Common use of Disability During the Transition Period Clause in Contracts

Disability During the Transition Period. During the Transition Period, if Gannett terminates Executive’s employment because Executive has an illness or other disability that has incapacitated Executive from performing Executive’s duties for six months, as determined by the Gannett Long Term Disability Plan’s independent plan administrator, then, in addition to other applicable provisions of this Agreement that are intended to survive termination of employment, Executive shall be entitled to receive a cash payment equal to the present value (based on Gannett’s then current all-in cost of borrowing) of (A) the sum of Executive’s (1) annual salary at the then current rate, (2) most recent annual bonus paid to Executive prior to the Termination Date, and (3) the deemed value of all fringe benefits (prior to any elective deferrals or any other deductions as to salary and bonus) multiplied by (B) a fraction, the numerator of which is the number of months remaining in the Transition Period and the denominator of which is the number 12. This cash payment shall be payable within 30 days of the Termination Date. For this purpose, the deemed value of fringe benefits shall equal five percent of Executive’s annual salary plus the aggregate amount of club dues and home security charges paid by Gannett on Executive’s behalf in the calendar year prior to the year of termination. Whenever compensation is payable to Executive hereunder during a time when Executive is partially or totally disabled, and such disability (except for the provisions hereof) would entitle Executive to disability income or to salary continuation payments from Gannett or from its insurer under the terms of the Gannett long-term disability plan, or any successor Gannett plan or policy in effect at the time of such disability, the compensation payable to Executive hereunder shall be inclusive of any such disability income or salary continuation and shall not be in addition thereto.