Common use of Exception for Terminations Due to Death or Disability Clause in Contracts

Exception for Terminations Due to Death or Disability. Notwithstanding the general rule contained in Section 3(a)(1) above, all Compensatory Shares held by the Employee at the date of the termination of Employee's service with the Company due to death, disability (as determined by the Board), or the termination of her employment "without cause" under the provisions of Section 10(d) of this Agreement, shall be deemed earned and fully vested as of such date and shall be distributed as soon as practicable thereafter.

Appears in 4 contracts

Samples: Employment Agreement (Southfirst Bancshares Inc), Employment Agreement (Southfirst Bancshares Inc), Employment Agreement (Southfirst Bancshares Inc)

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Exception for Terminations Due to Death or Disability. Notwithstanding the general rule contained in Section 3(a)(1) above, all Compensatory Shares held by the Employee at the date of the termination of Employee's service with the Company due to death, disability (as determined by the Board), or the termination of her his employment "without cause" under the provisions of Section 10(d) of this Agreement, shall be deemed earned and fully vested as of such date and shall be distributed as soon as practicable thereafter.

Appears in 3 contracts

Samples: Employment Agreement (Southfirst Bancshares Inc), Employment Agreement (Southfirst Bancshares Inc), Employment Agreement (Southfirst Bancshares Inc)

Exception for Terminations Due to Death or Disability. Notwithstanding the general rule contained in Section 3(a)(1) above, all Compensatory Shares held by the Employee at the date of the termination of Employee's ’s service with the Company due to death, disability (as determined by the Board), or the termination of her his employment "without cause" under the provisions of Section 10(d) of this Agreement, shall be deemed earned and fully vested as of such date and shall be distributed as soon as practicable thereafter.

Appears in 1 contract

Samples: Employment Agreement (Southfirst Bancshares Inc)

Exception for Terminations Due to Death or Disability. Notwithstanding the general rule contained in Section 3(a)(1) above, all Compensatory Shares held by the Employee at the date of the termination of Employee's ’s service with the Company due to death, disability (as determined by the Board), or the termination of her employment "without cause" under the provisions of Section 10(d) of this Agreement, shall be deemed earned and fully vested as of such date and shall be distributed as soon as practicable thereafter.

Appears in 1 contract

Samples: Employment Agreement (Southfirst Bancshares Inc)

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Exception for Terminations Due to Death or Disability. Notwithstanding the general rule contained in Section 3(a)(1) above, all Compensatory Shares held by the Employee at the date of the termination of Employee's service with the Company due to death, disability (as determined by the Board), or the termination of her employment "without cause" under the provisions of Section 10(d) of this Agreement, shall be deemed earned and fully vested as of such date and shall be distributed as soon as practicable thereafter.his employment

Appears in 1 contract

Samples: Employment Agreement (Southfirst Bancshares Inc)

Exception for Terminations Due to Death or Disability. Notwithstanding the general rule contained in Section 3(a)(1) above, all Compensatory Shares subject to a Compensatory Share Award held by the Employee at the date of the termination of Employee's whose service with the Company terminates due to death, death or disability (as determined by the BoardCompany), or the termination of her employment "without cause" under the provisions of Section 10(d) of this Agreement, shall be deemed earned and fully vested as of such date the Employee's last day of service with the Company and shall be distributed as soon as practicable thereafter.

Appears in 1 contract

Samples: Employment Agreement (Southfirst Bancshares Inc)

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