Common use of Incapacity of Executive Clause in Contracts

Incapacity of Executive. 6.1 Notwithstanding any other provision of this Agreement, if during the Executive's employment with the Company, the Executive by reason of illness, disease, mental or physical disability or similar cause as determined by a qualified medical practitioner mutually agreed to by the Executive and the Company ("Disability"), is unable to fulfill the Executive's duties, responsibilities and obligations hereunder and such Disability shall continue for any consecutive 180 day period or for any period of 365 days (whether or not consecutive) in any consecutive twenty-four month (24) month period, the Company shall have the right on not less than three (3) months written notice ("the Notice Period") to the Executive, to terminate this Agreement and the Executive's employment. If, at the time the Company provides notice of termination to the Executive by reason of Disability, the Executive is entitled to the payments in section 5.3, these payments will be made in accordance with section 5.3 reduced by any disability payments payable for the same time period. In the event that this Agreement and the Executive's employment is terminated on account of Disability, the Executive shall continue to be eligible for long term disability benefits in accordance with the provisions of the long term disability policy then in effect. Except for such long term disability benefits (if the Executive qualifies for such benefits) and as provided herein, the Executive shall not be entitled to receive any further compensation or benefits pursuant to this Agreement or as provided in the RSU Agreement and the Option Agreement other than those accrued to the date of the Executive's termination hereunder.

Appears in 3 contracts

Samples: Employment Agreement (Toronto Dominion Bank), Employment Agreement (Toronto Dominion Bank), Toronto Dominion Bank

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Incapacity of Executive. 6.1 Notwithstanding any other provision of this Agreement, if during the Executive's employment with the Company, the Executive by reason of illness, disease, mental or physical disability or similar cause as determined by a qualified medical practitioner mutually agreed to by the Executive and the Company ("Disability"), is unable to fulfill the Executive's duties, responsibilities and obligations hereunder and such Disability shall continue for any consecutive 180 day period or for any period of 365 days (whether or not consecutive) in any consecutive twenty-four month (24) month period, the Company shall have the right on not less than three (3) months written notice ("the Notice Period") to the Executive, to terminate this Agreement and the Executive's employment. If, at the time the Company provides notice of termination to the Executive by reason of Disability, the Executive is entitled to the payments in section 5.3, these payments will be made in accordance with section 5.3 reduced by any disability payments payable for the same time period. In the event that this Agreement and the Executive's employment is terminated on account of Disability, the Executive shall continue to be eligible for long term disability benefits in accordance with the provisions of the long term disability policy then in effect. Except for such long term disability benefits (if the Executive qualifies for such benefits) and as provided herein, the Executive shall not be entitled to receive any further compensation or benefits pursuant to this Agreement or as provided in the RSU Agreement and the Option Agreement other than those accrued to the date of the Executive's termination hereunder.

Appears in 2 contracts

Samples: Employment Agreement (Toronto Dominion Bank), Employment Agreement (Toronto Dominion Bank)

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