Common use of Termination of Employment for Death or Disability Clause in Contracts

Termination of Employment for Death or Disability. In addition to the amounts determined under paragraph 5(a) above, if the Executive’s termination of employment occurs by reason of death or Disability, the Executive (or his estate) will receive a pro rata portion of any bonus payable under the Company’s annual incentive plan for the year in which such termination occurs determined based on the highest of (i) the actual annual bonus paid for the fiscal year immediately preceding such termination, (ii) the target bonus for the fiscal year in which such termination occurs, or (iii) the actual bonus attained for the fiscal year in which such termination occurs. For purposes of this Agreement, “Disability” means the Executive’s long-term disability as defined under the Company’s long-term disability plan, or if the Executive is not covered by a long-term disability plan sponsored by the Company, the Executive’s inability to engage in any substantial gainful activity by reason of any medically-determined physical or mental impairment that can be expected to result in death or to be of long-continued and indefinite duration.

Appears in 2 contracts

Samples: Employment Agreement (Great Lakes Dredge & Dock CORP), Employment Agreement (Great Lakes Dredge & Dock CORP)

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Termination of Employment for Death or Disability. In addition to the amounts determined under paragraph 5(a(a) above, if the Executive’s 's termination of employment occurs by reason of death or Disability, the Executive (or his estate) will receive a pro rata portion of any bonus payable under the Company’s 's annual incentive plan for the year in which such termination occurs determined based on the highest of (i) the actual annual bonus paid for the fiscal year immediately preceding such termination, (ii) the target bonus for the fiscal year in which such termination occurs, or (iii) the actual bonus attained for the fiscal year in which such termination occurs. For purposes of this Agreement, "Disability" means the Executive’s 's long-term disability as defined under the Company’s 's long-term disability plan, or if the Executive is not covered by a long-term disability plan sponsored by the Company, the Executive’s 's inability to engage in any substantial gainful activity by reason of any medically-determined physical or mental impairment that can be expected to result in death or to be of long-continued and indefinite duration.

Appears in 2 contracts

Samples: Employment Agreement (Smurfit Stone Container Corp), Employment Agreement (Smurfit Stone Container Corp)

Termination of Employment for Death or Disability. In addition to the amounts determined under paragraph 5(a(a) above, if the Executive’s termination of employment occurs by reason of death or Disability, the Executive (or his estate) will receive a pro rata portion of any bonus payable under the Company’s annual incentive plan for the year in which such termination occurs determined based on the highest of (i) the actual annual bonus paid for the fiscal year immediately preceding such termination, (ii) the target bonus for the fiscal year in which such termination occurs, or (iii) the actual bonus attained for the fiscal year in which such termination occurs. For purposes of this Agreement, “Disability” means the Executive’s long-term disability as defined under the Company’s long-term disability plan, or (iii) if the Executive is not covered by a long-long- term disability plan sponsored by the Company, the Executive’s inability to engage in any substantial gainful activity by reason of any medically-determined physical or mental impairment that can be expected to result in death or to be of long-continued and indefinite duration.

Appears in 1 contract

Samples: Employment Agreement of John Riconosciuto (Smurfit Stone Container Corp)

Termination of Employment for Death or Disability. In addition to the amounts determined under paragraph 5(a(a) above, if the Executive’s termination of employment occurs by reason of death or Disability, the Executive (or his estate) will receive a pro rata portion of any bonus payable under the Company’s annual incentive plan for the year in which such termination occurs determined based on the highest of (i) the actual annual bonus paid for the fiscal year immediately preceding such termination, (ii) the target bonus for the fiscal year in which such termination occurs, or (iii) the actual bonus attained for the fiscal year in which such termination occurs. For purposes of this Agreement, “Disability” means the Executive’s long-term disability as defined under the Company’s long-term disability plan, or if the Executive is not covered by a long-term disability plan sponsored by the Company, the Executive’s inability to engage in any substantial gainful activity by reason of any medically-determined physical or mental impairment that can be expected to result in death or to be of long-continued and indefinite duration.

Appears in 1 contract

Samples: Employment Agreement (Smurfit Stone Container Corp)

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Termination of Employment for Death or Disability. In addition to the amounts determined under paragraph 5(a) above, if the Executive’s termination of employment occurs by reason of death or Disability, the Executive (or his her estate) will receive a pro rata portion of any bonus payable under the Company’s annual incentive plan for the year in which such termination occurs determined based on the highest of (i) the actual annual bonus paid for the fiscal year immediately preceding such termination, (ii) the target bonus for the fiscal year in which such termination occurs, or (iii) the actual bonus attained for the fiscal year in which such termination occurs. For purposes of this Agreement, “Disability” means the Executive’s long-term disability as defined under the Company’s long-term disability plan, or if the Executive is not covered by a long-term disability plan sponsored by the Company, the Executive’s inability to engage in any substantial gainful activity by reason of any medically-determined physical or mental impairment that can be expected to result in death or to be of long-continued and indefinite duration.

Appears in 1 contract

Samples: Employment Agreement (Great Lakes Dredge & Dock CORP)

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