Benefits Upon Death or Disability Sample Clauses

Benefits Upon Death or Disability. In the event of the Executive's death or a termination of the Executive's employment by the Company due to Permanent Disability, the Executive, his executor or his heirs at law, as the case may be, shall be entitled to:
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Benefits Upon Death or Disability. In the event the Executive’s employment terminates due to the death of the Executive or the Executive becomes disabled (as defined in Section 9.2), the Executive’s estate shall receive a one time grant of the company’s common stock, $.001 par value per share (“Common Stock”), within fifteen (15) days of the termination of the Executive’s employment, for such number of shares as calculated as follows: z = y/x; z = number of shares of Common Stock to be received by the Executive’s estate. y = then current Base Salary. x = the closing trading price of the Common Stock on the date of termination of Executive’s employment due to death or disability of the Executive as reported on the OTCBB or similar public market or in the event there is no public market for the Common Stock, it shall be the fair market value of the Common Stock as determined by an independent valuation expert who has experience in valuing companies in the same industry as the Corporation. The equity compensation plan contemplated by this provision is subject to stockholder approval.
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Benefits Upon Death or Disability. In the event the Executive’s employment terminates due to the death of the Executive or the Executive becoming disabled (as defined in Section 9.2), the Executive’s estate shall receive a one time grant of the Corporation’s Class A Common Stock, $0.001 par value per share (“Common Stock”), within fifteen (15) days of the termination of the Executive’s employment, for such number of shares as calculated as follows: z = y/x; z = number of shares of Common Stock to be received by the Executive’s estate. y = then current Base Salary. x = the closing trading price of the Common Stock on the date of termination of Executive’s employment due to death or disability of the Executive as reported on the Over-the-Counter Bulletin Board or similar public market, or, in the event there is no public market for the Common Stock, it shall be the fair market value of the Common Stock as determined by an independent valuation expert who has experience in valuing companies in the same industry as the Corporation.
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Benefits Upon Death or Disability. In the event of a termination of employment due to the Disability or death of the Executive, he or his legal representatives shall be entitled to receive any unpaid amount of his then current salary through the effective date of such termination, as well as any other benefits which may be payable to him pursuant to Clause 8 hereof (in the case of his Disability only) or which shall have vested and become payable to him under the Benefit Plans as of such effective date or to which the Executive is otherwise entitled upon his Disability or death (as the case may be) under any Benefit Plan or other policy or program of the Company or any Associated Company in accordance with the respective terms of such Benefit Plan, policy or program.
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Benefits Upon Death or Disability. In the event of the Executive’s death or a termination of the Executive’s employment by the Company due to Permanent Disability, the Executive, his executor or his heirs at law, as the case may be, shall be entitled to: any Base Salary accrued or any Performance Bonus vested but not yet paid; a pro rata Performance Bonus for the season in which death or Permanent Disability occurs determined and payable on the basis of the number of days worked during the season and the bonus percentage established for the season; any accrued vacation pay; reimbursement for expenses incurred but not yet paid prior to such death or Permanent Disability; in the case of death, the proceeds of the Individual Life Policy and other compensation and benefits as may be provided in accordance with the terms and provisions of the Group Benefits or of this Agreement; and in the case of Permanent Disability, for five years following the date of Permanent Disability, first, COBRA health insurance benefits, including supplemental executive preventive medicine and wellness benefits, for the Executive and his dependents at the Company's expense until the COBRA benefits expire and, thereafter, for the remainder of such five-year period, equivalent reimbursement of healthcare expenses directly by the Company. The provisions of this Section 8 shall survive the termination of the Executive’s employment hereunder.
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Benefits Upon Death or Disability. Is amended in that section as follows: Y=then current base Salary and deleted is the copy that read “an amount equal to three (3) times his then current Base Salary.
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Benefits Upon Death or Disability. In the event of a termination of employment due to the Disability or death of the Executive, he or his legal representatives shall be entitled to receive any unpaid amount of his then current salary through the effective date of such termination, as well as any other benefits which may be payable to him pursuant to Clause 8 hereof (in the case of his Disability only) or which shall have vested and become payable to him under the Benefit Plans as of such effective date or to which the Executive is otherwise entitled upon his Disability or death (as the case may be) under any Benefit Plan or other policy or program of the Company or any Associated Company in accordance with the respective terms of such Benefit Plan, policy or program. If the Executive's employment is terminated by the Company pursuant to this Clause 11.4, the Company shall continue to provide or have provided disability benefits to the Executive and contributions to the Company's retirement plan (or comparable retirement or pension plan) for the Executive for as long as the Executive is under a Disability, but in no event after the Executive has reached the age of 65.
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Benefits Upon Death or Disability. In the event the Executive’s employment terminates due to the death of the Executive or the Executive becoming disabled (as defined in Section 9.2), the Executive’s estate shall receive a one time grant of the Corporation’s Class A Common Stock, $0.001 par value per share (“Common Stock”), within fifteen (15) days of the termination of the Executive’s employment, for such number of shares as calculated as follows: z = y/x; z = number of shares of Common Stock to be received by the Executive’s estate. y = then current Base Salary.
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Benefits Upon Death or Disability. If your employment terminates because of your permanent disability or death, you or your estate or designated beneficiary will be entitled to any earned but unpaid Base Salary.
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Related to Benefits Upon Death or Disability

  • Upon Death or Disability If the Executive dies, all provisions of Section 3 of this Agreement (other than rights or benefits arising as a result of such death) and the Employment Term shall be automatically terminated; provided, however, that an amount equal to the earned and unpaid Incentive Payments to the date of death and the Standard Termination Payments shall be paid, as described above, to the Executive’s surviving spouse or, if none, the Executive’s estate (as set forth above), and the death benefits under the Company’s employee benefit plans shall be paid to the Executive’s beneficiary or beneficiaries as properly designated in writing by the Executive, in accordance with the Company’s applicable employee benefit plans. If the Executive is unable to perform the essential functions of the Executive’s job under this Agreement, with or without reasonable accommodation, by reason of physical or mental disability or incapacity (“Disability”) and such disability or incapacity shall have continued for any period aggregating six (6) months within any twelve (12) consecutive months, the Company may terminate the Executive’s employment, this Agreement and the Employment Term at any time thereafter. In such event, the Executive shall be entitled to receive the Executive’s normal compensation hereunder during said time of disability or incapacity, and shall thereafter be entitled to receive the “Disability Incentive Payment” (as described in the penultimate sentence of this subsection (b)), payable no later than two and a half (2 1/2) months after the Company terminates the Executive’s employment, and the earned and unpaid Incentive Payments to the date of termination of the Executive’s employment and the Standard Termination Payments, payable as described above. The portion of the payment representing the Disability Incentive Payment shall be paid in a lump sum determined on a net present value basis, using a reasonable discount rate determined by the Board. The Disability Incentive Payment shall be equal to the target Incentive Payment that the Executive would have been eligible to receive for the year in which the Employment Term is terminated multiplied by a fraction, the numerator of which is the number of days in such year before and including the day of termination of the Employment Term and the denominator of which is the total number of days in such year.

  • 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 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 on Death or Disability Upon a termination of employment due to the Executive’s death or Disability, the Company shall have no further liability or further obligation to the Executive except that the Executive (or, if applicable, his estate or designated beneficiaries under any Company-sponsored employee benefit plan in the event of his death) shall be entitled to receive:

  • 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 for Death or Disability If the Employee's employment is terminated by death or because of disability pursuant to Section 4.3, the Company shall pay to the estate of the Employee or to the Employee, as the case may be, all sums which would otherwise be payable to the Employee under Section 3 up to the end of the month in which the termination of his employment because of death or disability occurs.

  • 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.

  • Exercise Period Upon Death or Disability If the Participant dies or becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for “cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided that this option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date.

  • Termination Upon Death of Executive Executive’s employment under this Agreement shall be terminated upon the death of Executive. In such case, the Employer shall be obligated to pay to the surviving spouse of Executive, or if there is none, to the Executive’s estate: (i) that portion of Executive’s Base Salary that would otherwise have been paid to him for the month in which his death occurred, and (ii) any amounts due him pursuant to the Northrim Bank Savings Incentive Plan (401-K) and the Northrim BanCorp, Inc. Profit Sharing Plan, any supplemental deferred compensation plan, and any other death, insurance, employee benefit plan or stock benefit plan provided to Executive by the Employer, according to the terms of the respective plans.

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

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