Common use of Payment Upon Disability Clause in Contracts

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) reimbursement of previously incurred expenses eligible for reimbursement pursuant to the Employer’s policies and practices concerning reimbursement of expenses. Further provided, that the Executive shall also have such rights to payments, if any, as are provided under the terms of the Deferred Compensation Plan, the Amended and Restated Life Insurance Agreement entered into by and between the Employer and the Executive and as amended from time to time and such retirement plans under which the Executive participated at the time of his termination. Notwithstanding any other provision of this Agreement, in the event of the termination of the Executive’s employment under this Agreement for any reason, if permitted by law, the Executive may elect to have any disability income insurance policy maintained by the Employer on his behalf transferred to him, and he shall assume all obligations thereunder.

Payment Upon Disability. If during the term of this Agreement 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) reimbursement of previously incurred expenses eligible for reimbursement pursuant to the Employer’s policies and practices concerning reimbursement of expenses. Further provided, that the Executive shall also have such rights to payments, if any, as are provided under the terms of the Deferred Compensation Plan, the Amended and Restated Life Insurance Agreement entered into by and between the Employer and the Executive and as amended from time to time and such retirement plans under which the Executive participated at the time of his termination. Notwithstanding any other provision of this Agreement, in the event of the termination of the Executive’s employment under this Agreement for any reason, if permitted by law, the Executive may elect to have any disability income insurance policy maintained by the Employer on his behalf transferred to him, and he shall assume all obligations thereunder.

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) reimbursement of previously incurred expenses eligible for reimbursement pursuant to the Employer’s policies and practices concerning reimbursement of expenses. Further provided, that the Executive shall also have such rights to payments, if any, as are provided under the terms of the Deferred Compensation Plan, the Amended and Restated Life Insurance Agreement entered into by and between the Employer and the Executive and as amended from time to time and such retirement plans under which the Executive participated at the time of his termination. Notwithstanding any other provision of this Agreement, in the event of the termination of the Executive’s employment under this Agreement for any reason, if permitted by law, the Executive may elect to have any disability income insurance policy maintained by the Employer on his behalf transferred to him, and he shall assume all obligations thereunder.