Termination Due to Permanent Disability. Subject to all applicable laws, Employee’s employment under this Agreement may be terminated immediately by the Company in the event Employee becomes permanently disabled. Permanent disability shall be defined as Employee’s failure to perform or being unable to perform all or substantially all of Employee’s duties under this Agreement for a continuous period of more than six (6) months on account of any physical or mental disability, either as mutually agreed to by the parties or as reflected in the opinions of three (3) qualified physicians, one of which has been selected by the Company, one of which has been selected by Employee, and one of which has been selected by the two other physicians jointly. In the event of a termination by the Company due to Employee’s permanent disability, Employee shall be entitled to (i) any compensation accrued and unpaid as of the date of termination; (ii) a cash payment equal to Employee’s target bonus for the current year pro-rated over the portion of the year actually employed; (iii) severance payments equal to Employee’s then current base salary at the same rate and on the same schedule as in effect at the time of termination for a period of six (6) months from the date of termination; (iv) the immediate vesting of all unvested equity-based incentive awards held by Employee that would have vested had Employee remained employed pursuant to this Agreement for a period of six (6) months from the date of such termination; (v) the payment of premiums owed for COBRA insurance benefits for a period of twelve (12) months from the date of termination; and (vi) no other severance. The Company shall be entitled to take as an offset against any amounts due pursuant to subsections (iii) and (v) above, any amounts received by Employee pursuant to disability or other insurance, or similar sources, provided by the Company.
Termination Due to Permanent Disability. Subject to --------------------------------------- all applicable laws, Employee's employment under this Agreement may be terminated immediately by the Company in the event Employee becomes permanently disabled. In the event of a termination by the Company due to Employee's permanent disability, Employee shall be entitled to (i) any compensation accrued and unpaid as of the date of termination; (ii) the continued payment of base salary at the same rate and on the same schedule as in effect at the time of termination for a period of time equal to the greater of the remainder of the term of this Agreement or two years; (iii) severance pay equal to the nondiscretionary cash bonus Employee would have earned under the then existing Executive Bonus Plan in the fiscal year in which Employee's employment is terminated, prorated in accordance with the number of days in such fiscal year that elapsed prior to Employee's termination and payable at the same time and under the same terms and conditions as any other nondiscretionary bonuses paid to officers in that fiscal year; (iv) the immediate vesting of outstanding but unvested stock options held by Employee as of such termination date in a prorated amount based upon the number of days in the option vesting period that elapsed prior to Employee's termination; (v) the continuation of all benefits and perquisites provided by Section 5(c)(i) and (ii) hereof for a period of time equal to the greater of the remainder of the term of this Agreement or two years; and (vi) no other severance. Termination under this subsection shall be effective immediately upon the date the Board of Directors of the Company formally resolves that Employee is permanently disabled. Subject to all applicable laws, "permanent disability" shall mean the inability of Employee, by reason of any ailment or illness, or physical or mental condition, to devote substantially all of his or her time during normal business hours to the daily performance of Employee's duties as required under this Agreement for a continuous period of six (6) months. At Employee's option, Employee may elect in writing up to 60 days prior to termination to receive such payments and benefits as provided by subsection (ii) of this section in a lump sum payment representing all future payments due, discounted to their then present value at the prevailing major bank prime rate as of the date of termination.
Termination Due to Permanent Disability. If the Executive's employment hereunder is terminated as a result of Permanent Disability, in lieu of any other payments or benefits (other than any such disability benefits he may receive), he shall be paid a single lump sum in cash within thirty (30) days of the date of his termination, an amount equal to (i) all Accrued Obligations, (ii) all unpaid salary, whether or not accrued, remaining through the Term, plus (iii) an amount equal to any Performance Bonus amounts earned and unpaid through the date of termination. In addition the unvested portion of any options held by the Executive on such date shall vest, and any restriction on any options or stock held by the Executive shall terminate.
Termination Due to Permanent Disability. In the event that the Executive suffers a Permanent Disability, as hereinafter defined, during his employment with the Company, the Company may terminate this Agreement by providing at least Thirty (30) calendar days written notice to the Executive. The effective date of such termination shall be the last day of such Thirty (30) calendar day notice period. In the event that the Executive’s employment is terminated due to his Permanent Disability, the Executive or his legal representative or court appointed guardian shall be entitled to:
Termination Due to Permanent Disability. In the event that this Agreement is terminated due to the disability of the Executive as described in Section 5(b), the Executive shall receive an amount equal to the Executive’s salary as is in effect at the effective date of termination for a period of six (6) months from the effective date of termination, pursuant to the Company’s normal payroll practices.
Termination Due to Permanent Disability. If the Executive becomes permanently disabled because of sickness, physical or mental disability, or any other reason, and is unable to perform or complete his duties under this Agreement for a period anticipated to extend for a period of at least one hundred eighty (180) consecutive calendar days (or such other length of time that is equal to any applicable elimination period provided for in an LTD insurance policy), the Corporation shall have the option to terminate this Agreement by giving written notice of termination to the Executive. Such termination shall be without prejudice to any right the Executive may have under the LTD insurance program maintained by the Corporation. Such disability shall be certified by the Corporation's group LTD carrier, in conjunction with the Executive's supplemental LTD carrier if such supplemental policy is in effect; in the event these carriers cannot agree, they shall designate a licensed physician whose decision shall be binding for purposes of this Agreement.
Termination Due to Permanent Disability. In the event that this Agreement is terminated due to the Permanent Disability of the Executive, the Executive shall receive the Termination Payment; provided, however, that the Termination Payment by the Company shall be reduced by the amount of any disability insurance payments made to the Executive pursuant to insurance provided under Section 6.02 above.
Termination Due to Permanent Disability. Upon the Participant’s Termination of Employment as a result of the Participant’s Permanent Disability meeting the requirements of Section 22(e)(3) of the Code as applicable pursuant to Section 422(c)(6) of the Code, the Participant may exercise the vested portion of the Option, but only within such period of time ending on the earlier of: (a) the date 12 months following such Termination of Employment; or (b) the Expiration Date.
Termination Due to Permanent Disability. In this Agreement, “
Termination Due to Permanent Disability. If the Employee's employment hereunder is terminated as a result of Permanent Disability, in lieu of any other payments or benefits (other than any such disability benefits he may receive), he shall be paid a single lump sum in cash within thirty (30) days of the date of his termination, an amount equal to (i) all Accrued Obligations plus (ii) all unpaid salary, whether or not accrued, remaining through the Term. In addition the unvested portion of any options held by the Employee on such date shall vest, and any restriction on any options or stock held by the Employee shall terminate.
