Common use of Permanent Incapacity Clause in Contracts

Permanent Incapacity. In the event of the Permanent Incapacity of the Employee, his employment may thereupon be terminated by the Company without payment of any severance of any nature or kind (including, without limitation, by way of anticipated earnings, damages or payment in lieu of notice); provided that, in the event of the Employee’s termination pursuant to this subsection, subject to Section 2.10 hereof, the Company shall pay or cause to be paid to the Employee (i) the amounts prescribed by subsection (g) below through the date of Permanent Incapacity), (ii) an amount equal to Executive’s Annual Bonus for the year in which Permanent Incapacity occurs, prorated for the partial fiscal year during which Executive worked and calculated based upon the Company’s performance for the full fiscal year in which the Permanent Incapacity occurs and (iii) the amounts specified in any benefit and insurance plans applicable to the Employee as being payable in the event of the permanent incapacity or disability of the Employee, such sums to be paid in accordance with the provisions of those plans as then in effect. Any prorated Annual Bonus amount (to the extent the Board determines that the bonus targets have been achieved) payable under this subsection shall be paid after calculation of the applicable bonus amount and paid in a lump sum cash payment within 2 ½ months following the end of the fiscal year in which the Annual Bonus relates; provided that, if the Annual Bonus is subject to a deferral election under a “nonqualified deferred compensation plan” within the meaning of Code Section 409A, the Annual Bonus will be paid in accordance with the terms of such plan. Any right of the Employee to payment pursuant to this subsection shall be contingent on the Employee’s satisfaction of the release requirement in Section 1.5(i) upon payment of the amounts set forth in this subsection. Upon payment of the amounts set forth in this subsection, the Employee shall not be entitled to any severance benefits or payments (other than those required under subsection (g) hereof).

Permanent Incapacity. In the event of the Permanent Incapacity of the Employee, his employment may thereupon be terminated by the Company without payment of any severance of any nature or kind (including, without limitation, by way of anticipated earnings, damages or payment in lieu of notice); provided that, in the event of the Employee’s termination pursuant to this subsection, subject to Section 2.10 hereof, the Company shall pay or cause to be paid to the Employee (i) the amounts prescribed by subsection (g) below through the date of Permanent Incapacity), (ii) an amount equal to Executive’s Annual Bonus for the year in which Permanent Incapacity occurs, prorated for the partial fiscal year during which Executive worked and calculated based upon the Company’s performance for the full fiscal year in which the Permanent Incapacity occurs occurs, (iii) six months of then current Annual Salary, payable in a lump sum cash payment within 2 ½ months following the Employee’s Permanent Incapacity and (iiiiv) the amounts specified in any benefit and insurance plans applicable to the Employee as being payable in the event of the permanent incapacity or disability of the Employee, such sums to be paid in accordance with the provisions of those plans as then in effect. Any prorated Annual Bonus amount (to the extent the Board determines that the bonus targets have been achieved) payable under this subsection shall be paid after calculation of the applicable bonus amount and paid in a lump sum cash payment within 2 ½ months following the end of the fiscal year in which the Annual Bonus relates; provided that, if the Annual Bonus is subject to a deferral election under a “nonqualified deferred compensation plan” within the meaning of Code Section 409A, the Annual Bonus will be paid in accordance with the terms of such plan. Any right of the Employee to payment pursuant to this subsection shall be contingent on the Employee’s satisfaction of the release requirement in Section 1.5(i) upon payment of the amounts set forth in this subsection. Upon payment of the amounts set forth in this subsection, the Employee shall not be entitled to any severance benefits or payments (other than those required under subsection (g) hereof).

Permanent Incapacity. In the event of the Permanent Incapacity of the Employee, his her employment may thereupon be terminated by the Company without payment of any severance of any nature or kind (including, without limitation, by way of anticipated earnings, damages or payment in lieu of notice); provided that, in the event of the Employee’s termination pursuant to this subsection, subject to Section 2.10 hereof, the Company shall pay or cause to be paid to the Employee (i) the amounts prescribed by subsection (g) below through the date of Permanent Incapacity), (ii) an amount equal to Executive’s Annual Bonus for the year in which Permanent Incapacity occurs, prorated for the partial fiscal year during which Executive worked and calculated based upon the Company’s performance for the full fiscal year in which the Permanent Incapacity occurs and (iii) the amounts specified in any benefit and insurance plans applicable to the Employee as being payable in the event of the permanent incapacity or disability of the Employee, such sums to be paid in accordance with the provisions of those plans as then in effect. Any prorated Annual Bonus amount (to the extent the Board determines that the bonus targets have been achieved) payable under this subsection shall be paid after calculation of the applicable bonus amount and paid in a lump sum cash payment within 2 ½ months following the end of the fiscal year in which the Annual Bonus relates; provided that, if the Annual Bonus is subject to a deferral election under a “nonqualified deferred compensation plan” within the meaning of Code Section 409A, the Annual Bonus will be paid in accordance with the terms of such plan. Any right of the Employee to payment pursuant to this subsection shall be contingent on the Employee’s satisfaction of the release requirement in Section 1.5(i) upon payment of the amounts set forth in this subsection. Upon payment of the amounts set forth in this subsection, the Employee shall not be entitled to any severance benefits or payments (other than those required under subsection (g) hereof).