Common use of Payment in the Event of Death or Permanent Disability Clause in Contracts

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.