DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death during the Initial or Renewal Term, the Agreement terminates and all payments under the Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s beneficiaries: (a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for the two (2) calendar years immediately preceding the death of Executive; (b) for twenty-four (24) months following the date of the Executive’s death, the Company shall pay the cost of medical, dental, and vision insurance premiums as in effect at the date of the Executive’s death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary; (c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and (d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement. 3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial or Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled (as defined by the Company’s long-term disability plan), the Executive’s employment will be termed and the Company will pay the Executive amounts equal to the following: (a) any earned but unpaid Base Salary and a lump sum payment equal to the average annual Bonus for the two (2) calendar years immediately preceding the year of termination due to disability; (b) for twenty-four (24) months following the date of the Executive’s termination due to disability, the Company shall pay for the cost of the Executive’s medical, dental, and vision insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive; and (c) the Executive will receive a monthly payment equal to 60% of the Executive’s pre- disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-term disability program. (d) the Executive will receive twelve (12) months additional vesting credit for all stock options and restricted stock awards. 3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health. 3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-term disability income plan as in effect from time to time. The Company’s group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 5 contracts
Samples: Employment Agreement (Coventry Health Care Inc), Employment Agreement (Coventry Health Care Inc), Employment Agreement (Coventry Health Care Inc)
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death during the Initial or Renewal Term, the Agreement terminates and all payments under the Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s 's beneficiaries:
(a) any earned but unpaid base salary Base Salary and a lump sum payment equal to the average annual bonus compensation for of the two (2) calendar years immediately preceding the year of death of Executive;; and
(b) for twenty-four twelve (2412) months following the date of the Executive’s death, the Company shall pay the cost of medical, dental, and vision insurance premiums as in effect at the date of the Executive’s death, to the death for Executive’s designated beneficiarysurviving spouse, subject to a formal election by the beneficiaryspouse;
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement;
(d) all unvested outstanding stock options will fully vest; and
(e) all unvested restricted shares will vest in full.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial Term or any Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled (as defined by the Company’s long-term disability plan), the Executive’s employment will be termed terminated and the Company will pay the Executive amounts equal to the following:
(a) any earned but unpaid Base Salary and a lump sum payment equal to the average annual Bonus for bonus compensation of the two (2) calendar years immediately preceding the year of in which the Executive’s termination due to disabilitydisability occurs;
(b) for twenty-four twelve (2412) months following the date of the Executive’s termination due to disability, the Company shall pay for the cost of the Executive’s (or his spouse’s in the event of Executive’s death during such period) medical, dental, and vision insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive;
(c) all of the Executive’s unvested outstanding stock options will fully vest; and
(cd) the Executive will receive a monthly payment equal to 60% all of the Executive’s pre- disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-term disability program.
(d) the Executive unvested restricted shares will receive twelve (12) months additional vesting credit for all stock options and restricted stock awardsvest in full.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-term disability income plan as in effect from time to time. The Company’s group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 2 contracts
Samples: Employment Agreement (Coventry Health Care Inc), Employment Agreement (Coventry Health Care Inc)
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death during the Initial or Renewal Term, the Agreement terminates and all payments under the Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s 's beneficiaries:
(a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for of the two (2) calendar years immediately preceding the death of Executive;; and
(b) for twenty-four (24) months following the date of the Executive’s 's death, the Company shall pay the cost of medical, dental, and vision insurance premiums for family members covered by Executive as in effect at the date of the Executive’s 's death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary;eligible family members; and
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s 's designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement. In addition, all stock options and restricted stock granted to Executive will vest in full.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial or Renewal Term, unless the Executive’s 's employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled (as defined by the Company’s long-term disability plan), the Executive’s employment will be termed terminated and the Company will pay the Executive amounts equal to the following:
(a) his regular installments of Base Salary, as of the time of termination, for a period not to exceed the commencement of payments under any earned but unpaid Base Salary and Company provided long-term disability plan; and
(b) a lump sum payment equal to the average annual Bonus for bonus compensation of the two (2) calendar years immediately preceding the year of termination due to disability;; and
(bc) for twenty-four (24) months following the date of the Executive’s 's termination due to disability, the Company shall pay for the cost of the Executive’s 's medical, dental, and vision insurance premiums as in effect at the date of the Executive’s 's termination, subject to a formal election by the Executive; and
(cd) if the Executive is receiving disability benefits under the Company’s qualified long-term disability program, the Executive will receive a an additional monthly payment equal to 60% of the Executive’s pre- pre-disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s 's qualified long-term disability program.
(d) the Executive will receive twelve (12) months additional vesting credit for . In addition, all stock options and restricted stock awardsawards granted to Executive will vest in full.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s 's long-term disability income plan as in effect from time to time. The Company’s 's group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 2 contracts
Samples: Employment Agreement (Coventry Health Care Inc), Employment Agreement (Coventry Health Care Inc)
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s 's death during the Initial Term or Renewal Term, the Agreement agreement terminates and all payments under the Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s beneficiaries:
(a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for the two (2) calendar years immediately preceding the death of Executive;; and
(b) for twenty-four thirty–six (2436) months following the date of the Executive’s death, the Company shall pay the cost of medical, dental, dental and vision insurance premiums as in effect at the date of the Executive’s death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary;; and
(c) twelve (12) months additional vesting credit for all stock options and restricted stock awards granted the Executive, as of the date of the Executive’s death. The exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement.
3.2 Notwithstanding the short-–term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial Term or Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled (as defined by the Company’s long-–term disability plan), the Executive’s employment will be termed terminated and the Company will pay the Executive amounts equal to the following:
(a) his regular installments of Base Salary, as of the time of termination, for a period not to exceed the commencement of payments under any earned but unpaid Base Salary and Company provided long–term disability plan; and
(b) a lump sum payment equal to the average annual Bonus bonus compensation for the two (2) calendar years immediately preceding the year of termination due to disability;; and
(bc) for twenty-four thirty–six (2436) months following the date of the Executive’s termination due to disability, the Company shall pay for the cost of the Executive’s medical, dental, dental and vision insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive; and
(cd) if the Executive is receiving disability benefits under the Company’s qualified long–term disability program, the Executive will receive a monthly payment equal to 60% of the Executive’s pre- multiplied by pre–disability earnings (as defined by the qualified long-–term disability plan) less any monthly benefit paid under the qualified long-–term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-–term disability program.
(de) the The Executive will receive twelve (12) months additional vesting credit for all stock options and restricted stock awards. The exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-–term disability income plan as in effect from time to time. The Company’s group long-–term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death during the Initial or Renewal Term, the Agreement terminates and all payments under the Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s 's beneficiaries:
(a) any earned but unpaid base salary Base Salary and a lump sum payment equal to the average target annual incentive bonus compensation of Executive set by the Committee under the Company’s Executive Management Incentive Plan for the two (2) calendar years immediately preceding year in which the Executive’s death of Executiveoccurs;
(b) for twentythirty-four six (2436) months following the date of the Executive’s death, the Company shall pay the cost of medical, dental, and vision insurance premiums as in effect at the date of the Executive’s death, to the death for Executive’s designated beneficiarysurviving spouse, subject to a formal election by the beneficiaryspouse;
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement;
(d) if the Executive’s death occurs prior to December 31, 2009, 50% of all unvested outstanding stock options will vest. If the Executive’s death occurs on or after December 31, 2009, all unvested outstanding stock options will fully vest. If so vested, such stock options will remain exercisable until the earlier of twenty-four (24) months from the date of death or the expiration of the term of such option pursuant to the underlying award agreement; and
(e) upon the Executive’s death, any unvested performance share units will vest in full.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial Term or any Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled (as defined by the Company’s long-term disability plan), the Executive’s employment will be termed terminated and the Company will pay the Executive amounts equal to the following:
(a) any earned but unpaid Base Salary and a lump sum payment equal to the average target annual Bonus incentive bonus of Executive set by the Committee under the Company’s Executive Management Incentive Plan for the two (2) calendar years immediately preceding year in which the year of Executive’s termination due to disabilitydisability occurs;
(b) for twentythirty-four six (2436) months following the date of the Executive’s termination due to disability, the Company shall pay for the cost of the Executive’s (or his spouse’s in the event of Executive’s death during such period) medical, dental, and vision insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive;
(c) if the Executive’s disability occurs prior to December 31, 2009, 50% of all of the Executive’s unvested outstanding stock options will vest. If the Executive’s disability occurs on or after December 31, 2009, all of the Executive’s unvested outstanding stock options will fully vest. If so vested, such stock options will remain exercisable until the earlier of five (5) years from the date of disability or the end of the term under the applicable award agreement; and
(cd) upon the Executive will receive a monthly payment equal to 60% Executive’s disability, any of the Executive’s pre- disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-term disability program.
(d) the Executive unvested performance share units will receive twelve (12) months additional vesting credit for all stock options and restricted stock awardsvest in full.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-term disability income plan as in effect from time to time. The Company’s group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death of the Executive during the Initial or Renewal Term, the Agreement terminates and all payments under the this Employment Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s beneficiaries:
(a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for the two (2) calendar years immediately preceding preceeding the death of the Executive, prorated for the year death occurs;
(b) for twenty-four (24) months following the date of the Executive’s death, the Company shall pay reimburse the Executive’s designated beneficiary for the cost of medical, dental, the designated beneficiary’s medical and vision dental insurance premiums as in effect at the date of the Executive’s death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary;
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial or Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled disability continues for a period of three (as defined by 3) months, the Company’s long-term disability plan), Company may thereafter terminate this Agreement and the Executive’s employment will be termed and employment. Following such termination, the Company will pay the Executive amounts equal to the following:
(a) his regular installments of Base Salary, as of the time of termination, for a period not to exceed the commencement of payments under any earned but unpaid Base Salary and Company provided long-term disability plan;
(b) a lump sum payment equal to the average annual Bonus bonus compensation for the two (2) calendar years immediately preceding the year of termination due to disability, prorated for the year the disability occurs;
(bc) for twenty-four (24) months following the date of the Executive’s termination due to disability, the Company shall pay reimburse the Executive for the cost of the Executive’s medical, dental, medical and vision dental insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive; and
(cd) if the Executive is receiving disability benefits under the Company’s qualified long-term disability program, the Executive will receive a monthly payment equal to 60% of the Executive’s pre- multiplied by pre-disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-term disability program.
(de) the Executive will receive twelve (12) months additional vesting credit for all exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and restricted the terms of the respective stock awardsoption plans.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health. If the Company fails to make a payment or provide a benefit required as part of this Employment Agreement, the Executive’s obligation to provide information and assistance will cease.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-term disability income plan as in effect from time to time. The Company’s group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death during the Initial or Renewal Term, the Agreement terminates and all payments under the Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s beneficiaries:
(a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for the two (2) calendar years year immediately preceding the death of Executive;
(b) for twenty-four twelve (2412) months following the date of the Executive’s death, the Company shall pay the cost of medical, dental, and vision insurance premiums as in effect at the date of the Executive’s death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary;
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial or Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled (as defined by the Company’s long-term disability plan), the Executive’s employment will be termed and the Company will pay the Executive amounts equal to the following:
(a) any earned but unpaid Base Salary and a lump sum payment equal to the average annual Bonus for the two (2) calendar years year immediately preceding the year of termination due to disability;
(b) for twenty-four twelve (2412) months following the date of the Executive’s termination due to disability, the Company shall pay for the cost of the Executive’s medical, dental, and vision insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive; and
(c) the Executive will receive a monthly payment equal to 60% of the Executive’s pre- disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-term disability program.
(d) the Executive will receive twelve (12) months additional vesting credit for all stock options and restricted stock awards.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-term disability income plan as in effect from time to time. The Company’s group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death during the Initial or Renewal Term, the Agreement terminates and all payments under the Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s beneficiaries:
(a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for the two (2) calendar years immediately preceding the death of Executive;
(b) for twenty-–four (24) months following the date of the Executive’s death, the Company shall pay the cost of medical, dental, and vision insurance premiums as in effect at the date of the Executive’s death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary;
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement.
3.2 Notwithstanding the short-–term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial or Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled (as defined by the Company’s long-–term disability plan), the Executive’s employment will be termed and the Company will pay the Executive amounts equal to the following:
(a) any earned but unpaid Base Salary and a lump sum payment equal to the average annual Bonus for the two (2) calendar years immediately preceding the year of termination due to disability;
(b) for twenty-–four (24) months following the date of the Executive’s termination due to disability, the Company shall pay for the cost of the Executive’s medical, dental, and vision insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive; and
(c) the Executive will receive a monthly payment equal to 60% of the Executive’s pre- pre– disability earnings (as defined by the qualified long-–term disability plan) less any monthly benefit paid under the qualified long-–term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-–term disability program.
(d) the Executive will receive twelve (12) months additional vesting credit for all stock options and restricted stock awards.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-–term disability income plan as in effect from time to time. The Company’s group long-–term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death of the Executive during the Initial or Renewal Term, the Agreement terminates and all payments under the this Employment Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s beneficiaries:
(a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for the two (2) calendar years immediately preceding the death of Executive, prorated for the year death occurs;
(b) for twentythirty-four six (2436) months following the date of the Executive’s death, the Company shall pay reimburse the Executive’s designated beneficiary for the cost of medical, dental, the designated beneficiary’s medical and vision dental insurance premiums as in effect at the date of the Executive’s death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary;
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial or Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled disability continues for a period of three (as defined by 3) months, the Company’s long-term disability plan), Company may thereafter terminate this Agreement and the Executive’s employment will be termed and employment. Following such termination, the Company will pay the Executive amounts equal to the following:
(a) his regular installments of Base Salary, as of the time of termination, for a period not to exceed the commencement of payments under any earned but unpaid Base Salary and Company provided long-term disability plan;
(b) a lump sum payment equal to the average annual Bonus bonus compensation for the two (2) calendar years immediately preceding the year of termination due to disability, prorated for the year the disability occurs;
(bc) for twentythirty-four six (2436) months following the date of the Executive’s termination due to disability, the Company shall pay reimburse the Executive for the cost of the Executive’s medical, dental, medical and vision dental insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive; and
(cd) if the Executive is receiving disability benefits under the Company’s qualified long-term disability program, the Executive will receive a monthly payment equal to 60% of the Executive’s pre- multiplied by pre-disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-term disability program.
(de) the Executive will receive twelve (12) months additional vesting credit for all exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and restricted the terms of the respective stock awardsoption plans.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health. If the Company fails to make a payment or provide a benefit required as part of this Employment Agreement, the Executive’s obligation to provide information and assistance will cease.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-term disability income plan as in effect from time to time. The Company’s group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death during the Initial Term or Renewal Term, the Agreement terminates and all payments under the Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s 's beneficiaries:
(a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for of the two (2) calendar years immediately preceding the death of Executive;; and
(b) for twentythirty-four six (2436) months following the date of the Executive’s 's death, the Company shall pay the cost of medical, dental, and vision insurance premiums for family members covered by Executive as in effect at of the date of the Executive’s death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary;eligible family members; and
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s 's designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement. In addition, all stock options and restricted stock granted to Executive will vest in full.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial Term or Renewal Term, unless the Executive’s 's employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled (as defined by the Company’s long-term disability plan), the Executive’s employment will be termed terminated and the Company will pay the Executive amounts equal to the following:
(a) his regular installments of Base Salary, as of the time of termination, for a period not to exceed the commencement of payments under any earned but unpaid Base Salary and Company provided long-term disability plan; and
(b) a lump sum payment equal to the average annual Bonus for bonus compensation of the two (2) calendar years immediately preceding the year of termination due to disability;; and
(bc) for twentythirty-four six (2436) months following the date of the Executive’s 's termination due to disability, the Company shall pay for the cost of the Executive’s 's medical, dental, and vision insurance premiums as in effect at the date of the Executive’s 's termination, subject to a formal election by the Executive; and
(cd) if the Executive is receiving disability benefits under the Company's qualified long-term disability program, the Executive will receive a an additional monthly payment equal to 60% of the Executive’s pre- multiplied by pre-disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s 's qualified long-term disability program.
(d) the Executive will receive twelve (12) months additional vesting credit for . In addition, all stock options and restricted stock awardsawards granted to Executive will vest in full.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s 's long-term disability income plan as in effect from time to time. The Company’s 's group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death during the Initial or Renewal Term, the Agreement terminates and all payments under the Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s 's beneficiaries:
(a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for of the two (2) calendar years immediately preceding the death of Executive;
(b) for twenty-four (24) months following the date of the Executive’s 's death, the Company shall pay the cost of medical, dental, and vision insurance premiums for family members covered by Executive as in effect at the date of the Executive’s 's death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary;eligible family members; and
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s 's designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement. In addition, all stock options and restricted stock granted to Executive will vest in full.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial or Renewal Term, unless the Executive’s 's employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled (as defined by the Company’s long-term disability plan), the Executive’s employment will be termed terminated and the Company will pay the Executive amounts equal to the following:
(a) his regular installments of Base Salary, as of the time of termination, for a period not to exceed the commencement of payments under any earned but unpaid Base Salary and Company provided long-term disability plan; and
(b) a lump sum payment equal to the average annual Bonus for bonus compensation of the two (2) calendar years immediately preceding the year of termination due to disability;; and
(bc) for twenty-four (24) months following the date of the Executive’s 's termination due to disability, the Company shall pay for the cost of the Executive’s 's medical, dental, and vision insurance premiums as in effect at the date of the Executive’s 's termination, subject to a formal election by the Executive; and
(cd) if the Executive is receiving disability benefits under the Company’s qualified long-term disability program, the Executive will receive a an additional monthly payment equal to 60% of the Executive’s pre- pre-disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s 's qualified long-term disability program.
(d) the Executive will receive twelve (12) months additional vesting credit for . In addition, all stock options and restricted stock awardsawards granted to Executive will vest in full.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s 's long-term disability income plan as in effect from time to time. The Company’s 's group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death of the Executive during the Initial or Renewal Term, the Agreement terminates and all payments under the this Employment Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s beneficiaries:
(a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for the two one (21) calendar years year immediately preceding the death of Executive, pro-rated for the year death occurs;
(b) for twenty-four twelve (2412) months following the date of the Executive’s death, the Company shall pay reimburse the Executive’s designated beneficiary for the cost of medical, dental, the designated beneficiary’s medical and vision dental insurance premiums as in effect at the date of the Executive’s death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary;
(c) the exercisability of stock options or restricted stock granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial or Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled disability continues for a period of three (as defined by 3) months, the Company’s long-term disability plan), Company may thereafter terminate this Agreement and the Executive’s employment will be termed and employment. Following such termination, the Company will pay the Executive amounts equal to the following:
(a) his regular installments of Base Salary, as of the time of termination, for a period not to exceed the commencement of payments under any earned but unpaid Base Salary and Company provided long-term disability plan;
(b) a lump sum payment equal to the average annual Bonus bonus compensation for the two one (21) calendar years year immediately preceding the year of termination due to disability, prorated for the year the disability occurs;
(bc) for twenty-four twelve (2412) months following the date of the Executive’s 's termination due to disability, the Company shall pay reimburse the Executive for the cost of the Executive’s medical, dental, medical and vision dental insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive; and
(cd) if the Executive is receiving disability benefits under the Company’s qualified long-term disability program, the Executive will receive a monthly payment equal to 60% of the Executive’s pre- multiplied by pre-disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-term disability program.
(de) the Executive will receive twelve (12) months additional vesting credit for all exercisability of stock options and or restricted stock awardsgranted to the Executive shall be governed by any applicable stock agreements and the terms of the respective stock plans.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health. If the Company fails to make a payment or provide a benefit required as part of this Employment Agreement, the Executive’s obligation to provide information and assistance will cease.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-term disability income plan as in effect from time to time. The Company’s group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death of the Executive during the Initial or Renewal Term, the Agreement terminates and all payments under the this Employment Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s beneficiaries:
(a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for the two one (21) calendar years year immediately preceding the death of Executive, pro-rated for the year death occurs;
(b) for twenty-four twelve (2412) months following the date of the Executive’s death, the Company shall pay reimburse the Executive’s designated beneficiary for the cost of medical, dental, the designated beneficiary’s medical and vision dental insurance premiums as in effect at the date of the Executive’s death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary;
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial or Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled disability continues for a period of three (as defined by 3) months, the Company’s long-term disability plan), Company may thereafter terminate this Agreement and the Executive’s employment will be termed and employment. Following such termination, the Company will pay the Executive amounts equal to the following:
(a) his regular installments of Base Salary, as of the time of termination, for a period not to exceed the commencement of payments under any earned but unpaid Base Salary and Company provided long-term disability plan;
(b) a lump sum payment equal to the average annual Bonus bonus compensation for the two one (21) calendar years year immediately preceding the year of termination due to disability, prorated for the year the disability occurs;
(bc) for twenty-four twelve (2412) months following the date of the Executive’s 's termination due to disability, the Company shall pay reimburse the Executive for the cost of the Executive’s medical, dental, medical and vision dental insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive; and
(cd) if the Executive is receiving disability benefits under the Company’s qualified long-term disability program, the Executive will receive a monthly payment equal to 60% of the Executive’s pre- multiplied by pre-disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-term disability program.
(de) the Executive will receive twelve (12) months additional vesting credit for all exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and restricted the terms of the respective stock awardsoption plans.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health. If the Company fails to make a payment or provide a benefit required as part of this Employment Agreement, the Executive’s obligation to provide information and assistance will cease.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-term disability income plan as in effect from time to time. The Company’s group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death during the Initial or Renewal Term, the Agreement terminates and all payments under the Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s beneficiaries:
(a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for the two (2) calendar years immediately preceding the death of Executive;
(b) for twenty-four (24) months following the date of the Executive’s death, the Company shall pay the cost of medical, dental, and vision insurance premiums as in effect at the date of the Executive’s death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary;
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial or Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled (as defined by the Company’s long-term disability plan), the Executive’s employment will be termed and the Company will pay the Executive amounts equal to the following:
(a) any earned but unpaid Base Salary and a lump sum payment equal to the average annual Bonus for the two (2) calendar years immediately preceding the year of termination due to disability;
(b) for twenty-four (24) months following the date of the Executive’s termination due to disability, the Company shall pay for the cost of the Executive’s medical, dental, and vision insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive; and
(c) the Executive will receive a monthly payment equal to 60% of the Executive’s pre- pre-disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-term disability program.
(d) the Executive will receive twelve (12) months additional vesting credit for all stock options and restricted stock awards.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-term disability income plan as in effect from time to time. The Company’s group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death of the Executive during the Initial or Renewal Term, the Agreement terminates and all payments under the this Employment Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s beneficiaries:
(a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for the two (2) calendar years immediately preceding the death of Executive, pro-rated for the year death occurs;
(b) for twenty-four (24) months following the date of the Executive’s death, the Company shall pay reimburse the Executive’s designated beneficiary for the cost of medical, dental, the designated beneficiary’s medical and vision dental insurance premiums as in effect at the date of the Executive’s death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary;
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial or Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled disability continues for a period of three (as defined by 3) months, the Company’s long-term disability plan), Company may thereafter terminate this Agreement and the Executive’s employment will be termed and employment. Following such termination, the Company will pay the Executive amounts equal to the following:
(a) his regular installments of Base Salary, as of the time of termination, for a period not to exceed the commencement of payments under any earned but unpaid Base Salary and Company provided long-term disability plan;
(b) a lump sum payment equal to the average annual Bonus bonus compensation for the two (2) calendar years immediately preceding the year of termination due to disability, prorated for the year the disability occurs;
(bc) for twenty-four (24) months following the date of the Executive’s termination due to disability, the Company shall pay reimburse the Executive for the cost of the Executive’s medical, dental, medical and vision dental insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive; and
(cd) if the Executive is receiving disability benefits under the Company’s qualified long-term disability program, the Executive will receive a monthly payment equal to 60% of the Executive’s pre- multiplied by pre-disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-term disability program.
(de) the Executive will receive twelve (12) months additional vesting credit for all exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and restricted the terms of the respective stock awardsoption plans.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health. If the Company fails to make a payment or provide a benefit required as part of this Employment Agreement, the Executive’s obligation to provide information and assistance will cease.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-term disability income plan as in effect from time to time. The Company’s group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death during the Initial or Renewal TermExecutive’s employment, the Agreement terminates and all payments under the Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s beneficiaries:
(a) any earned but unpaid base salary Base Salary and a lump sum payment equal to the average annual bonus compensation for of the two (2) calendar years immediately preceding the year of death of Executive;; and
(b) for twenty-four twelve (2412) months following the date of the Executive’s death, the Company shall pay the cost of medical, dental, and vision insurance premiums as in effect at the date of the Executive’s death, to the death for Executive’s designated beneficiarysurviving spouse, subject to a formal election by the beneficiaryspouse;
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement;
(d) all unvested outstanding stock options will fully vest; and
(e) all unvested restricted shares will vest in full.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial or Renewal TermExecutive’s employment, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled (as defined by the Company’s long-term disability plan), the Executive’s employment will be termed terminated and the Company will pay the Executive amounts equal to the following:
(a) any earned but unpaid Base Salary and a lump sum payment equal to the average annual Bonus for bonus compensation of the two (2) calendar years immediately preceding the year of in which the Executive’s termination due to disabilitydisability occurs;
(b) for twenty-four twelve (2412) months following the date of the Executive’s termination due to disability, the Company shall pay for the cost of the Executive’s (or his spouse’s in the event of Executive’s death during such period) medical, dental, and vision insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive;
(c) all of the Executive’s unvested outstanding stock options will fully vest; and
(cd) the Executive will receive a monthly payment equal to 60% all of the Executive’s pre- disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-term disability program.
(d) the Executive unvested restricted shares will receive twelve (12) months additional vesting credit for all stock options and restricted stock awardsvest in full.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-term disability income plan as in effect from time to time. The Company’s group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death during the Initial or Renewal Term, the Agreement terminates and all payments under the Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s beneficiaries:
(a) any earned but unpaid base salary Base Salary and a lump sum payment equal to the average target annual incentive bonus compensation of Executive under the Company’s Executive Management Incentive Plan for the two (2) calendar years immediately preceding year in which the Executive’s death of Executiveoccurs;
(b) for twenty-four twelve (2412) months following the date of the Executive’s death, the Company shall pay the cost of medical, dental, and vision insurance premiums as in effect at the date of the Executive’s death, to the death for Executive’s designated beneficiarysurviving spouse, subject to a formal election by the beneficiaryspouse;
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement;
(d) all unvested outstanding stock options will fully vest. If so vested, such stock options will remain exercisable until the earlier of twenty-four (24) months from the date of death or the expiration of the term of such option pursuant to the underlying award agreement; and
(e) upon the Executive’s death, any unvested restricted shares and performance share units will vest in full.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial Term or any Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled (as defined by the Company’s long-term disability plan), the Executive’s employment will be termed terminated and the Company will pay the Executive amounts equal to the following:
(a) any earned but unpaid Base Salary and a lump sum payment equal to the average target annual Bonus incentive bonus of Executive under the Company’s Executive Management Incentive Plan for the two (2) calendar years immediately preceding year in which the year of Executive’s termination due to disabilitydisability occurs;
(b) for twenty-four twelve (2412) months following the date of the Executive’s termination due to disability, the Company shall pay for the cost of the Executive’s (or his spouse’s in the event of Executive’s death during such period) medical, dental, and vision insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive;
(c) all of the Executive’s unvested outstanding stock options will fully vest. If so vested, such stock options will remain exercisable until the earlier of two (2) years from the date of disability or the end of the term under the applicable award agreement; and
(cd) upon the Executive will receive a monthly payment equal to 60% Executive’s disability, any of the Executive’s pre- disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-term disability program.
(d) the Executive unvested restricted shares and performance share units will receive twelve (12) months additional vesting credit for all stock options and restricted stock awardsvest in full.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-term disability income plan as in effect from time to time. The Company’s group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death of the Executive during the Initial or Renewal Term, the Agreement terminates and all payments under the this Employment Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s 's beneficiaries:
(a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for the two (2) calendar years immediately preceding the death of Executive, pro-rated for the year death occurs;
(b) for twenty-four (24) months following the date of the Executive’s death, the Company shall pay reimburse the Executive’s designated beneficiary for the cost of medical, dental, the designated beneficiary’s medical and vision dental insurance premiums as in effect at the date of the Executive’s death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary;
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial or Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled disability continues for a period of three (as defined by 3) months, the Company’s long-term disability plan), Company may thereafter terminate this Agreement and the Executive’s employment will be termed and employment. Following such termination, the Company will pay the Executive amounts equal to the following:
(a) his regular installments of Base Salary, as of the time of termination, for a period not to exceed the commencement of payments under any earned but unpaid Base Salary and Company provided long-term disability plan;
(b) a lump sum payment equal to the average annual Bonus bonus compensation for the two (2) calendar years immediately preceding the year of termination due to disability, prorated for the year the disability occurs;
(bc) for twenty-four (24) months following the date of the Executive’s termination due to disability, the Company shall pay reimburse the Executive for the cost of the Executive’s medical, dental, medical and vision dental insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive; and
(cd) if the Executive is receiving disability benefits under the Company’s qualified long-term disability program, the Executive will receive a monthly payment equal to 60% of the Executive’s pre- multiplied by pre-disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-term disability program.
(de) the Executive will receive twelve (12) months additional vesting credit for all exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and restricted the terms of the respective stock awardsoption plans.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health. If the Company fails to make a payment or provide a benefit required as part of this Employment Agreement, the Executive’s obligation to provide information and assistance will cease.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-term disability income plan as in effect from time to time. The Company’s group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death during the Initial or Renewal Term, the Agreement terminates and all payments under the Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s 's beneficiaries:
(a) any earned but unpaid base salary and a lump sum payment equal to the average annual bonus compensation for of the two (2) calendar years immediately preceding the death of Executive;; and
(b) for twenty-four (24) months following the date of the Executive’s 's death, the Company shall pay the cost of medical, dental, and vision insurance premiums for family members covered by Executive as in effect at the date of the Executive’s 's death, to the Executive’s designated beneficiary, subject to a formal election by the beneficiary;eligible family members; and
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s 's designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement. In addition, all stock options and restricted stock granted to Executive will vest in full.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial or Renewal Term, unless the Executive’s 's employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled (as defined by the Company’s long-term disability plan), the Executive’s employment will be termed terminated and the Company will pay the Executive amounts equal to the following:
(a) his regular installments of Base Salary, as of the time of termination, for a period not to exceed the commencement of payments under any earned but unpaid Base Salary and Company provided long-term disability plan; and
(b) a lump sum payment equal to the average annual Bonus for bonus compensation of the two (2) calendar years immediately preceding the year of termination due to disability;; and
(bc) for twenty-four (24) months following the date of the Executive’s 's termination due to disability, the Company shall pay for the cost of the Executive’s 's medical, dental, and vision insurance premiums as in effect at the date of the Executive’s 's termination, subject to a formal election by the Executive; and
(cd) if the Executive is receiving disability benefits under the Company’s qualified long-term disability program, the Executive will receive a an additional monthly payment equal to 60% of the Executive’s pre- pre-disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s 's qualified long-term disability program.
(d) the Executive will receive twelve (12) months additional vesting credit for . In addition, all stock options and restricted stock awardsawards granted to Executive will vest in full.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s 's long-term disability income plan as in effect from time to time. The Company’s 's group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
DEATH AND DISABILITY COMPENSATION. 3.1 In the event of the Executive’s death during the Initial or Renewal Term, the Agreement terminates and all payments under the Agreement shall cease as of the date of death, except for the following benefits to be paid to the Executive’s beneficiaries:
(a) any earned but unpaid base salary Base Salary and a lump sum payment equal to the average annual bonus compensation for of the two (2) calendar years immediately preceding the year of death of Executive;; and
(b) for twenty-four twelve (2412) months following the date of the Executive’s death, the Company shall pay the cost of medical, dental, and vision insurance premiums as in effect at the date of the Executive’s death, to the death for Executive’s designated beneficiarysurviving spouse, subject to a formal election by the beneficiaryspouse;
(c) the exercisability of stock options granted to the Executive shall be governed by any applicable stock option agreements and the terms of the respective stock option plans; and
(d) the Executive’s designated beneficiary will be entitled to receive the proceeds of any life or other insurance or other death benefit programs provided or referred to in this Employment Agreement;
(d) all unvested outstanding stock options will fully vest; and
(e) all unvested restricted shares will vest in full.
3.2 Notwithstanding the short-term disability of the Executive, the Company will continue to pay the Executive pursuant to Section 2 hereof during the Initial Term or any Renewal Term, unless the Executive’s employment is earlier terminated in accordance with this Agreement. In the event the Executive becomes disabled (as defined by the Company’s long-term disability plan), the Executive’s employment will be termed terminated and the Company will pay the Executive amounts equal to the following:
(a) any earned but unpaid Base Salary and a lump sum payment equal to the average annual Bonus for bonus compensation of the two (2) calendar years immediately preceding the year of in which the Executive’s termination due to disabilitydisability occurs;
(b) for twenty-four twelve (2412) months following the date of the Executive’s termination due to disability, the Company shall pay for the cost of the Executive’s (or his spouse’s in the event of Executive’s death during such period) medical, dental, and vision insurance premiums as in effect at the date of the Executive’s termination, subject to a formal election by the Executive;
(c) all of the Executive’s unvested outstanding stock options will fully vest; and
(cd) the Executive will receive a monthly payment equal to 60% all of the Executive’s pre- disability earnings (as defined by the qualified long-term disability plan) less any monthly benefit paid under the qualified long-term disability program. Such payments shall continue to cessation of payments under the Company’s qualified long-term disability program.
(d) the Executive unvested restricted shares will receive twelve (12) months additional vesting credit for all stock options and restricted stock awardsvest in full.
3.3 During the period the Executive is receiving payments following his disability and as long as he is physically and mentally able to do so, the Executive will furnish information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his position or prior position with the Company and his physical and mental health.
3.4 For purposes of this Agreement, the term “disabled” or “disability” will have the same meaning as is attributed to such term, or any substantially similar term, in the Company’s long-term disability income plan as in effect from time to time. The Company’s group long-term disability policy in existence at the time of disability shall be considered to be a part of this Agreement.
Appears in 1 contract
