Common use of Employee’s Disability Clause in Contracts

Employee’s Disability. The Employee may terminate his employment hereunder if his health should become impaired to an extent that makes the continued performance of his duties hereunder hazardous to his physical or mental health or his life; provided, that the Employee shall have furnished the Company with a written statement from a qualified doctor to such effect. In the event this Agreement is terminated as a result of the Employee’s disability, (i) the Employee shall receive from the Company, in a lump-sum payment due within thirty (30) days of the effective date of termination, the sum equal to One Hundred Eighty Thousand Dollars 00/100 ($180,000.00), and (ii) all compensation and benefits that accrued and vested as of the date of Termination. In order to, and to the extent necessary to, comply with Section 409A, all cash amounts due under this Section 5(c) shall be payable to Employee in a lump-sum cash payment on the six-month anniversary of the date of Employee’s termination of employment.

Appears in 2 contracts

Samples: Release Agreement (Quest Resource Corp), Employment Agreement (Quest Resource Corp)

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Employee’s Disability. The Employee may terminate his employment hereunder if his health should become impaired to an extent that makes the continued performance of his duties hereunder hazardous to his physical or mental health or his life; provided, that the Employee shall have furnished the Company with a written statement from a qualified doctor to such effect. In the event this Agreement is terminated as a result of the Employee’s disability, (i) the Employee shall receive from the Company, in a lump-sum payment due within thirty (30) days of the effective date of termination, the sum equal to One Two Hundred Eighty Twenty Five Thousand Dollars 00/100 ($180,000.00225,00.00), and (ii) all compensation and benefits that accrued and vested as of the date of Termination. In order to, and to the extent necessary to, comply with Section 409A, all cash amounts due under this Section 5(c) shall be payable to Employee in a lump-sum cash payment on the six-month anniversary of the date of Employee’s termination of employment.

Appears in 1 contract

Samples: Release Agreement (Quest Resource Corp)

Employee’s Disability. The Employee may terminate his employment hereunder if his health should become impaired to an extent that makes the continued performance of his duties hereunder hazardous to his physical or mental health or his life; provided, that the Employee shall have furnished the Company with a written statement from a qualified doctor to such effect. In the event this Agreement is terminated as a result of the Employee’s 's disability, (i) the Employee shall receive from the Company, in a lump-sum payment due within thirty (30) days of the effective date of termination, the sum equal to One Five Hundred Eighty Twenty Five Thousand Dollars 00/100 ($180,000.00525,00.00), and (ii) all compensation and benefits that accrued and vested as of the date of Termination. In order to, and to the extent necessary to, comply with Section 409A, all cash amounts due under this Section 5(c) shall be payable to Employee in a lump-sum cash payment on the six-month anniversary of the date of Employee’s termination of employment.

Appears in 1 contract

Samples: Release Agreement (Quest Resource Corp)

Employee’s Disability. The Employee may terminate his employment hereunder if his health should become impaired to an extent that makes the continued performance of his duties hereunder hazardous to his physical or mental health or his life; provided, that the Employee shall have furnished the Company with a written statement from a qualified doctor to such effect. In the event this Agreement is terminated as a result of the Employee’s disability, (i) the Employee shall receive from the Company, in a lump-sum payment due within thirty (30) days of the effective date of termination, the sum equal to One Three Hundred Eighty Forty-Two Thousand Five Hundred Dollars 00/100 ($180,000.00342,500), and (ii) all compensation and benefits that accrued and vested as of the date of Terminationhis termination. In order to, and to the extent necessary to, comply with Section 409AIf Employee is a Specified Employee, all cash amounts due under this Section 5(c4(c) shall be payable to Employee in a lump-sum cash payment on the first day following the six-month anniversary of the date of Employee’s termination of employment.

Appears in 1 contract

Samples: Release Agreement (Quest Resource Corp)

Employee’s Disability. The Employee may terminate his employment hereunder if his health should become impaired to an extent that makes the continued performance of his duties hereunder hazardous to his physical or mental health or his life; provided, that the Employee shall have furnished the Company with a written statement from a qualified doctor to such effect. In the event this Agreement is terminated as a result of the Employee’s 's disability, (i) the Employee shall receive from the Company, in a lump-sum payment due within thirty (30) days of the effective date of termination, the sum equal to One Two Hundred Eighty Ninety Thousand Dollars 00/100 ($180,000.00290,00.00), and (ii) all compensation and benefits that accrued and vested as of the date of Termination. In order to, and to the extent necessary to, comply with Section 409A, all cash amounts due under this Section 5(c) shall be payable to Employee in a lump-sum cash payment on the six-month anniversary of the date of Employee’s termination of employment.

Appears in 1 contract

Samples: Release Agreement (Quest Resource Corp)

Employee’s Disability. The Employee may terminate his employment hereunder if his health should become impaired to an extent that makes the continued performance of his duties hereunder hazardous to his physical or mental health or his life; provided, that the Employee shall have furnished the Company with a written statement from a qualified doctor to such effect. In the event this Agreement is terminated as a result of the Employee’s 's disability, (i) the Employee shall receive from the Company, in a lump-sum payment due within thirty (30) days of the effective date of termination, the sum equal to One Three Hundred Eighty and Fifty Thousand Dollars 00/100 ($180,000.00350,000.00), and (ii) all compensation and benefits that accrued and vested as of the date of Termination. In order to, and to the extent necessary to, comply with Section 409A, all cash amounts due under this Section 5(c) shall be payable to Employee in a lump-sum cash payment on the six-month anniversary of the date of Employee’s termination of employment.

Appears in 1 contract

Samples: Release Agreement (Quest Resource Corp)

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Employee’s Disability. The Employee may terminate his employment hereunder if his health should become impaired to an extent that makes the continued performance of his duties hereunder hazardous to his physical or mental health or his life; provided, that the Employee shall have furnished the Company with a written statement from a qualified doctor to such effect. In the event this Agreement is terminated as a result of the Employee’s 's disability, (i) the Employee shall receive from the Company, in a lump-sum payment due within thirty (30) days of the effective date of termination, the sum equal to One Two Hundred Eighty Forty Eight Thousand Dollars 00/100 ($180,000.00248,000.00), and (ii) all compensation and benefits that accrued and vested as of the date of Termination. In order to, and to the extent necessary to, comply with Section 409A, all cash amounts due under this Section 5(c) shall be payable to Employee in a lump-sum cash payment on the six-month anniversary of the date of Employee’s 's termination of employment.

Appears in 1 contract

Samples: Employment Agreement (Quest Resource Corp)

Employee’s Disability. The Employee may terminate his employment hereunder if his health should become impaired to an extent that makes the continued performance of his duties hereunder hazardous to his physical or mental health or his life; provided, that the Employee shall have furnished the Company with a written statement from a qualified doctor to such effect. In the event this Agreement is terminated as a result of the Employee’s disability, (i) the Employee shall receive from the Company, in a lump-sum payment due within thirty (30) days of the effective date of termination, the sum equal to One Two Hundred Eighty Forty Eight Thousand Dollars 00/100 ($180,000.00248,000.00), and (ii) all compensation and benefits that accrued and vested as of the date of Termination. In order to, and to the extent necessary to, comply with Section 409A, all cash amounts due under this Section 5(c) shall be payable to Employee in a lump-sum cash payment on the six-month anniversary of the date of Employee’s termination of employment.

Appears in 1 contract

Samples: Release Agreement (Quest Resource Corp)

Employee’s Disability. The Employee may terminate his employment hereunder if his health should become impaired to an extent that makes the continued performance of his duties hereunder hazardous to his physical or mental health or his life; provided, that the Employee shall have furnished the Company with a written statement from a qualified doctor to such effect. In the event this Agreement is terminated as a result of the Employee’s disability, (i) the Employee shall receive from the Company, in a lump-lump sum payment due within thirty (30) days of the effective date of termination, the sum equal to One Two Hundred Eighty Twenty Five Thousand Dollars 00/100 ($180,000.00225,000.00), and (ii) all compensation and benefits that accrued and vested as of the date of Termination. In order to, and to the extent necessary to, comply with Section 409A, all cash amounts due under this Section 5(c) shall be payable to Employee in a lump-sum cash payment on the six-month anniversary of the date of Employee’s termination of employment.

Appears in 1 contract

Samples: Release Agreement (Quest Resource Corp)

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