Common use of Executive’s Death or Disability Clause in Contracts

Executive’s Death or Disability. If, before the end of the Employment Period, Executive's employment terminates due to his death or disability (which is defined as Executive being unable to engage in any substantial gainful activity to the benefit of the Company by reason of any medically determinable physical or mental impairment that prevents Executive from performing the essential functions of his position with or without a reasonable accommodation and is determined by competent medical professionals will last for a continuous period of at least twelve (12) months, or as defined in Company’s long term disability policy if consistent with Section 409A of the Internal Revenue Code of 1986, as amended), Company shall pay to Executive or his beneficiaries, as the case may be, within thirty (30) days after the termination date, an amount which is equal to the sum of Executive's accrued Annual Base Salary earned but not yet paid through the termination date, an amount equal to six (6) months of Executive’s Annual Base Salary and his accrued vacation days. Company shall also pay the COBRA premium for group health coverage for Executive, and, if covered under Company's group health coverage immediately before Executive's death or disability, for his spouse and dependents for six (6) consecutive months after Executive's termination date, provided that Executive (and his spouse and dependents if applicable) are eligible for and elect COBRA coverage. Additionally, if Executive's termination is due to disability, then to the extent he is a participant in any disability plans sponsored by Company on his termination date, Executive shall be entitled to benefits in accordance with the terms of those plans as in effect from time to time. Executive shall also be entitled to immediate acceleration and immediate vesting of any outstanding equity interests previously provided to Executive by Company provided that such vesting and acceleration are permitted under Company’s written equity plan.

Appears in 1 contract

Samples: Employment Agreement (Shuffle Master Inc)

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Executive’s Death or Disability. If, before the end of the Employment Period, Executive's employment terminates due to his her death or disability (which is defined as Executive being unable to engage in any substantial gainful activity to the benefit of the Company by reason of any medically determinable physical or mental impairment that prevents Executive from performing the essential functions of his her position with or without a reasonable accommodation and is determined by competent medical professionals will last for a continuous period of at least twelve (12) months, or as defined in Company’s long term disability policy if consistent with Section 409A of the Internal Revenue Code of 1986, as amended), Company shall pay to Executive or his her beneficiaries, as the case may be, within thirty (30) days after the termination date, an amount which is equal to the sum of Executive's accrued Annual Base Salary earned but not yet paid through the termination date, an amount equal to six (6) months of Executive’s Annual Base Salary and his her accrued vacation days. Company shall also pay the COBRA premium for group health coverage for Executive, and, if covered under Company's group health coverage immediately before Executive's death or disability, for his her spouse and dependents for six (6) consecutive months after Executive's termination date, provided that Executive (and his her spouse and dependents if applicable) are eligible for and elect COBRA coverage. Additionally, if Executive's termination is due to disability, then to the extent he she is a participant in any disability plans sponsored by Company on his her termination date, Executive shall be entitled to benefits in accordance with the terms of those plans as in effect from time to time. Executive shall also be entitled to immediate acceleration and immediate vesting of any outstanding equity interests previously provided to Executive by Company provided that such vesting and acceleration are permitted under Company’s written equity plan.

Appears in 1 contract

Samples: Employment Agreement (Shuffle Master Inc)

Executive’s Death or Disability. If, before the end of the Employment Period, Executive's ’s employment terminates due to his her death or disability (which is defined as Executive being unable to engage in any substantial gainful activity to the benefit of the Company by reason of any medically determinable physical or mental impairment that prevents Executive from performing the essential functions of his her position with or without a reasonable accommodation and is determined by competent medical professionals will last for a continuous period of at least twelve (12) months, or as defined in Company’s long term disability policy if consistent with Section 409A of the Internal Revenue Code of 1986, as amended), Company shall pay to Executive or his her beneficiaries, as the case may be, within thirty (30) days after the termination date, an amount which is equal to the sum of Executive's ’s accrued Annual Base Salary earned but not yet paid through the termination date, an amount equal to six (6) months of Executive’s Annual Base Salary and his her accrued vacation days. Company shall also pay the COBRA premium for group health coverage for Executive, and, if covered under Company's ’s group health coverage immediately before Executive's ’s death or disability, for his her spouse and dependents for six (6) consecutive months after Executive's ’s termination date, provided that Executive (and his her spouse and dependents if applicable) are eligible for and elect COBRA coverage. Additionally, if Executive's ’s termination is due to disability, then to the extent he she is a participant in any disability plans sponsored by Company on his her termination date, Executive shall be entitled to benefits in accordance with the terms of those plans as in effect from time to time. Executive shall also be entitled to immediate acceleration and immediate vesting of any outstanding equity interests previously provided to Executive by Company provided that such vesting and acceleration are permitted under Company’s written equity plan.

Appears in 1 contract

Samples: Employment Agreement (Bally Technologies, Inc.)

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Executive’s Death or Disability. If, before the end of the Employment Period, Executive's employment terminates due to his death or disability (which is defined as Executive being unable to engage in any substantial gainful activity to the benefit of the Company by reason of any medically determinable physical or mental impairment that prevents Executive from performing the essential functions of his position with or without a reasonable accommodation and is determined by competent medical professionals will last for a continuous period of at least twelve (12) months, or as defined in Company’s 's long term disability policy if consistent with Section 409A of the Internal Revenue Code of 1986, as amended), Company shall pay to Executive or his beneficiaries, as the case may be, within thirty (30) days after the termination date, an amount which is equal to the sum of Executive's accrued Annual Base Salary earned but not yet paid through the termination date, and an amount equal to six (6) months of Executive’s 's Annual Base Salary and his accrued vacation daysSalary. Company shall also pay the COBRA premium for group health coverage for Executive, and, if covered under Company's group health coverage immediately before Executive's death or disability, for his spouse and dependents for six (6) consecutive months after Executive's termination date, provided that Executive (and his spouse and dependents if applicable) are eligible for and elect COBRA coverage. Additionally, if Executive's termination is due to disability, then to the extent he is a participant in any disability plans sponsored by Company on his termination date, Executive shall be entitled to benefits in accordance with the terms of those plans as in effect from time to time. Executive shall also be entitled to immediate acceleration and immediate vesting of any outstanding equity interests previously provided to Executive by Company provided that such vesting and acceleration are permitted under Company’s 's written equity plan.

Appears in 1 contract

Samples: Employment Agreement (SHFL Entertainment Inc.)

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