Payment in the Event of Death or Permanent Disability. (a) In the event of the Executive's death or "permanent disability" (as hereinafter defined) during the term of his employment under this Employment Agreement, the Company shall pay to the Executive (or his personal representatives, heirs, successors and assigns in the event of his death) an amount equal to two (2) times the Executive's then effective annual base salary, as determined under Paragraph 3(a), plus a pro rata portion of the bonus applicable to the calendar year in which such death or permanent disability occurs, as such bonus is determined under Paragraph 3(b).
Payment in the Event of Death or Permanent Disability. (a) In the event of the Executive’s death or “disability” (as defined in the Employment Agreement) during the term of the Employment Agreement, the Company shall pay to the Executive (or his successors and assigns in the event of his death) an amount equal to two (2) times the Executive’s then effective per annum rate of salary, as determined under Section 1(a) of this Exhibit A, plus a pro rata portion of the incentive compensation for the calendar year in which such death or permanent disability occurs, less, in the case of permanent disability, any amounts paid by the Company or under the Company’s disability insurance contracts.
Payment in the Event of Death or Permanent Disability. (a) In the event of Employee's death or Permanent Disability (as defined hereinbelow) during the term of this Agreement, Employee or his estate, as the case may be, shall be entitled to receive (i) an amount equal to (A) the lesser of (x) any remaining Base Compensation for the Original Term or any then current Renewal Term or (y) one year of Base Compensation reduced by (B) any and all payments made to Employee pursuant to any disability insurance policy maintained by Employer for Employee's benefit pursuant to Section 4(a) of this Agreement or otherwise (the "Disability Policy"), (ii) a pro rata portion of the Bonus, if any, applicable to the fiscal year in which such death or Permanent Disability occurs, as such bonuses are determined under Section 3(b) of this Agreement, and (iii) any shares of Restricted Stock and Stock Options that have vested in accordance with the provisions of the Award Agreements. Such pro rata portion of the Bonus shall be determined by a multiplying a fraction (the numerator of which shall be the 237 number of days in the applicable fiscal year elapsed prior to the date of death or Permanent Disability, as the case may be, and the denominator of which shall be three hundred sixty-five (365)) by the amount of the Bonus that would have been payable, if any, pursuant to such Section 3(b), if Employee had remained employed under this Agreement for the entire applicable fiscal year.
Payment in the Event of Death or Permanent Disability. (a) In the event of the Executive's death or "permanent disability" (as defined below) during the term of this Agreement, the Subsidiaries shall pay to the Executive (or his successors and assigns in the event of his death) an amount equal to two times the Executive's then effective per annum rate of Base Salary, plus a pro rata portion of the incentive bonus applicable to the year in which such death or permanent disability occurs, as such bonus is determined under the Bonus Plan, less the sum of all amounts paid to the Executive from any disability plan or policy of the Subsidiaries for any disability related to the Executive's death or permanent disability.
Payment in the Event of Death or Permanent Disability. (a) In the event of the Executive's death or "permanent disability" (as hereinafter defined) during the term of this Employment Agreement, the Company shall pay to the Executive (or his successors and assigns in the event of his death) an amount equal to the sum of two (2) times the Executive's then effective per annum rate of salary, as determined under Paragraph 3(a), plus a pro rata portion of the bonus applicable to the fiscal year in which such death or permanent disability occurs, as such bonus is determined pursuant to paragraph 3(b), and shall continue the benefits described in Paragraph 3(c) for the Executive (in case of permanent disability) and the Executive's family for a period of one (1) year.
Payment in the Event of Death or Permanent Disability. In the event of the Executive's death or permanent disability, the Executive's employment hereunder shall terminate and the Executive shall be entitled to no further compensation or other benefits under this Agreement, with the exception of any earned and unpaid Salary, incentive bonus or other benefit accrued and earned by him hereunder up to and including the date of such death or permanent disability; provided, however, that nothing in this Agreement shall affect Executive's right to receive death or disability benefits under the Company's life and disability insurance programs. Permanent disability shall be determined in a manner consistent with such determination under the Company's disability insurance program.
Payment in the Event of Death or Permanent Disability. (a) In the event of the Executive's death or "permanent disability" (as hereinafter defined) during the Employment Term, the Company shall pay to Executive (or his successors and assigns in the event of his death) an amount equal to two (2) times his then effective compensation per annum as determined under Section 2 or 3 hereof. The benefit to be paid pursuant to this Section 7 shall be paid within ninety (90) days after the date of death or permanent disability, as the case may be.
Payment in the Event of Death or Permanent Disability. (a) The Company shall arrange for certain life insurance benefits to be available to Executive and his family as provided in this paragraph pursuant to a Split-Dollar Agreement between the Company and the Executive (and/or his assigns), in substantially the form of Exhibit B attached hereto and incorporated herein by this reference. The life insurance benefit to be provided by the Company to Executive and his family under the Split-Dollar Agreement shall be provided under two policies. One policy shall be a joint and survivor policy insuring the life of the Executive and his spouse in an amount equal to the greater of (i) Ten Million Dollars ($10,000,000.00) or (ii) five (5) times the Executive's annual cash compensation paid by the Company (including the base salary provided under Paragraph 3(a) of this Agreement and the bonus provided under Paragraph 3(b) of this Agreement). The other policy shall insure the Executive's life and shall be in an amount equal to the greater of (i) Ten Million Dollars ($10,000,000.00) or (ii) five (5) times the Executive's annual cash compensation paid by the Company (including the base salary provided under Paragraph 3(a) of this Agreement and the bonus provided under Paragraph 3(b) of this Agreement). Each year, the amount of the life insurance benefit shall be reviewed and revised in accordance with the prior year's cash compensation paid and accrued for the benefit of the Executive, as soon as the amount of the prior year's earned cash compensation, including all cash bonuses, can be calculated.
Payment in the Event of Death or Permanent Disability. (a) The Company shall arrange for certain life insurance benefits to be available to the Executive and his family as provided in this paragraph pursuant to a Split-Dollar Agreement between the Company and the Executive (or his assigns), in substantially the form of Exhibit B attached hereto and incorporated herein by this reference. The life insurance benefit to be provided by the Company to the Executive and his family under the Split-Dollar Agreement shall be provided under two policies. One policy shall be a joint and survivor policy in the amount of Two Million Five Hundred Thousand Dollars ($2,500,000) insuring the life of the Executive and his spouse. The other policy shall insure the Executive's life and shall be in an amount equal to the greater of (i) Two Million Five Hundred Thousand Dollars ($2,500,000) or (ii) five (5) times the Executive's annual cash compensation paid or payable by the Company (including the base salary provided under Paragraph 3(a) of this Agreement and the bonus provided under Paragraph 3(b) of this Agreement). Each year, the amount of the life insurance benefit shall be reviewed and revised in accordance with the prior years' cash compensation paid and accrued for the benefit of the Executive, as soon as the amount of the prior year's earned cash compensation, including all cash bonuses, can be calculated.
Payment in the Event of Death or Permanent Disability. (a) In the event of the Executive's death or "permanent disability" (as hereinafter defined) during the term of this Employment Agreement, the Company shall pay to the Executive (or his successors and assigns in the event of his death) an amount equal to the sum of (i) two (2) times the Executive's then effective per annum rate of salary, as determined under Paragraph 3(a), plus (ii) an amount equal to the lesser of (A) such effective per annum rate of salary or (B) two (2) times the amount of the bonus paid or payable as the case may be, to the Executive for the fiscal year immediately preceding the fiscal year in which such death or disability occurs, as such bonus shall be determined pursuant to Paragraph 3(b), and shall continue the benefits described in Paragraph 3(c) for the Executive's family for a period of one (1) year.
