Common use of EARLY TERMINATION OF THE TERM Clause in Contracts

EARLY TERMINATION OF THE TERM. The Term shall terminate prior to its scheduled expiration date upon the occurrence of any of the following events. (a) The Term and the Executive’s employment hereunder shall terminate upon written notice to the Executive by the Company specifying Disability as the basis for such termination. In respect of such termination, the Company shall pay to the Executive (i) within thirty (30) days after such termination, the Executive’s earned but unpaid Base Salary, earned but unused vacation (determined in accordance with the Company’s standard vacation policy and practices) and reimbursement for expenses incurred (in accordance with Section 2(e) hereof), all as of the date of such termination (the “Accrued Obligations”), and (ii) as soon as practicable and in any event no later than the earlier of (x) the EBIT Determination Date for the fiscal year in which such termination takes place and (y) two and one half (2 1/2) months following the end of the fiscal year in which such termination takes place, an amount equal to the Incentive Bonus for such fiscal year (calculated in accordance with the first sentence of Section 2(b)) multiplied by a fraction, the numerator of which is the number of days in the period commencing on January 1 of such fiscal year and ending on the date of such termination (inclusive) and the denominator of which is 365 (the “Termination Bonus Amount”). The Executive shall not be entitled to any further compensation or payments under this Agreement. “Disability” shall mean a physical or mental impairment of the Executive that (A) qualifies the Executive for (x) disability benefits under any long-term disability plan maintained by the Company or (y) Social Security disability benefits or (B) has prevented or, at the date of determination, will reasonably be likely to prevent, the Executive from performing the essential functions of his position for a period of six (6) consecutive months. The existence of a Disability shall be determined by the Board in its absolute discretion. The Executive agrees to submit to medical examinations by a licensed medical doctor selected by the Board to determine whether a Disability exists, as the Board may request from time to time.

Appears in 1 contract

Samples: Employment Agreement (Carbo Ceramics Inc)

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EARLY TERMINATION OF THE TERM. The Term shall terminate prior to its scheduled expiration date upon the occurrence of any of the following events. (a) The Term and the Executive’s employment hereunder shall terminate upon written notice to the Executive by the Company specifying Disability as the basis for such termination. In respect of such termination, the Company shall pay to the Executive (i) within thirty (30) days after such termination, the Executive’s earned but unpaid Base Salary, earned but unused vacation (determined in accordance with the Company’s standard vacation policy and practices) and reimbursement for expenses incurred (in accordance with Section 2(e) hereof), all as of the date of such termination (the “Accrued Obligations”), and (ii) as soon as practicable and in any event no later than the earlier of (x) the EBIT Determination Date for the fiscal year in which such termination takes place and (y) two and one half (2 1/2) months following the end of the fiscal year in which such termination takes place, an amount equal to the Incentive Bonus for such fiscal year (calculated in accordance with the first sentence of Section 2(b)) multiplied by a fraction, the numerator of which is the number of days in the period commencing on (1) with respect to a termination in the 2006 fiscal year, the Effective Date or (2) with respect to a termination in any subsequent fiscal year, January 1 of such fiscal year year, and ending on the date of such termination (inclusive) and the denominator of which is 365 (the “Termination Bonus Amount”). The Executive shall not be entitled to any further compensation or payments under this Agreement. “Disability” shall mean a physical or mental impairment of the Executive that (A) qualifies the Executive for (x) disability benefits under any long-term disability plan maintained by the Company or (y) Social Security disability benefits or (B) has prevented or, at the date of determination, will reasonably be likely to prevent, the Executive from performing the essential functions of his position for a period of six (6) consecutive months. The existence of a Disability shall be determined by the Board in its absolute discretion. The Executive agrees to submit to medical examinations by a licensed medical doctor selected by the Board to determine whether a Disability exists, as the Board may request from time to time.

Appears in 1 contract

Samples: Employment Agreement (Carbo Ceramics Inc)

EARLY TERMINATION OF THE TERM. The Term shall terminate prior to its scheduled expiration date upon the occurrence of any of the following events. (a) The Term and the Executive’s employment hereunder shall terminate upon written notice to the Executive by the Company specifying Disability as the basis for such termination. In respect of such termination, the Company shall pay to the Executive (i) within thirty (30) days after such termination, the Executive’s earned but unpaid Base Salary, earned but unused vacation (determined in accordance with the Company’s standard vacation policy and practices) and reimbursement for expenses incurred (in accordance with Section 2(e2(d) hereof), all as of the date of such termination (the “Accrued Obligations”), and (ii) as soon as practicable and in any event no later than the earlier of (x) the EBIT Determination Date for date on which all other AIA Participants (as defined in the AIA) receive payment of their AIA Awards (as defined in the AIA) in respect of the fiscal year in which such termination takes place (or the EBIT Determination Date for such fiscal year if Section 2(b)(ii) applies or no such payments are approved to other AIA Participants) and (y) two and one half (2 1/2) months following the end of the such fiscal year in which such termination takes placeyear, an amount equal to the Incentive Bonus for such fiscal year (calculated in accordance with the first sentence of Section 2(b2(b)(i) or (ii), as applicable) multiplied by a fraction, the numerator of which is the number of days in the period commencing on January 1 of such fiscal year and ending on the date of such termination (inclusive) and the denominator of which is 365 (the “Termination Bonus Amount”). The Executive shall not be entitled to any further compensation or payments under this Agreement. “Disability” shall mean a physical or mental impairment of the Executive that (A) qualifies the Executive for (x) disability benefits under any long-term disability plan maintained by the Company or (y) Social Security disability benefits or (B) has prevented or, at the date of determination, will reasonably be likely to prevent, the Executive from performing the essential functions of his position for a period of six (6) consecutive months. The existence of a Disability shall be determined by the Board in its absolute discretion. The Executive agrees to submit to medical examinations by a licensed medical doctor selected by the Board to determine whether a Disability exists, as the Board may request from time to time.

Appears in 1 contract

Samples: Employment Agreement (Carbo Ceramics Inc)

EARLY TERMINATION OF THE TERM. The Term shall terminate prior to its scheduled expiration date upon the occurrence of any of the following events. (a) The Term and the Executive’s employment hereunder shall terminate upon written notice to the Executive by the Company specifying Disability as the basis for such termination. In respect of such termination, the Company shall pay to the Executive (i) within thirty (30) days after such termination, the Executive’s earned but unpaid Base Salary, earned but unused vacation (determined in accordance with the Company’s standard vacation policy and practices) and reimbursement for expenses incurred (in accordance with Section 2(e2(d) hereof), all as of the date of such termination (the “Accrued Obligations”), and (ii) as soon as practicable and in any event no later than the earlier of (x) the EBIT Determination Date for date on which all other AIA Participants (as defined in the AIA) receive payment of their AIA Awards (as defined in the AIA) in respect of the fiscal year in which such termination takes place (or the EBIT Determination Date for such fiscal year if Section 2(b)(ii) applies or no such payments are approved to other AIA Participants) and (y) two and one half (2 1/21⁄2) months following the end of the such fiscal year in which such termination takes placeyear, an amount equal to the Incentive Bonus for such fiscal year (calculated in accordance with the first sentence of Section 2(b2(b)(i) or (ii), as applicable) multiplied by a fraction, the numerator of which is the number of days in the period commencing on January 1 of such fiscal year and ending on the date of such termination (inclusive) and the denominator of which is 365 (the “Termination Bonus Amount”). The Executive shall not be entitled to any further compensation or payments under this Agreement. “Disability” shall mean a physical or mental impairment of the Executive that (A) qualifies the Executive for (x) disability benefits under any long-term disability plan maintained by the Company or (y) Social Security disability benefits or (B) has prevented or, at the date of determination, will reasonably be likely to prevent, the Executive from performing the essential functions of his position for a period of six (6) consecutive months. The existence of a Disability shall be determined by the Board in its absolute discretion. The Executive agrees to submit to medical examinations by a licensed medical doctor selected by the Board to determine whether a Disability exists, as the Board may request from time to time.

Appears in 1 contract

Samples: Employment Agreement (Carbo Ceramics Inc)

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EARLY TERMINATION OF THE TERM. The Term shall terminate prior to its scheduled expiration date upon the occurrence of any of the following events. (a) The Term and the Executive’s employment hereunder shall terminate upon written notice to the Executive by the Company specifying Disability as the basis for such termination. In respect of such termination, the Company shall pay to the Executive (i) within thirty (30) days after such termination, the Executive’s earned but unpaid Base Salary, earned but unused vacation (determined in accordance with the Company’s standard vacation policy and practices) and reimbursement for expenses incurred (in accordance with Section 2(e2(d) hereof), all as of the date of such termination (the “Accrued Obligations”), and (ii) as soon as practicable and in any event no later than the earlier of (x) the EBIT Determination Date for the fiscal year in which such termination takes place and (y) two and one half (2 1/2) months following the end of the such fiscal year in which such termination takes placeyear, an amount equal to the Incentive Bonus for such fiscal year (calculated in accordance with the first sentence of Section 2(b)) multiplied by a fraction, the numerator of which is the number of days in the period commencing on January 1 of such fiscal year and ending on the date of such termination (inclusive) and the denominator of which is 365 (the “Termination Bonus Amount”). The Executive shall not be entitled to any further compensation or payments under this Agreement. “Disability” shall mean a physical or mental impairment of the Executive that (A) qualifies the Executive for (x) disability benefits under any long-term disability plan maintained by the Company or (y) Social Security disability benefits or (B) has prevented or, at the date of determination, will reasonably be likely to prevent, the Executive from performing the essential functions of his position for a period of six (6) consecutive months. The existence of a Disability shall be determined by the Board in its absolute discretion. The Executive agrees to submit to medical examinations by a licensed medical doctor selected by the Board to determine whether a Disability exists, as the Board may request from time to time.

Appears in 1 contract

Samples: Employment Agreement (Carbo Ceramics Inc)

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