Common use of Disability and Death Benefits Clause in Contracts

Disability and Death Benefits. (a) If Holmxx xxxomes disabled prior to his retirement, he shall be deemed to have elected retirement under this Agreement. See Section 8(c) below. (b) In the event of Holmxx' xxath while still employed by Reynxxxx xxxsuant to this Agreement, Holmxx xxxll be entitled to Retirement Benefits calculated as if he had elected retirement as of the day before his actual death. Reynxxxx xxxll also pay to such beneficiary or beneficiaries as he shall have designated by written notice delivered to Reynxxxx xxxor to his death, or failing such written notice, to his estate, an amount equal to the Base Compensation plus the Bonuses, if any, which Holmxx xxxld have received or which would have been accrued for his benefit during the period of six (6) months immediately following his death if he had lived and had been employed by Reynxxxx xxxing that period. Such payment shall be made in one lump sum or in six (6) equal monthly installments as Reynxxxx xxxll elect and shall be in addition to the proceeds of any insurance policies carried on Holmxx' xxfe with respect to which he has the right to designate beneficiaries. Also, Reynxxxx xxxll pay to Holmxx' xxouse an amount, periodically as such payments are required to be made by said spouse, to enable her to continue medical coverage for her and her dependents in the same manner as immediately prior to Holmxx' xxath for a period expiring at the earlier of: (i) her death; (ii) forty-two (42) months after Holmxx' xxath; or (iii)

Appears in 1 contract

Samples: Employment Agreement (Reynolds & Reynolds Co)

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Disability and Death Benefits. (a) If Holmxx xxxomes Employee becomes disabled prior to his retirement, retirement he shall be deemed entitled to have elected retirement an annual disability benefit equal to fifty percent (50%) of his Annual Compensation Value; provided, however, that such annual benefit under this AgreementAgreement shall not exceed $500,000. The disability benefit shall be provided through the then existing Reynxxxx xxxnsored disability plan with Reynxxxx xxxing any additional contributions as may be necessary to pay Employee the required amount, and said benefit shall also be offset by any Retirement Benefits which Employee may then be receiving. The disability benefit, including any Reynxxxx xxxuired contribution, shall be paid so long as and on the same terms and conditions as the payments being made under the Reynxxxx xxxnsored disability plan. See Section 8(c7(c) below. (b) In the event of Holmxx' xxath Employee's death while still employed by Reynxxxx xxxsuant to this Agreement, Holmxx xxxll Employee shall be entitled to Retirement Benefits calculated as if he had elected retirement as of the day before his actual death. Reynxxxx xxxll also pay to such beneficiary or beneficiaries as he shall have designated by written notice delivered to Reynxxxx xxxor to his death, or failing such written notice, to his estate, an amount equal to the Base Compensation plus the Bonuses, if any, which Holmxx xxxld Employee would have received or which would have been accrued for his benefit during the period of six (6) months immediately following his death if he had lived and had been employed by Reynxxxx xxxing that period. Such payment shall be made in one lump sum or in six (6) equal monthly installments as Reynxxxx xxxll elect and shall be in addition to the proceeds of any insurance policies carried on Holmxx' xxfe Employee's life with respect to which he has the right to designate beneficiaries. Also, Reynxxxx xxxll pay to Holmxx' xxouse Employee's spouse an amount, periodically as such payments are required to be made by said spouse, to enable her to continue medical coverage for her and her dependents in the same manner as immediately prior to Holmxx' xxath Employee's death for a period expiring at the earlier of: (i) her death; (ii) forty-two (42) months after Holmxx' xxathEmployee's death; or (iii) eligibility for regular Medicare and Medicaid or any successor programs furnished by the government. Thereafter, Reynxxxx xxxll make available to Employee's spouse (including her dependents), at her cost, such medical coverage as shall be available to a person of her then age under the then-existing Reynxxxx-xxxnsored medical benefits program, but only to the extent coverage is available under such program.

Appears in 1 contract

Samples: Employment Agreement (Reynolds & Reynolds Co)

Disability and Death Benefits. (a) If Holmxx xxxomes disabled prior to his retirement, he shall be deemed to have elected retirement under this Agreement. See Section 8(c) below. (b) In the event of Holmxx' xxath while still employed by Reynxxxx xxxsuant to this Agreement, Holmxx xxxll be entitled to Retirement Benefits calculated as if he had elected retirement as of the day before his actual death. Reynxxxx xxxll also pay to such beneficiary or beneficiaries as he shall have designated by written notice delivered to Reynxxxx xxxor to his death, or failing such written notice, to his estate, an amount equal to the Base Compensation plus the Bonuses, if any, which Holmxx xxxld have received or which would have been accrued for his benefit during the period of six (6) months immediately following his death if he had lived and had been employed by Reynxxxx xxxing that period. Such payment shall be made in one lump sum or in six (6) equal monthly installments as Reynxxxx xxxll elect and shall be in addition to the proceeds of any insurance policies carried on Holmxx' xxfe with respect to which he has the right to designate beneficiaries. Also, Reynxxxx xxxll pay to Holmxx' xxouse an amount, periodically as such payments are required to be made by said spouse, to enable her to continue medical coverage for her and her dependents in the same manner as immediately prior to Holmxx' xxath for a period expiring at the earlier of: (i) her death; (ii) forty-two (42) months after Holmxx' xxath; or (iii) eligibility for regular Medicare and Medicaid or any successor programs furnished by the government. Thereafter, Reynxxxx xxxll make available to Holmxx' xxouse (including her dependents), at her cost, such medical coverage as shall be available to a person of her then age under the then-existing Reynxxxx-xxxnsored medical benefits program, but only to the extent coverage is available under such program.

Appears in 1 contract

Samples: Employment Agreement (Reynolds & Reynolds Co)

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Disability and Death Benefits. (a) If Holmxx xxxomes Employee becomes disabled prior to his retirement, retirement he shall be deemed entitled to have elected retirement an annual disability benefit equal to fifty percent (50%) of his Annual Compensation Value; provided, however, that such annual benefit under this AgreementAgreement shall not exceed $500,000. The disability benefit shall be provided through the then existing Reynolds sponsored disability plan with Reynolds making any additixxxx xxxtributions as may be necessary tx xxx Xxployee the required amount, and said benefit shall also be offset by any Retirement Benefits which Employee may then be receiving. The disability benefit, including any Reynolds required contribution, shall be paid so long as and on thx xxxx xerms and conditions as the payments being made under the Reynolds sponsored disability plan. See Section 8(c7(c) below. (bx) In the Xx xhe event of Holmxx' xxath Employee's death while still employed by Reynxxxx xxxsuant Reynolds pursuant to this Agreement, Holmxx xxxll Employee shall be entitled to Retirement Xxxxxxxent Benefits calculated as if he had elected retirement as of the day before his actual death. Reynxxxx xxxll Reynolds shall also pay to such beneficiary or beneficiaries as he shall have xxxxx xave designated by written notice delivered to Reynxxxx xxxor Reynolds prior to his death, or failing such written notice, to his estatehix xxxxxx, an amount equal to the Base Compensation plus the Bonuses, if any, which Holmxx xxxld Employee would have received or which would have been accrued for his benefit during the period of six (6) months immediately following his death if he had lived and had been employed by Reynxxxx xxxing Reynolds during that period. Such payment shall be made in one lump sum or lumx xxx xx in six (6) equal monthly installments as Reynxxxx xxxll Reynolds shall elect and shall be in addition to the proceeds of any insurance axx xxxxxance policies carried on Holmxx' xxfe Employee's life with respect to which he has the right to designate beneficiaries. Also, Reynxxxx xxxll Reynolds shall pay to Holmxx' xxouse Employee's spouse an amount, periodically as such payments xxxx xxyments are required to be made by said spouse, to enable her to continue medical coverage for her and her dependents in the same manner as immediately prior to Holmxx' xxath Employee's death for a period expiring at the earlier of: (i) her death; (ii) forty-two (42) months after Holmxx' xxathEmployee's death; or (iii) eligibility for regular Medicare and Medicaid or any successor programs furnished by the government. Thereafter, Reynolds shall make available to Employee's spouse (including her xxxxxxxxts), at her cost, such medical coverage as shall be available to a person of her then age under the then-existing Reynolds-sponsored medical benefits program, but only to the extenx xxxxxxge is available under such program.

Appears in 1 contract

Samples: Employment Agreement (Reynolds & Reynolds Co)

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