Compensation for Termination upon Death or Disability Clause Samples
The 'Compensation for Termination upon Death or Disability' clause defines the employer's obligations to provide payment or benefits to an employee if their employment ends due to death or a disabling condition. Typically, this clause outlines the types and amounts of compensation—such as accrued salary, bonuses, or insurance payouts—that the employee or their beneficiaries are entitled to receive. By specifying these terms, the clause ensures financial protection for the employee or their family in the event of unforeseen circumstances, thereby offering security and clarity regarding post-termination entitlements.
Compensation for Termination upon Death or Disability. If Employee’s employment is terminated as a result of Employee’s death or Disability as described in Section 4(b), then the Employer will pay Employee (or Employee’s estate or representatives, as the case may be) within 30 days following the Termination Date in a cash lump sum payment, the sum of (i) the Accrued Obligations, plus (ii) the Annual Bonus paid or payable to Employee for the last completed fiscal year immediately preceding the Termination Date multiplied by a fraction, the numerator of which is the number of days elapsed in the year in which the Termination Date occurs through and including the Termination Date, and the denominator of which is 365.
Compensation for Termination upon Death or Disability. If Employee’s employment is terminated as a result of Employee’s death or Disability as described in Section 4(b), then the Employer will pay Employee (or Employee’s estate or representatives, as the case may be) within 30 days following the Termination Date in a cash lump sum payment, the sum of (i) the Accrued Obligations, plus (ii) the Annual Bonus (or bonus paid under a predecessor bonus plan of the Employer) paid or payable to Employee for the last completed fiscal year immediately preceding the Termination Date multiplied by a fraction, the numerator of which is the number of days elapsed in the year in which the Termination Date occurs through and including the Termination Date, and the denominator of which is 365.
Compensation for Termination upon Death or Disability. If the Employee’s employment is terminated as a result of the Employee’s death or Disability as described in Section 4(b), then the Employer will pay the Employee (or Employee’s estate or representatives, as the case may be) within 30 days following such termination of employment, the Accrued Obligations and an amount equal to the bonus paid to him for the fiscal year immediately prior to the fiscal year in which such termination occurs prorated for the current fiscal year based on the number of full months elapsed.