Common use of Disability Retirement Clause in Contracts

Disability Retirement. If, as a result of incapacity due to physical or mental illness, the Executive shall have been absent from the full-time performance of the Executive's duties with the Company for at least three (3) consecutive months, and within 30 days after written Notice of Termination is given the Executive shall not have returned to the full-time performance of the Executive's duties, the Company may terminate the Executive's employment for "Disability". Any question as to the existence of the Executive's Disability upon which the Executive and the Company cannot agree shall be determined by a qualified independent physician selected by the Executive (or, if the Executive is unable to make such selection, it shall be made by any adult member of the Executive's immediate family), and approved by the Company. The determination of such physician made in writing to the Company and to the Executive shall be final and conclusive for all purposes of this Agreement. Termination by the Company or the Executive of the Executive's employment based on "Retirement" shall mean termination on or after attaining age sixty-five (65).

Appears in 9 contracts

Samples: Change in Control Agreement (MTS Systems Corp), Change in Control Agreement (MTS Systems Corp), Change in Control Agreement (MTS Systems Corp)

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Disability Retirement. If, as a result of incapacity due to physical or mental illness, the Executive shall have been absent from the full-time performance of the Executive's duties with the Company for at least three six (36) consecutive months, and within 30 days after written Notice of Termination is given the Executive shall not have returned to the full-time performance of the Executive's duties, the Company may terminate the Executive's employment for "Disability". Any question as to the existence of the Executive's Disability upon which the Executive and the Company cannot agree shall be determined by a qualified independent physician selected by the Executive (or, if the Executive is unable to make such selection, it shall be made by any adult member of the Executive's immediate family), and approved by the Company. The determination of such physician made in writing to the Company and to the Executive shall be final and conclusive for all purposes of this Agreement. Termination by the Company or the Executive of the Executive's employment based on "Retirement" shall mean termination on or after attaining age sixty-five (65)Normal Retirement Age in accordance with the PremiumWear, Inc. Profit Sharing Plan and Trust.

Appears in 2 contracts

Samples: Change in Control Severance Agreement (Premiumwear Inc), Change in Control Severance Agreement (Premiumwear Inc)

Disability Retirement. If, as a result of incapacity due to physical or mental illness, the Executive shall have been absent from the full-time performance of the Executive's ’s duties with the Company for at least three (3) consecutive months, and within 30 days after written Notice of Termination is given the Executive shall not have returned to the full-time performance of the Executive's ’s duties, the Company may terminate the Executive's ’s employment for "Disability". Any question as to the existence of the Executive's ’s Disability upon which the Executive and the Company cannot agree shall be determined by a qualified independent physician selected by the Executive (or, if the Executive is unable to make such selection, it shall be made by any adult member of the Executive's ’s immediate family), and approved by the Company. The determination of such physician made in writing to the Company and to the Executive shall be final and conclusive for all purposes of this Agreement. Termination by the Company or the Executive of the Executive's ’s employment based on "Retirement" shall mean termination on or after attaining age sixty-five (65).

Appears in 1 contract

Samples: Control Agreement (MTS Systems Corp)

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Disability Retirement. If, as a result of incapacity due to physical or mental illness, the Executive shall have been absent from the full-time performance of the Executive's duties with the Company for at least three six (36) consecutive months, and within 30 days after written Notice of Termination is given the Executive shall not have returned to the full-time performance of the Executive's duties, the Company may terminate the Executive's employment for "Disability". Any question as to the existence of the Executive's Disability upon which the Executive and the Company cannot agree shall be determined by a qualified independent physician selected by the Executive (or, if the Executive is unable to make such selection, it shall be made by any adult member of the Executive's immediate family), and approved by the Company. The determination of such physician made in writing to the Company and to the Executive shall be final and conclusive for all purposes of this Agreement. Termination by the Company or the Executive of the Executive's employment based on "Retirement" shall mean termination on or after attaining age sixty-five (65).

Appears in 1 contract

Samples: Control Severance Agreement (Transport Corporation of America Inc)

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