Common use of Illness or Incapacity Clause in Contracts

Illness or Incapacity. In the event of any disability, illness or other incapacity which prevents Executive from performing services as contemplated herein, the obligation of the Company to pay compensation to Executive shall be reduced to the extent of any amount received by Executive pursuant to any disability insurance policy maintained and paid for by the Company. If Executive shall be incapacitated for more than 120 consecutive days or 180 days in any consecutive 12-month period, the Company shall have the right to terminate this Agreement upon 10 days' prior written notice with no further liability, except for accrued and unpaid salary, and other previously earned, accrued and unpaid benefits from the Company and its employee benefit plans through the date of such termination, provided that such termination shall not prejudice any rights of Executive under any disability policies being maintained by the Company for Executive under the terms of this Agreement. Notwithstanding any such termination, the provisions of Paragraphs 7 and 8 will continue to apply.

Appears in 2 contracts

Samples: Employment Agreement (Forward Industries Inc), Employment Agreement (Forward Industries Inc)

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Illness or Incapacity. In the event of any disability, illness or other incapacity which prevents Executive from performing services as contemplated herein, the obligation of the Company to pay compensation to Executive shall be reduced to the extent of any amount received by Executive pursuant to any disability insurance policy maintained and paid for by the Company. If Executive shall be incapacitated for more than 120 consecutive days or 180 days in any consecutive 12-month period, the Company shall have the right to terminate this Agreement upon 10 days' prior written notice with no further liability, except for accrued and unpaid salary, and other previously earned, accrued and unpaid benefits from the Company and its employee benefit plans through the date of such termination, provided that such termination shall not prejudice any rights of Executive under any disability policies being maintained by the Company for Executive under the terms of this Agreement. Notwithstanding any such termination, the provisions of Paragraphs 7 8 and 8 9 will continue to apply.

Appears in 1 contract

Samples: Employment Agreement (Forward Industries Inc)

Illness or Incapacity. In the event of any disability, illness or other incapacity which prevents Executive from performing services as contemplated herein, the obligation of the Company to pay compensation to Executive shall be reduced to the extent of any amount received by Executive pursuant to any disability insurance policy maintained and paid for by the Company. If Executive shall be incapacitated for more than 120 consecutive days or 180 days in any consecutive 12-month period, the Company shall have the right to terminate this Agreement upon 10 days' prior written notice with no further liability, except for accrued and unpaid salary, and other previously earned, accrued and unpaid benefits from the Company and its employee benefit plans including any stock options vested through the date of such termination, provided that such termination shall not prejudice any rights of Executive under any disability policies being maintained by the Company for Executive under the terms of this Agreement. Notwithstanding any such termination, the provisions of Paragraphs 7 8 and 8 9 will continue to apply.

Appears in 1 contract

Samples: Employment Agreement (Forward Industries Inc)

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Illness or Incapacity. In the event of any disability, illness or other incapacity which prevents Executive from performing services as contemplated herein, the obligation of the Company to pay JANUARY 30, 2001 compensation to Executive shall be reduced to the extent of any amount received by Executive pursuant to any disability insurance policy maintained and paid for by the Company. If Executive shall be incapacitated for more than 120 consecutive days or 180 days in any consecutive 12-month period, the Company shall have the right to terminate this Agreement upon 10 days' prior written notice with no further liability, except for accrued and unpaid salary, and other previously earned, accrued and unpaid benefits from the Company and its employee benefit plans including any stock options vested through the date of such termination, provided that such termination shall not prejudice any rights of Executive under any disability policies being maintained by the Company for Executive under the terms of this Agreement. Notwithstanding any such termination, the provisions of Paragraphs 7 8 and 8 9 will continue to apply.

Appears in 1 contract

Samples: Employment Agreement (Forward Industries Inc)

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