Common use of Retirement, Death or Disability Clause in Contracts

Retirement, Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death or Retirement (as defined herein) during the Employment Period. For purposes of this Agreement, “Retirement” shall mean either (i) voluntary termination by the Executive of the Executive’s employment upon satisfaction of the requirements for early retirement under the Company’s tax-qualified defined benefit pension plan or (ii) voluntary termination by the Executive of the Executive’s employment upon satisfaction of the requirements for normal retirement under the terms of the Company’s tax-qualified pension plan. If the Company determines in good faith that 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 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 termination of the Executive’s employment upon satisfaction of the requirements to receive benefits under the Company’s long-term disability plan.

Appears in 6 contracts

Samples: Employment Agreement (Wachovia Corp New), Employment Agreement (Wachovia Corp New), Employment Agreement (Wachovia Corp New)

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Retirement, Death or Disability. The Executive’s 's employment shall terminate automatically upon the Executive’s 's death or Retirement (as defined herein) during the Employment Period. For purposes of this Agreement, "Retirement" shall mean either (i) voluntary termination by the Executive of the Executive’s 's employment upon satisfaction of the requirements for early retirement under the Company’s 's tax-qualified defined benefit pension plan or (ii) voluntary termination by the Executive of the Executive’s 's employment upon satisfaction of the requirements for normal retirement under the terms of the Company’s 's tax-qualified defined benefit pension plan. If the Company determines in good faith that 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 this Agreement of its intention to terminate the Executive’s 's employment. In such event, the Executive’s '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 's duties. For purposes of this Agreement, "Disability" shall mean termination the absence of the Executive from the Executive’s employment upon satisfaction 's duties with the Company on a full-time basis for 180 consecutive 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 requirements Company or its insurers and acceptable to receive benefits under the Company’s long-term disability planExecutive or the Executive's legal representative.

Appears in 2 contracts

Samples: Employment Agreement (First Union Corp), Employment Agreement (First Union Corp)

Retirement, Death or Disability. The Executive’s 's employment shall terminate automatically upon the Executive’s 's death or Retirement (as defined herein) during the Employment Period. For purposes of this Agreement, "Retirement" shall mean either (i) voluntary termination by the Executive of the Executive’s 's employment upon satisfaction of the requirements for early retirement under the Company’s 's tax-qualified defined benefit pension plan or (ii) voluntary termination by the Executive of the Executive’s 's employment upon satisfaction of the requirements for normal retirement under the terms of the Company’s 's tax-qualified pension plan. If the Company determines in good faith that 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 this Agreement of its intention to terminate the Executive’s 's employment. In such event, the Executive’s '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 's duties. For purposes of this Agreement, "Disability" shall mean termination of the Executive’s 's employment upon satisfaction of the requirements to receive benefits under the Company’s 's long-term disability plan.

Appears in 2 contracts

Samples: Employment Agreement (Wachovia Corp New), Employment Agreement (Wachovia Corp New)

Retirement, Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death or Retirement (as defined herein) during the Employment Period. For purposes of this Agreement, “Retirement” shall mean either (i) voluntary termination by the Executive of the Executive’s employment upon satisfaction of the requirements for early retirement under the Company’s tax-qualified defined benefit pension plan or (ii) voluntary termination by the Executive of the Executive’s employment upon satisfaction of the requirements for normal retirement under the terms of the Company’s tax-qualified defined benefit pension plan. If the Company determines in good faith that 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 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 termination of the Executive’s employment upon satisfaction of the requirements to receive benefits under the Company’s long-term disability plan.disability

Appears in 1 contract

Samples: Employment Agreement (Wachovia Corp New)

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Retirement, Death or Disability. The Executive’s 's employment shall terminate automatically upon the Executive’s 's death or Retirement (as defined herein) during the Employment Period. For purposes of this Agreement, "Retirement" shall mean either (i) voluntary termination by the Executive of the Executive’s 's employment upon satisfaction of the requirements for early retirement under the Company’s 's tax-qualified defined benefit pension plan or (ii) voluntary termination by the Executive of the Executive’s 's employment upon satisfaction of the requirements for normal retirement under the terms of the Company’s 's tax-qualified defined benefit pension plan. If the Company determines in good faith that 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 this Agreement of its intention to terminate the Executive’s 's employment. In such event, the Executive’s '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 's duties. For purposes of this Agreement, "Disability" shall mean termination of the Executive’s 's employment upon satisfaction of the requirements to receive benefits under the Company’s 's long-term disability plan.

Appears in 1 contract

Samples: Employment Agreement (Wachovia Corp New)

Retirement, Death or Disability. The Executive’s 's employment shall terminate automatically upon the Executive’s 's death or Retirement (as defined herein) during the Employment Period. For purposes of this Agreement, "Retirement" shall mean either (i) voluntary termination by the Executive of the Executive’s 's employment upon satisfaction of the requirements for early retirement under the Company’s 's tax-qualified defined benefit pension plan or (ii) voluntary termination by the Executive of the Executive’s 's employment upon satisfaction of the requirements for normal retirement under the terms of the Company’s tax-'s tax- qualified defined benefit pension plan. If the Company determines in good faith that 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 this Agreement of its intention to terminate the Executive’s 's employment. In such event, the Executive’s '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 's duties. For purposes of this Agreement, "Disability" shall mean termination the absence of the Executive from the Executive’s employment upon satisfaction 's duties with the Company on a full-time basis for 180 consecutive 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 requirements Company or its insurers and acceptable to receive benefits under the Company’s long-term disability planExecutive or the Executive's legal representative.

Appears in 1 contract

Samples: Employment Agreement (First Union Corp)

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