Common use of Termination due to Disability or Retirement Clause in Contracts

Termination due to Disability or Retirement. In the event of termination of Executive's employment by the Company due to Disability or a Termination due to Retirement, the Company shall pay Executive his Earned Salary and Vested Benefits, plus, in the event of termination due to Disability, to the Executive or his estate his Base Salary at the Termination Date on a monthly basis for 12 months following the month in which Executive's employment is terminated. In the event that Executive's employment with the Company is terminated due to Disability, Executive's benefits under this subsection (iii) shall be reduced by the amount of any Company sponsored (and paid for) disability benefits paid to Executive.

Termination due to Disability or Retirement. In the event of termination of Executive's employment by the Company due to Disability or a Termination due to Retirement, the Company shall pay Executive his Earned Salary and Vested Benefits, plus, in the event of termination due to Disability, to the Executive or his estate his Base Salary at the Termination Date on a monthly basis for 12 months following the month in which Executive's employment is terminated. In the event that Executive's employment with the Company is terminated due to Disability, Executive's benefits under this subsection (iii) shall be reduced by the amount of any Company sponsored (and paid for) disability benefits paid to Executive. The payments to be made to Executive during the period of disability prior to termination are intended to comply with the Disability Discrimination Act.

Termination due to Disability or Retirement. In the event of termination of Executive's employment by the Company due to Disability or a Termination due to Retirement, the Company shall pay Executive his Earned Salary and Vested Benefits, plus, in the event of termination Termination due to Disability, to the Executive or his estate his Base Salary at the Termination Date on a monthly basis for 12 months following the month in which Executive's employment is terminated. In the event that Executive's employment with the Company is terminated due to Disability, Executive's benefits under this subsection (iii) shall be reduced by the amount of any Company sponsored (and paid for) disability benefits paid to Executive. In addition, if required pursuant to Section 3(d) hereof, Executive shall be entitled to receive the Guaranteed Return Payment, or a portion thereof, if any.