Common use of Termination Due to Executive’s Disability Clause in Contracts

Termination Due to Executive’s Disability. If Executive’s condition meets the definition of Disability above, the Company may terminate Executive’s employment upon written notice. If terminated by the Company as herein provided, the Company shall pay to Executive: (a) any Base Salary earned but unpaid as of the date of Executive’s termination due to Disability; (b) Base Salary in effect at the time of the termination, less amounts received by Executive pursuant to any disability insurance coverage provided by the Company or the Social Security disability insurance program, for a period of nine (9) months or the remaining term under this Agreement, whichever is shorter, (c) any other payments and/or benefits which Executive or Executive’s legal representative is entitled to receive under any of the Benefit Plans; and (d) vesting of any unvested incentive grants granted under the Company Equity Plans otherwise scheduled to vest within twelve (12) months following the date of Disability.

Appears in 4 contracts

Samples: Employment Agreement (Nortech Systems Inc), Employment Agreement (Nortech Systems Inc), Employment Agreement (Nortech Systems Inc)

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