Payments in the Event of Permanent Disability Prior to Retirement Sample Clauses

Payments in the Event of Permanent Disability Prior to Retirement. In the event the Executive becomes Disabled while actively employed by The Employer at any time after the date of this Agreement but prior to Retirement, the Executive shall be entitled to be paid the Annual Benefit, as defined above, for a period of fifteen (I 5)years, with each Annual Benefit amount to be paid in twelve (12) equal monthly installments paid on the first day of each month), beginning with the month following the earlier of (1) the month in which the Executive formally retires after reaching sixty (60) years of age, or (2) the date upon which the Executive is no longer entitled to receive Disability benefits under the Executive's principal Disability Insurance policy (or the date of the Disability if no Disability policy exists), provided that the Executive remains unable to return to and thereafter fulfill the responsibilities associated with the employment position held with The Employer prior to becoming Disabled by reason of such Disability continuing. However, in the event the Executive's Disability should cease and Executive is able to return to and thereafter fulfill the responsibilities associated with the employment position held with the Employer prior to becoming Disabled, the Employer's obligation to make additional payments under this Paragraph shall be suspended until such time as Executive next becomes eligible to receive payments under the terms of this Agreement. In the event the Employer's obligation to make additional payments under this Paragraph is suspended as aforesaid, and the Executive then becomes entitled to receive payments under the terms of the Agreement, the aggregate amount paid prior to suspension shall be treated, notwithstanding anything contained in this Agreement to the contrary, as having satisfied the Employer's payment obligations with respect to that number of initial monthly payments as is equal to the aggregate amount previously paid out under the terms of this Paragraph; provided, however, that the Employer promptly begin making the remaining monthly payments required under this Agreement to the Executive for as long as such payments @Would otherwise be required after proper adjustment has been made for the amounts previously paid to the Executive under this Paragraph. For example, if the Executive receives $10,000 during a period of Disability, and the Executive returns to work (such that future payments are suspended) and then becomes eligible for the Retirement payout option described above (an...
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Related to Payments in the Event of Permanent Disability Prior to Retirement

  • Complete Disposal Upon Termination of Service Agreement Upon Termination of the Service Agreement Provider shall dispose or delete all Student Data obtained under the Service Agreement. Prior to disposition of the data, Provider shall notify LEA in writing of its option to transfer data to a separate account, pursuant to Article II, section 3, above. In no event shall Provider dispose of data pursuant to this provision unless and until Provider has received affirmative written confirmation from LEA that data will not be transferred to a separate account.

  • Permanent Disability Permanent Disability" shall mean Employee's physical or mental incapacity to perform his or her usual duties with such condition likely to remain continuously and permanently as determined by Employer.

  • Definition of Total Disability Total disability means that the employee is unable, because of sickness or accident, to perform the duties of their regular occupation. This definition applies for the first twenty-four (24) months of payments. After this time, the inability to perform an occupation for which the employee is reasonably fitted by training, education or experience will constitute total disability. It is not required that an employee be confined to home, but they must be under the regular care of a physician.

  • Termination in the Event of Death or Disability This Agreement shall terminate in the event of death or disability of Executive.

  • Termination Upon Death or Permanent Disability This Agreement shall be automatically terminated on the death of Executive or on the permanent disability of Executive if Executive is no longer able to perform in all material respects the usual and customary duties of Executive’s employment hereunder. For purposes hereof, any condition which in reasonable likelihood is expected to impair Executive’s ability to materially perform Executive’s duties hereunder for a period of three months or more shall be considered to be permanent.

  • Obligation after the termination of personal data processing services

  • Involuntary Termination in Connection with a Change in Control Notwithstanding anything contained herein, in the event of an Involuntary Termination prior to a Change in Control, if the Involuntary Termination (1) was at the request of a third party who has taken steps reasonably calculated to effect such Change in Control or (2) otherwise arose in connection with or in anticipation of such Change in Control, then the Executive shall, in lieu of the payments described in Section 4 hereof, be entitled to the Post-Change in Control Severance Payment and the additional benefits described in this Section 5 as if such Involuntary Termination had occurred within two (2) years following the Change in Control. The amounts specified in Section 5 that are to be paid under this Section 5(h) shall be reduced by any amount previously paid under Section 4. The amounts to be paid under this Section 5(h) shall be paid within sixty (60) days after the Change in Control Date of such Change in Control.

  • Death or Permanent Disability If Grantee shall die or become permanently disabled while employed by the Company or one of its affiliates, this Option shall expire one (1) year after the date of such death or permanent disability. During such period after death, Grantee's legal representative or representatives, or the person or persons entitled to do so under Grantee's last will and testament or under applicable interstate laws, shall have the right to exercise this Option as to only the number of shares to which Grantee was entitled to purchase on the date of his/her death.

  • Compensation in the Event of Termination In the event that the Executive’s employment hereunder terminates prior to the expiration of this Agreement for any reason provided in Section 5 hereof, the Company shall pay the Executive, compensation and provide the Executive and the Executive’s eligible dependents with benefits as follows:

  • Employment Status Termination Following Change in Control (a) No benefits shall be payable under this Agreement unless there has been a Change in Control of the Company during the Term. You acknowledge that this Agreement does not constitute a contract of employment or impose on the Company any obligation to retain you as an employee. You may terminate your employment at any time, with or without Good Reason. If your employment with the Company terminates for any reason and subsequently a Change in Control shall have occurred, you shall not be entitled to any benefits hereunder.

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