or retirement at or after age 62, the Executive (or the beneficiaries of his estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason.

  • Termination by Death or Disability In the event of the death of EMPLOYEE or the inability of EMPLOYEE to perform the obligations described in this Agreement with or without accommodation by reason of disability or some other occurrence beyond the control of either party, and such inability to perform has continued or will continue beyond a reasonable period of time, but not less than 60 days, this Agreement shall terminate as a termination with cause and all future obligations between the parties shall cease upon the termination date reasonably established by LSU, unless otherwise required by law.

  • Termination of Employment Due to Death or Disability If the Executive’s employment is terminated at any time due to his or her death or Disability, this Agreement shall terminate without further obligation by the Company to the Executive, other than the obligation to pay the Accrued Obligations to the Executive or his or her legal representatives.

  • 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.

  • Termination Due to Death or Disability Executive’s employment shall terminate automatically upon Executive’s death. The Company may terminate Executive’s employment immediately upon the occurrence of a Disability, such termination to be effective upon Executive’s receipt of written notice of such termination. Upon Executive’s death or in the event that Executive’s employment is terminated due to Executive’s Disability, Executive or Executive’s estate or Executive’s beneficiaries, as the case may be, shall be entitled to:

  • Termination Upon Death or Disability If Executive dies during the Term, the obligations of the Company to or with respect to Executive shall terminate in their entirety except as otherwise provided under this Section 4.1. If Executive becomes eligible for disability benefits under the Company’s long-term disability plans and arrangements (or, if none, if Executive by virtue of ill health or other disability is unable to perform substantially and continuously the duties assigned to him for at least 120 consecutive or non-consecutive days out of any consecutive 12-month period), the Company shall have the right, to the extent permitted by law, to terminate the employment of Executive upon notice in writing to Executive; provided that the Company will have no right to terminate Executive’s employment if, in the reasonable opinion of a qualified physician acceptable to the Company, it is substantially certain that Executive will be able to resume Executive’s duties on a regular full-time basis within 30 days of the date Executive receives notice of such termination. Upon death or other termination of employment by virtue of disability in accordance with this Section 4.1, Executive (or Executive’s estate or beneficiaries in the case of the death of Executive) shall have no right to receive any compensation or benefit hereunder on and after the effective date of the termination of employment other than (i) Annual Salary and other benefits earned and accrued under this Agreement prior to the date of termination (and reimbursement under this Agreement for expenses incurred prior to the date of termination); (ii) a cash payment equal to the prorated portion of the Annual Bonus at the “target” level for the Contract Year or partial Contract Year in which Executive’s employment hereunder terminates; (iii) elimination of any exclusively time-based vesting conditions on any restricted stock, stock option or other equity awards in the Company he had been granted which he then continues to hold, to the extent then unvested (it being expressly understood and agreed that any performance-based vesting conditions (whether or not in tandem with such time-based vesting conditions) will continue in effect in accordance with their terms, except as may otherwise be provided to the contrary in the applicable award agreements); (iv) in the event of Executive’s death, (A) a cash payment equal to two months of Executive’s Annual Salary payable no later than 10 days after such termination, and (B) continuation to Executive’s spouse and dependents of fully paid health insurance benefits under the Company’s health plans and programs applicable to senior executives of the Company generally (if and as in effect from time to time) during the one year following the date of termination; and (v) Executive (or, in the case of his death, his estate and beneficiaries) shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder.

  • Termination Because of Death or Disability If Participant is Terminated because of death or Disability of Participant, the Option, to the extent that it is exercisable by Participant on the date of Termination, may be exercised by Participant (or Participant's legal representative) no later than twelve (12) months after the date of Termination, but in any event no later than the Expiration Date.

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