Termination Upon a Disability Sample Clauses

Termination Upon a Disability. Upon the termination of the Executive's employment by the Company upon the occurrence of a Disability pursuant to Section 4(e) hereof, the Company shall pay to the Executive (i) that portion of the Executive's Base Salary earned through the date of his last day of employment with the Company on its next regularly scheduled payroll date, (ii) a severance payment, payable in a lump sum, equal to the Executive's monthly Base Salary for three (3) months, (iii) all amounts that are fully vested and properly payable on or before his last day of employment under all retirement plans of the Company in accordance with the provisions of such plans, and (iv) all other amounts that are properly payable to the Executive by the Company that have not been paid to him on or before his last day of employment. The foregoing amounts shall be paid to the Executive within sixty (60) days following his last day of employment with the Company, unless provided otherwise by the ESOP or by a retirement, incentive compensation or other plan of the Company. In addition, all outstanding awards of cash bonuses, stock options, restricted stock and other incentive compensation (whether cash or equity based) shall vest and be paid or distributed to, or be exercisable by, as the case may be, the Executive in accordance with (I) the applicable Incentive Plan, (II) the applicable Award Agreement, or (III) in the absence of an Incentive Plan or an Award Agreement relating to a particular award, as determined by the Board of Directors (or a committee thereof) or the Chairman of the Company.
Sample 1Sample 2See All (6)
AutoNDA by SimpleDocs
Termination Upon a Disability. If Executive becomes subject to a Disability (as defined below), then the Company shall have the right, to the extent permitted by law, to terminate the employment of Executive for such Disability upon 30 days prior written notice to Executive. In the event of a termination due to a Disability, Executive shall be entitled to receive the following in addition to the Accrued Obligations: (i) continuation of Executive’s Base Salary (which shall be payable in accordance with the Company’s standard pay policies) until Executive is eligible for short-term disability payments under the Company’s group disability policies; provided however, that in no event shall such period of continued Base Salary exceed 90 days following Executive’s termination of employment, and (ii) a bonus payment equal to Executive’s target bonus for the year in which Executive becomes disabled but only to the extent the Company ultimately achieves any corporate goals or milestones for such payment and provided that such payment shall be pro rated based on the date of Executive’s termination of employment relative to the calendar year in which his employment is terminated and such bonus shall only be paid at such time set forth in the applicable bonus plan and when bonuses are paid to other executives of the Company. In addition, the Initial Grant and the Top-Off Grant shall vest and be exercisable pursuant to the terms of their respective Stock Option Agreements.
Sample 1Sample 2
Termination Upon a Disability. If Executive becomes subject to a Disability (as defined below), then the Company shall have the right, to the extent permitted by law, to terminate the employment of Executive for such Disability upon 30 days prior written notice to Executive. In the event of a termination due to a Disability, Executive shall be entitled to receive the following in addition to the Accrued Obligations: (i) continuation of Executive’s Base Salary (which shall be payable in accordance with the Company’s standard pay policies) until Executive is eligible for short-term disability payments under the Company’s group disability policies; provided however, that in no event shall such period of continued Base Salary exceed 90 days following Executive’s termination of employment, and (ii) a bonus payment equal to Executive’s target bonus for the year in which Executive becomes disabled but only to the extent the Company ultimately achieves any corporate goals or milestones for such payment and provided that such payment shall be pro rated based on the date of Executive’s termination of employment relative to the calendar year in which her employment is terminated and such bonus shall only be paid at such time set forth in the applicable bonus plan and when bonuses are paid to other executives of the Company. In addition all outstanding stock options shall vest in full immediately following Executive’s termination of employment. For the purposes of this Section, “Disability” shall mean a physical or mental impairment which, the Board in good faith determines, after consideration and implementation of reasonable accommodations, precludes the Executive from performing her essential job functions for a period longer than three consecutive months or a total of one hundred twenty (120) days in any twelve month period (or such longer period as may be required to comply with the Family Medical Leave Act or other applicable law.
Sample 1
Termination Upon a Disability. Upon the termination of the Executive's employment by the Company pursuant to Section 4(e) hereof upon the occurrence of a Disability, the Company shall pay to the Executive (i) that portion of the Executive's Base Salary earned through the Date of Termination, and (ii) all amounts that have vested or accrued prior to the Date of Termination under all incentive compensation or employee benefit plans of the Company in accordance with the provisions of such plans. Notwithstanding the foregoing, all options (whether vested or unvested) granted to the Executive to purchase shares of common stock of the Company as of the Date of Termination shall be treated in accordance with the Stock Option Plan and the stock option agreement(s) between the Company and the Executive.
Sample 1
Termination Upon a Disability. Upon the termination of the Executive's employment by the Company upon the occurrence of a Disability pursuant to Section 4(e) hereof, the Company shall pay to the Executive (i) that portion of the Executive's Base Salary earned through the Last Day of Employment, (ii) all amounts that have fully vested as of the Last Day of Employment under all retirement plans of the Company in accordance with the provisions of such plans, and (iii) all other amounts that are properly payable to the Executive by the Company that have not been paid to him on or before the Last Day of Employment. In addition, all awards granted to the Executive under the STIP and the LTIP that have become fully vested, exercisable or earned on or before the Last Day of Employment shall be distributed or paid to the Executive within, or shall be exercisable by the Executive for, as the case may be, one (1) year following the Last Day of Employment, unless expressly provided otherwise in the STIP or the LTIP or in the applicable Award Agreement(s). All awards granted to the Executive under the STIP and the LTIP that have not become fully vested, exercisable or earned on or before the Last Day of Employment shall continue to vest, or to become exercisable or paid, as the case may be, in accordance with the appropriate schedule regarding vesting, exercisability or payment established at the time of the grant of the award (but in no event greater than the "target" award amounts under the STIP and the LTIP for the applicable years) and shall be distributed or paid to the Executive within, or shall be exercisable by the Executive for, as the case may be, thirty (30) days following the date that such award becomes fully vested, exercisable or earned, as the case may be, unless expressly provided otherwise in the STIP or the LTIP or in the applicable Award Agreement(s).
Sample 1
Termination Upon a Disability. Upon the termination of the Executive’s employment by the Company upon the occurrence of a Disability pursuant to Section 4(e) hereof, the Company shall pay to the Executive a severance payment, payable in a lump sum, equal to his Base Salary (calculated as a monthly amount) for three (3) months.
Sample 1

Related to Termination Upon a Disability

  • Termination upon Disability If this Agreement is terminated by either party as a result of the Executive’s disability, as determined under Section 6.2, the Employer will pay the Executive the Executive’s Salary in periodic installments according to the Employer’s customary payroll practices until six months after the date such termination is effective.

  • Termination Upon Death or Disability If the Executive dies during the Term, the Term shall terminate as of the date of death. If there is a good faith determination by the Board that the Executive has become physically or mentally incapable of performing his duties under the Agreement and such disability has disabled the Executive for a cumulative period of 180 days within any 12-month period (a “Disability”), the Company shall have the right, to the extent permitted by law, to terminate the employment of the Executive upon notice in writing to the Executive. Upon Executive’s death or in the event that Executive’s employment is terminated due to his Disability, Executive or his estate or his beneficiaries, as the case may be, shall be entitled to: (i) all accrued but unpaid Annual Salary through the date of termination of Executive’s employment, (ii) any unpaid or unreimbursed expenses incurred in accordance with hereof, (iii) any benefits provided under the Company’s employee benefit plans upon a termination of employment, in accordance with the terms contained therein (the payments and benefits referred to in clauses (i) through (iii) above, collectively, the “Accrued Obligations”), (iv) any unpaid Annual Bonus in respect of any completed fiscal year that had ended prior to the date of such termination, which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than March 15 of the fiscal year following the fiscal year in which such termination occurred; (v) an amount equal to the target Annual Bonus, prorated to reflect the partial year of employment, which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than March 15 of the fiscal year following the fiscal year in which such termination occurred (subject to Section 7.15 of this Agreement) and (vi) all outstanding equity (or equity-based) incentives and awards held by the Executive shall thereupon vest and become free of restrictions and all stock options shall be exercisable in accordance with their terms. Following the Executive’s death or a termination of the Executive’s employment by reason of a Disability, except as set forth in this Section 4, the Executive shall have no further rights to any compensation or any other benefits under this Agreement.

  • Termination upon Disability or Death If Executive’s employment shall terminate by reason of Executive’s Disability (pursuant to Section 14(a)(ii)) or death (pursuant to Section 14(a)(i)), the Company shall pay to Executive, in a lump sum cash payment as soon as practicable following the Date of Termination, all unpaid Annual Base Salary and Bonus previously earned for a performance period ending prior to the Date of Termination, but unpaid as of the Date of Termination, and the pro rata portion of their Bonus for such year (when and as paid to other senior executives of the Company) for the Performance Period in which the termination occurred. In the case of Disability, if there is a period of time during which Executive is not being paid Annual Base Salary and not receiving long-term disability insurance payments, the Company shall make interim payments equal to such unpaid disability insurance payments to Executive until commencement of disability insurance payments; provided that, to the extent required to avoid the tax consequences of Section 409A of the Code, as determined by independent tax counsel, the first payment shall cover all payments scheduled to be made to Executive during the first six (6) months after the date Executive’s employment terminates, and the first such payment shall be delayed until the day that is six (6) months after the date Executive’s employment terminates.

  • Termination Upon Death or Permanent Disability This Agreement shall be automatically terminated on the death of Executive or on the permanent disability of Executive if Executive is no longer able to perform in all material respects the usual and customary duties of Executive’s employment hereunder. For purposes hereof, any condition which in reasonable likelihood is expected to impair Executive’s ability to materially perform Executive’s duties hereunder for a period of three months or more shall be considered to be permanent.

  • TERMINATION UPON RETIREMENT, DISABILITY OR DEATH Termination by the Bank of the Executive based on "

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • Termination by Disability If the Executive becomes Disabled prior to the expiration of the Employment Term, the Executive’s employment will terminate, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to:

  • Termination Upon Death or Permanent and Total Disability The Employment Period shall be terminated by the death of Executive. The Employment Period may be terminated by the Board if Executive shall be rendered incapable of performing his duties to the Company by reason of any medically determined physical or mental impairment that can be reasonably expected to result in death or that can be reasonably be expected to last for a period of either (i) six (6) or more consecutive months from the first date of Executive’s absence due to the disability or (ii) nine (9) months during any twelve-month period (a “Permanent and Total Disability”). If the Employment Period is terminated by reason of a Permanent and Total Disability of Executive, the Company shall give thirty (30) days’ advance written notice to that effect to Executive.

  • Termination by Death or Disability In the event of the Executive’s death or total disability (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended) during the Term, the Term and Executive’s employment shall terminate on the date of death or total disability. In the event of such termination, the Company’s sole obligations hereunder to the Executive (or the Executive’s estate) shall be for unpaid Base Salary, accrued but unpaid bonus and benefits (then owed or accrued and owed in the future), a pro-rata bonus for the year of termination based on the Executive’s target bonus for such year and the portion of such year in which the Executive was employed, and reimbursement of expenses pursuant to the terms hereon through the effective date of termination, each of which shall be paid within 10 days following the date of the Executive’s termination, and any unvested portion of any Equity Grants shall immediately be forfeited as of the termination date without any further action of the Parties.

  • Termination Upon Death If this Agreement is terminated because of the Executive's death, the Executive will be entitled to receive his Salary through the end of the calendar month in which his death occurs, and that part of the Executive's Incentive Compensation, if any, for the Fiscal Year during which his death occurs, prorated through the end of the calendar month during which his death occurs.

Time is Money Join Law Insider Premium to draft better contracts faster.