Disability Salary Continuation Sample Clauses

Disability Salary Continuation. If the Executive becomes disabled during the term of this Agreement, the Company shall continue to pay the Executive his Base Salary during the first 90 day period of such disability and shall continue to pay the Executive, but at the rate of forty percent (40%) of his Base Salary, for second 90 day period of such disability. "Disability" as used herein shall have the same meaning as given that term in the long term disability insurance policy of the Company as in effect from time to time. All payments under this Paragraph shall cease upon the expiration or other termination of this Agreement or of the Executive's employment.
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Disability Salary Continuation. The Bank shall pay the Employee his full salary then in effect and continue all benefits then in effect for a period of one year after the Date of Termination (as hereafter defined) in the event of the Employee’s Disability. “Disability” or “'Disabled” shall mean (i) the Employee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or (ii) the Employee is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company; or (iii) the Employee has been determined to be totally disabled by the Social Security Administration or Railroad Retirement Board or (iv) the Employee has been determined to be disabled in accordance with a disability insurance program provided by the Company or the Bank and in which Employee participates, provided that the definition of disability applied under such disability insurance program complies with the requirements of (i) or (ii) listed above.
Sample 1
Disability Salary Continuation. The Bank shall pay the Employee his full salary then in effect and continue all benefits then in effect for a period of one year after the Date of Termination (as hereafter defined) in the event of the partial or complete Disability of the Employee. "Disability" shall mean the Employee's failure to satisfactorily perform the essential functions of his office on a full-time basis for one hundred and eighty (180) consecutive days, with or without accommodation, by reason of the Employee's incapacity resulting from physical or mental illness or impairment, except where within fifteen (15) days after Notice of Termination (as hereinafter defined) is given following such absence, the Employee shall have returned to the satisfactory, full time performance of such duties. Any determination of Disability hereunder shall be made by the Board of Directors of the Bank in good faith and on the basis of the certificates of at least three qualified physicians chosen by it for such purpose, one of whom shall be the Employee's regular attending physician.
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Disability Salary Continuation. If the Executive becomes disabled during the term of this Agreement, the Company shall continue to pay the Executive his Base Salary during the first ninety (90) day period of such disability and shall continue to pay the Executive, but at the rate of fifty percent (50%) of his Base Salary, for second ninety (90) day period of such disability. "Disability" as used herein shall mean any physical, emotional or mental, injury, illness or incapacity, other than death, which renders the Executive unable to perform the duties required of him under this Agreement. The existence of any disability shall be determined to exist in the sole discretion of the Board which shall not be unreasonably exercised.
Sample 1
Disability Salary Continuation. If the Employee becomes disabled during the term of this Agreement, the Company shall continue to pay the Employee his Base Salary during the first ninety (90) day period of such disability, and additionally, but only to the extent the Employee is not paid by disability insurance available through the Company, shall continue to pay the Employee, but at the rate of fifty percent (50%) of his Base Salary, for the second ninety (90) day period of such disability. "Disability" as used herein shall mean any physical, emotional or mental, injury, illness or incapacity, other than death, which renders the Employee unable to perform the duties required of him under this Agreement. The existence of any disability shall be determined to exist in the sole discretion of the Board which shall not be arbitrarily exercised. All payments under this Paragraph shall cease upon the expiration of other termination of this Agreement or of the Employee's employment.
Sample 1
Disability Salary Continuation. If the Executive becomes disabled during the term of this Agreement, the Company shall continue to pay the Executive his Base Salary during the first 90 day period of such disability and shall continue to pay the Executive, but at the rate of forty percent (40%) of his Base Salary, for second 90 day period of such disability. "Disability" as used herein shall have the same meaning as given that term in the long term disability insurance policy of the Company as in effect from time to time. All payments under this Paragraph shall cease upon the expiration or other termination of this Agreement or of the Executive's employment; however, disability payments shall continue as provided under this Section 6(b) if the cause of termination is "permanent disability" as the phrase is used in Section 13(d)(iii).
Sample 1
Disability Salary Continuation. The Bank shall continue to pay the Employee his full salary then in effect and continue all benefits then in effect for a period of one year after the Date of Termination (as hereafter defined) in the event of the Employee's Disability. "Disability" shall mean, that because of a medically determinable physical or mental impairment that can be expected to result in death or that can be expected to last for a continuous period of at least 12 months, (x) the Employee is unable to engage in any substantial gainful activity, or (y) the Employee is receiving income replacement benefits for a period of at least three months under an accident and health plan of the Bank. Determination of disability may be made either by the Social Security Administration or by the provider of an accident or health plan covering employees of the Bank, provided that the definition of disability applied under such plan complies with the requirements of subsections 4(f)(i) or (ii) above. Upon request of the Company or the Bank, the Executive must submit proof to the Company or the Bank of the Social Security Administration's or provider's determination. For purposes of this Agreement, "accident and health plan" shall be interpreted as such phrase is used in Treas. Reg. ss. 1.409A-3(i)(4).
Sample 1
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Disability Salary Continuation. If the Employee becomes disabled during the term of this Agreement, the Company shall continue to pay the Employee his Base Salary during the first ninety (90) day period of such disability, and additionally, but only to the extent the Employee is not paid by disability insurance available through the Company, shall continue to pay the Employee, but at the rate of sixty percent (60%) of his Base Salary (not to exceed $6,000 per month), for the period of such disability, not to exceed the remaining term of this Agreement. "Disability" as used herein shall mean any physical, emotional or mental, injury, illness or incapacity, other than death, which renders the Employee unable to perform the duties required of him under this Agreement. The existence of any disability shall be determined to exist in the sole discretion of the Board which shall not be arbitrarily exercised. All payments under this Paragraph shall cease upon the expiration of other termination of this Agreement or of the Employee's employment.
Sample 1
Disability Salary Continuation. If the Executive becomes disabled during the term of this Agreement, the Company shall continue to pay the Executive his Base Salary during the first 90 day period of such disability and shall continue to pay the Executive, but at the rate of forty percent (40%) of his Base Salary, for second 90 day period of such disability. "Disability" as used herein shall have the same meaning as given that term in the long term disability insurance policy of the Company as in effect from time to time. All payments under this Paragraph shall cease upon the expiration or other termination of this Agreement or of the Executive's employment; however, disability payments shall continue as provided under this Section 6(b) if the Cause of termination is "permanent disability" as the phrase is used in Section 13(d)(iii). Notwithstanding the foregoing, the Executive shall also be entitled to any disability benefits accorded for senior management employees of the Parent under any disability insurance plans which the Parent may have from time to time.
Sample 1

Related to Disability Salary Continuation

  • Salary Continuation If the Executive becomes totally disabled during the term of this Agreement, his full salary shall be continued for 360 days from the date of the disabling injury or onset of the disability illness.

  • Salary Continuation Payments The Executive shall be eligible to receive his base salary for up to a total period of eighteen (18) months at the annualized rate in effect for him under Paragraph 3 at the time of his Involuntary Termination. The first such payment shall be made on the sixtieth (60th) day following the Executive’s Separation from Service due to such Involuntary Termination provided the requisite Release Condition is satisfied and subsequent salary continuation payments shall be made at periodic intervals in accordance with the Company’s payroll practices for salaried employees. The salary continuation payments to which the Executive becomes entitled in accordance with this Paragraph 4.4 shall be treated as a right to a series of separate payments for purposes of Section 409A of the Code.

  • Disability Payments If during the term of employment and prior to the delivery of any notice of termination without cause, you become physically or mentally disabled, whether totally or partially, so that you are prevented from performing your usual duties for a period of six consecutive months, or for shorter periods aggregating six months in any twelve-month period, the Company shall, nevertheless, continue to pay your full compensation through the last day of the sixth consecutive month of disability or the date on which the shorter periods of disability shall have equaled a total of six months in any twelve-month period (such last day or date being referred to herein as the “Disability Date”), subject to Section 11.17. If you have not resumed your usual duties on or prior to the Disability Date, the Company shall pay you a pro rata Bonus (based on your Average Annual Bonus) for the year in which the Disability Date occurs and thereafter shall pay you disability benefits for the period ending on the later of (i) the Term Date or (ii) the date which is twelve months after the Disability Date (in the case of either (i) or (ii), the “Disability Period”), in an annual amount equal to 75% of (a) your Base Salary at the time you become disabled and (b) the Average Annual Bonus, in each case, subject to Section 11.17.

  • Salary Severance A single, lump sum payment equal to twelve (12) months of the Executive’s Salary, less applicable withholdings.

  • Accrued Salary On the Separation Date, the Company will pay you all accrued salary earned through the Separation Date, subject to standard payroll deductions and withholdings. You will receive these payments regardless of whether or not you sign this Agreement.

  • Benefit Continuation You and your then eligible dependents shall continue to be covered by and participate in the group health and dental care plans (collectively, “Health Plans”) of the Company (at the Company’s cost) in which you participated, or were eligible to participate, immediately prior to the Date of Termination through the end of the Benefit Continuation Period; provided, however, that any medical or dental welfare benefit otherwise receivable by you hereunder shall be reduced to the extent that you become covered under a group health or dental care plan providing comparable medical and health benefits. You shall be eligible to participate in such Health Plans on terms that are at least as favorable as those in effect immediately prior to the Date of Termination. However, in the event that the terms of the Company’s Health Plans do not permit you to participate in those plans (other than pursuant to an election under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”)), in lieu of your and your eligible dependent’s coverage and participation under the Company’s Health Plans, the Company shall pay to you within fifteen (15) calendar days after the effective date of the Waiver and Release a lump sum equal to two (2) times your monthly COBRA premium amount for the number of months remaining in the Benefit Continuation Period. In addition, for the purposes of coverage under COBRA, your COBRA event date will be the date of loss of coverage described in this paragraph above.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Payment of Continued Group Health Plan Benefits If you are eligible for and timely elect continued group health plan coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 or any state law of similar effect (“COBRA”) following your Involuntary Termination, the Company will pay your COBRA group health insurance premiums for you and your eligible dependents directly to the insurer until the earliest of (A) the end of the period immediately following your Involuntary Termination that is equal to the Severance Period (the “COBRA Payment Period”), (B) the expiration of your eligibility for continuation coverage under COBRA, or (C) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. For purposes of this Section, references to COBRA premiums shall not include any amounts payable by you under a Section 125 health care reimbursement plan under the Code. Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that it cannot pay the COBRA premiums without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then regardless of whether you elect continued health coverage under COBRA, and in lieu of providing the COBRA premiums, the Company will instead pay you on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), which payments shall continue until the earlier of expiration of the COBRA Payment Period or the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. On the first payroll date following the effectiveness of the Release, the Company will make the first payment to the insurer under this clause (and, in the case of the Special Severance Payment, such payment will be to you, in a lump sum) equal to the aggregate amount of payments that the Company would have paid through such date had such payments instead commenced on the date of your Involuntary Termination, with the balance of the payments paid thereafter on the schedule described above. If you become eligible for coverage under another employer’s group health plan, you must immediately notify the Company of such event, and all payments and obligations under this subsection shall cease.

  • Severance Payments; Salary and Benefits The Company agrees to provide Executive with the severance payments and benefits described in Section 4(b) [and Section 4(c)] of the Employment Agreement, payable at the times set forth in, and subject to the terms and conditions of, the Employment Agreement. In addition, to the extent not already paid, and subject to the terms and conditions of the Employment Agreement, the Company shall pay or provide to Executive all other payments or benefits described in Section 3(c) of the Employment Agreement, subject to and in accordance with the terms thereof.

  • Post-Termination Benefits If the Executive's employment shall be terminated for any reason following a Change in Control and during the Term, the Company shall pay to the Executive the Executive's normal post-termination compensation and benefits as such payments become due. Such post-termination compensation and benefits shall be determined under, and paid in accordance with, the Company's retirement, insurance and other compensation or benefit plans, programs and arrangements as in effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the occurrence of the first event or circumstance constituting Good Reason.

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