Examples of Significant disability in a sentence
Subject to Section 23(c), upon death or Significant Disability, the Executive (or such payee as the Executive shall have designated on the signature page hereof) shall be entitled to six (6) months of the then current Base Salary and any Stock Options then held by the Executive, which are not yet exercisable, shall thereupon become exercisable in accordance with the terms of such Stock Option.
Subject to Section 22(c), upon death or Significant Disability, the Executive (or such Payee as the Executive shall have designated on the signature page hereof) shall be entitled to six (6) months of the then-current Base Salary, six (6) months of the Guaranteed Bonus and any Stock Options and Restricted Stock then held by the Executive, which are not yet exercisable, shall thereupon become exercisable in accordance with the terms of such Stock Option.
If the Executive's employment under this Agreement is terminated by the Company for Good Cause or due to the Executive's death or Significant Disability, all obligations of the Company under this Agreement shall terminate, except as provided in Section 7.4.
If the Company determines in good faith that the Employee has a Significant Disability as defined in this Section, the Company may terminate his employment under this Agreement by notifying the Employee thereof at least 30 days before the effective date of termination.
However, in the event of Executive's Death or Significant Disability (as defined in Section 2(f) above), Executive (or his administrator) will have one (1) year from the date of termination of employment to exercise said stock options in accordance with Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the “Code”).