Common use of Death, Disability or Normal Retirement Clause in Contracts

Death, Disability or Normal Retirement. In the event that Employee’s employment terminates due to Employee’s death or Disability (regardless of whether such Disability termination is initiated by Employee or the Company) or due to the voluntary retirement by Employee (which is not a Termination for Good Reason) at or after attaining Normal Retirement Date, Parent or Employer shall pay Employee (or, if applicable, Employee’s beneficiaries or legal representative(s)): (1) The Earned Salary, as soon as practicable (but not more than 10 days) following Employee’s Date of Termination; (2) The Accrued Obligations, in accordance with applicable law and the provisions of any applicable plan, program, policy or practice; and (3) A Separation Payment in an amount equal to Employee’s Base Salary, which shall be paid, in all cases other than a voluntary retirement on or after Normal Retirement Date, within 10 days following Employee’s Date of Termination, and, in the case of a voluntary retirement on or after Normal Retirement Date, 6 months and 1 day after Employee’s Date of Termination.