Payment Upon Disability Clause Samples

Payment Upon Disability. Upon the termination of employment of the Executive due to his Disability, the Executive shall be entitled to the payments paid pursuant to the disability insurance policies maintained by the Company for the benefit of the Executive. Any and all salary and Target Bonus payments shall thereupon cease and terminate.

Payment Upon Disability. If during the term of this Agreement the Executive is deemed to have a Disability (as hereinafter defined), the Employer shall provide the Executive with the payments and benefits set forth in this Section 6. “Disability,” for purposes of this Agreement shall mean that: (i) the Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) the Executive is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Employer. The Executive shall be entitled to the compensation and benefits provided for under this Agreement for any period during the term of this Agreement and prior to the establishment of the Executive’s Disability during which the Executive is unable to work due to a physical or mental infirmity. If the Executive is determined to have a Disability, the Employer shall continue to pay the Executive eighty percent (80%) of the Base Salary per month then payable to the Executive, reduced by any amounts received under the Employer sponsored disability income insurance program, and shall continue to provide coverage for the Executive under the health and life insurance programs maintained by the Employer by the payment of applicable premiums in accordance with the Employer’s standard payment practice until the earlier of the date the Executive returns to full-time employment, either with the Employer or another employer, or the Executive’s normal retirement age under the Social Security Act, as amended. In addition, if the Executive’s employment is terminated following his Disability, the Employer shall pay the Executive, within thirty (30) days of termination: (i) such Base Salary and vacation pay (for unused vacation days in accordance with the Employer’s policies and practices with respect to vacation pay) as shall have accrued and remains unpaid through the effective date of the termination; (ii) Bonuses previously determined by the Compensation Committee for any prior fiscal year(s) that remain unpaid; (iii) for all accrued and unused sick days; and (iv) rei...

Payment Upon Disability. In the event that Executive’s employment is terminated pursuant to Section 4.2, the Company shall no longer be under any obligation to Executive or his legal representatives pursuant to this Agreement except for (i) the Base Salary due Executive pursuant to Section 3.1 hereof through the date of termination, (ii) any Pro-Rated Bonus which would have become payable under Section 3.2 for the year in which the employment was terminated, which Pro-Rated Bonus will be calculated and paid after the Company’s fiscal year end and in accordance with the Company’s customary procedures, (iii) all earned and previously approved but unpaid Incentive Bonuses and other discretionary bonuses for any year prior to the year of termination, (iv) all valid expense reimbursements; and (v) all accrued but unused vacation pay.

Payment Upon Disability. In the event that Executive's employment is terminated pursuant to Section 4.2, the Company shall no longer be under any obligation to Executive or his legal representatives pursuant to this Agreement except for (i) the Base Salary due Executive pursuant to Section 2.1 hereof through the date of termination, (ii) any Bonus which would have become payable under Section 2.2 for the year in which the employment was terminated prorated by multiplying the full amount of the Bonus by a fraction, the numerator of which is the number of "full calendar months" worked by Executive during the year of termination and the denominator of which is 12 (a "full calendar month" is a month in which the Executive worked at least two weeks), which Bonus will be calculated and paid after the Company's fiscal year end and in accordance with the Company's customary procedures, (iii) all earned and previously approved but unpaid Bonuses for any year prior to the year of termination, (iv) all valid expense reimbursements; (v) all accrued but unused vacation pay; and (vi) medical coverage at the Company's expense through the date of termination.

Payment Upon Disability. If the Employee's employment is terminated because of disability before he has obtained the age of sixty (60), and while he is serving in the employment of the Corporation, then the Board may make monthly or annual payments of substantially equal amounts to the Employee (in the event of his disability) in the same manner and to the same extent as provided in paragraph (a) above; provided, however, said benefits shall be actuarially reduced for a sum equivalent to the benefit if received at age sixty (60) and shall be payable only for a period of one hundred twenty (120) months from the date of commencement.

Payment Upon Disability. In the event that Executive’s employment is terminated pursuant to Section 4.2, the Company shall no longer be under any obligation to Executive or his legal representatives pursuant to this Agreement except for (i) the Base Salary due Executive pursuant to Section 3.1 hereof through the date of termination, (ii) any Pro-Rated Bonus which would have become payable under Section 3.2 for the year in which the employment was terminated, which Pro-Rated Bonus will be calculated and paid after the Company’s fiscal year end, but in any event no later than the December 31st following the end of such fiscal year, and in accordance with the Company’s customary procedures, (iii) all earned and previously approved but unpaid Incentive Bonuses and other discretionary bonuses for any year prior to the year of termination, (iv) all valid expense reimbursements; and (v) all accrued but unused vacation pay.

Payment Upon Disability. Upon the termination of this Agreement due to Consultant's Disability, the Consultant shall be entitled to all compensation provided hereunder through the date of Disability, any Target Bonus payments then due and any Target Bonus, prorated to the date of Disability with respect to the period in which Disability occurs. All such payments shall thereupon cease and terminate.

Payment Upon Disability. All distributions of Section 409A Deferred Compensation payable pursuant to Section 15.4(a)(ii) by reason of a Participant becoming disabled shall be paid in a lump sum or in periodic installments as established by the Participant’s Election. If the Participant has made no Election with respect to distributions of Section 409A Deferred Compensation upon becoming disabled, all such distributions shall be paid in a lump sum or commence upon the determination that the Participant has become disabled.