Common use of DISABILITY ADJUSTMENT TO BASE SALARY PAYMENTS Clause in Contracts

DISABILITY ADJUSTMENT TO BASE SALARY PAYMENTS. During the Term (or, if later, at any time prior to the end of the Change-in-Control Protective Period), during any period that the Employee fails to perform the Employee's full-time duties with the Employer as a result of incapacity due to physical or mental illness (but in no event for more than twenty-four (24) months), the Employer shall pay only sixty percent (60%) of the Employee's Base Salary to the Employee at the rate in effect at the commencement of any such period (less amounts, if any, payable to the Employee at or prior to the time of any such Base Salary payment under disability benefit plans of the Employer or under the Social Security disability insurance program). After six (6) months of Disability, the Employer shall have the right to terminate the Employee's employment pursuant to this Agreement and all Base Salary payments (except the sixty percent (60%) payments pursuant to the foregoing sentence) shall cease. Except to the extent provided in this Section 7.2, all Base Salary payments to the Employee shall be abated during the period of Disability. Subject to Sections 8, 9, 10 and 11 hereof, after completing the expense reimbursements required by Section 6 hereof and making the payments and providing the benefits required by this Section 7, the Employer shall have no further obligations to the Employee under this Agreement.

Appears in 5 contracts

Samples: Employment Agreement (Schulman a Inc), Employment Agreement (Schulman a Inc), Employment Agreement (Schulman a Inc)

AutoNDA by SimpleDocs

DISABILITY ADJUSTMENT TO BASE SALARY PAYMENTS. During the Term (or, if later, at any time prior to the end of the Change-in-Control Protective Period), during any period that the Employee fails to perform the Employee's ’s full-time duties with the Employer as a result of incapacity due to physical or mental illness (but in no event for more than twenty-four (24) months), the Employer shall pay only sixty percent (60%) of the Employee's ’s Base Salary to the Employee at the rate in effect at the commencement of any such period (less amounts, if any, payable to the Employee at or prior to the time of any such Base Salary payment under disability benefit plans of the Employer or under the Social Security disability insurance program). After six (6) months of Disability, the Employer shall have the right to terminate the Employee's ’s employment pursuant to this Agreement and all Base Salary payments (except the sixty percent (60%) payments pursuant to the foregoing sentence) shall cease. Except to the extent provided in this Section 7.2, all Base Salary payments to the Employee shall be abated during the period of Disability. Subject to Sections 8, 9, 10 and 11 hereof, after completing the expense reimbursements required by Section 6 hereof and making the payments and providing the benefits required by this Section 7, the Employer shall have no further obligations to the Employee under this Agreement.

Appears in 1 contract

Samples: Employment Agreement (Schulman a Inc)

AutoNDA by SimpleDocs

DISABILITY ADJUSTMENT TO BASE SALARY PAYMENTS. During the Term (or, if later, at any time prior to the end of the Change-in-Control Protective Period), during any period that the Employee fails to perform the Employee's ’s full-time duties with the Employer as a result of incapacity due to physical or mental illness (but in no event for more than twenty-four (24) months), the Employer shall pay only sixty percent (60%) of the Employee's ’s Base Salary to the Employee at the rate in effect at the commencement of any such period (less amounts, if any, payable to the Employee at or prior to the time of any such Base Salary payment under disability benefit plans of the Employer or under the Social Security any governmental disability insurance program). After six (6) months of Disability, the Employer shall have the right to terminate the Employee's ’s employment pursuant to this Agreement and all Base Salary payments (except the sixty percent (60%) payments pursuant to the foregoing sentence) shall cease. Except to the extent provided in this Section 7.2, all Base Salary payments to the Employee shall be abated during the period of Disability. Subject to Sections 8, 9, 10 and 11 hereof, after completing the expense reimbursements required by Section 6 hereof and making the payments and providing the benefits required by this Section 7, the Employer shall have no further obligations to the Employee under this Agreement.

Appears in 1 contract

Samples: Employment Agreement (Schulman a Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!