NCDR definition
Examples of NCDR in a sentence
Notwithstanding any of the other provisions of this Agreement, however, this Agreement will automatically terminate upon Executive's death and thereupon all payments and non-vested benefits payable hereunder shall cease, except for any death benefits and survivor benefits for his spouse which are provided under the Company's employee plans or the N-CDR Agreement, which shall upon the death become effective pursuant to Sections 1 and 19 thereof.
If Executive resigns or otherwise voluntarily leaves the Company's employment prior to a Change in Control, he shall forfeit all compensation and non-vested benefits, from and after the effective date of such resignation, except that upon that effective date the N-CDR Agreement shall become effective in accordance with Sections 1 and 19 thereof.
This Agreement, including the N-CDR Agreement, which is being executed simultaneously herewith, contains the entire understanding of the parties with respect to the employment of Executive by the Company.
The Company may terminate this Agreement due to Executive's permanent disability, as determined by the Board of Directors in good faith based on the certification of an independent M.D., and in any such case the N-CDR Agreement shall thereupon become effective pursuant to Sections 1 and 19 thereof.
If approved by the Executive and the Board of Directors during the Term of Employment, Executive may become an independent consultant with terms and conditions of that relationship substantially equal in all respects to those set forth in the N-CDR Agreement, which in that event shall become effective in accordance with Sections 1 and 19 thereof.
Except as provided in Section 4 below, upon the end of the Term of Employment hereunder, the Non-Competition, Disability, and Retirement Agreement attached as Exhibit A (hereinafter the "N-CDR Agreement") shall become effective as provided in Sections 1 and 19 thereof.
So long as Executive is being paid currently under this Section 4, Executive shall comply with Section 2 of the N-CDR Agreement.
Whenever the N-CDR Agreement becomes effective, this Agreement shall terminate, except for any accrued liabilities hereunder.
At the end of the period set forth above in this Section 4 (during which period the Company shall continue to compensate Executive pursuant to this Agreement), the N-CDR Agreement shall become effective in accordance with Sections 1 and 19 thereof.
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