Common use of Disability of the Employee Clause in Contracts

Disability of the Employee. For purposes of this Agreement, -------------------------- disability is defined to mean that, as a result of the incapacity of the Employee due to physical or mental illness, the Employee shall have been absent for five (5) consecutive months from his duties as described herein or in any other capacity in which he then serves on a substantially full-time basis all as determined at that time to be total and permanent by a physician selected by the Employer and within thirty (30) days after the Employer notifies the Employee in writing that it intends to replace him, the Employee shall not have returned to the performance of such duties on a full-time basis. During the period that the Employee has been absent from his duties, the Employer shall pay the Employee his full base salary and provide at its expense to the Employee, his spouse and dependents continued coverage under any welfare benefit plan. Upon such determination that the Employee is disabled, this Agreement and the employment of Employee shall terminate. The Employee shall receive such benefits from any disability policies of the Employer then in effect. The Employer also shall pay to the Employee the difference between the base salary of the Employee through the next scheduled termination date of the Agreement and any benefit payments received by the Employee from any disability policies of the Employer. In addition, the Employer shall provide at its expense to the spouse and dependents of the Employee such welfare benefit plan coverage through the next scheduled termination date of this Agreement at the same coverage level and on the same terms and conditions which are in effect immediately prior to the date of the disability of the Employee. Following the scheduled date of termination of this Agreement, there shall be no further obligation of the Employer to provide any payments to the Employee hereunder.

Appears in 4 contracts

Samples: Employment Agreement (Hammond Residential LLC), Employment Agreement (Hammond Residential LLC), Employment Agreement (Hammond Residential LLC)

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Disability of the Employee. For purposes of this Agreement, -------------------------- disability is defined to mean that, as a result This Agreement may be terminated by the Company upon the Disability of the Employee. "Disability" shall mean any mental or physical illness, condition, disability or incapacity of which prevents the Employee due from reasonably discharging his duties and responsibilities under this Agreement for a period of ninety (90) days in any one hundred eighty (180) day period. In the event that any disagreement or dispute shall arise between the Company and the Employee as to physical or mental illnesswhether the Employee suffers from any Disability, then, in such event, the Employee shall have been absent for five (5) consecutive months from his duties as described herein submit to the physical or in any other capacity in which he then serves on a substantially full-time basis all as determined at that time to be total and permanent by mental examination of a physician selected licensed under the laws of the State of Florida, who is agreeable to the Company and the Employee, and such physician shall determine whether the Employee suffers from any Disability. In the absence of fraud or bad faith, the determination of such physician shall be final and binding upon the Company and the Employee. The entire cost of such examination shall be paid solely by the Employer and within thirty (30) days after Company. In the Employer notifies event the Employee in writing that it intends to replace himCompany has purchased disability insurance for Employee, the Employee shall not have returned to be deemed disabled if he is disabled as defined by the performance terms of such duties on a full-time basisthe disability policy. During On the period that the Employee has been absent from his duties, the Employer shall pay the Employee his full base salary and provide at its expense to the Employee, his spouse and dependents continued coverage under any welfare benefit plan. Upon such determination date that the Employee is disableddeemed to have a Disability, this Agreement will be deemed to have been terminated and the employment of Employee shall terminatebe entitled to receive from the Company his accrued and unpaid Base Salary, bonus and other benefits through the termination date. The Employee shall receive such benefits from any disability policies of the Employer then in effect. The Employer also shall pay to the Employee the difference between the base salary If a termination of the Employee through by Disability shall occur at anytime, than the next scheduled termination date pro rata portion of the Agreement and any benefit payments received by the Employee from any disability policies of the Employer. In addition, the Employer shall provide at its expense to the spouse and dependents of the Employee such welfare benefit plan coverage through the next scheduled termination date of this Agreement at the same coverage level and on the same terms and conditions which are unvested Time-based options (as specified in effect immediately prior to Section 3d(1)) up until the date of the disability Employee’s termination that were due to vest in the year of the Employee’s termination shall vest. Following Other than as set forth in the scheduled immediately preceding two sentences, the Company shall have no further salary or bonus payment or other benefits obligations under this Agreement from and after the date of termination of this Agreement, there shall be no further obligation of the Employer due to provide any payments to the Employee hereunder.Disability. 06/24/08

Appears in 1 contract

Samples: Employment Agreement (Neogenomics Inc)

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Disability of the Employee. For purposes of this Agreement, -------------------------- disability is defined to mean that, as a result This Agreement may be terminated by the Company upon the Disability of the Employee. "Disability" shall mean any mental or physical illness, condition, disability or incapacity of which prevents the Employee due from reasonably discharging his duties and responsibilities under this Agreement for a period of ninety (90) days in any one hundred eighty (180) day period. In the event that any disagreement or dispute shall arise between the Company and the Employee as to physical or mental illnesswhether the Employee suffers from any Disability, then, in such event, the Employee shall have been absent for five (5) consecutive months from his duties as described herein submit to the physical or in any other capacity in which he then serves on a substantially full-time basis all as determined at that time to be total and permanent by mental examination of a physician selected licensed under the laws of the State of Florida, who is agreeable to the Company and the Employee, and such physician shall determine whether the Employee suffers from any Disability. In the absence of fraud or bad faith, the determination of such physician shall be final and binding upon the Company and the Employee. The entire cost of such examination shall be paid solely by the Employer and within thirty (30) days after Company. In the Employer notifies event the Employee in writing that it intends to replace himCompany has purchased disability insurance for Employee, the Employee shall not have returned to be deemed disabled if he is disabled as defined by the performance terms of such duties on a full-time basisthe disability policy. During On the period that the Employee has been absent from his duties, the Employer shall pay the Employee his full base salary and provide at its expense to the Employee, his spouse and dependents continued coverage under any welfare benefit plan. Upon such determination date that the Employee is disableddeemed to have a Disability, this Agreement will be deemed to have been terminated and the employment of Employee shall terminatebe entitled to receive from the Company his accrued and unpaid Base Salary, bonus and other benefits through the termination date. The Employee shall receive such benefits from any disability policies of the Employer then in effect. The Employer also shall pay to the Employee the difference between the base salary If a termination of the Employee through by Disability shall occur at anytime, than the next scheduled termination pro rata portion of any unvested Time-based options (as specified in Section 3d(1)) up until the date of the Agreement and any benefit payments received by Employee’s termination that were due to vest in the Employee from any disability policies year or month of the EmployerEmployee’s termination shall vest. In addition, the Employer shall provide at its expense to the spouse and dependents if a termination of the Employee such welfare benefit plan coverage through by Disability shall occur after September 30th of any given year, than the next scheduled termination date pro rata portion of this Agreement at the same coverage level and on the same terms and conditions which are any unvested performance-based options (as specified in effect immediately prior to Section 3d(2)) up until the date of the disability Employee’s termination that would have vested at the end of such year if the EmployeeEmployee were still employed by the Company and the Company met the relevant performance metric, shall vest. Following Other than as set forth in the scheduled immediately preceding three sentences, the Company shall have no further salary or bonus payment or other benefits obligations under this Agreement from and after the date of termination of this Agreement, there shall be no further obligation of the Employer due to provide any payments to the Employee hereunderDisability.

Appears in 1 contract

Samples: Employment Agreement (Neogenomics Inc)

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