Common use of Termination because of Incapacity Clause in Contracts

Termination because of Incapacity. If during the Term the Executive's employment is terminated by the Company because of Incapacity under Section 7(c) hereof, the Company shall pay the Executive an annual disability benefit equal to the amount by which (1) the sum of 60 percent of his salary at the rate in effect under Section 2(a) hereof on the Termination Date and 60 percent of the bonus amount specified in Section 2(b) hereof (based upon the bonus paid for the calendar year prior to the calendar year in which the Termination Date occurs) exceeds (2) the amount of the long term disability benefit that is payable to the Executive under any policy of disability insurance provided for the Executive by the Company at its expense. The disability benefit shall be paid for such period as is determined by the Board for Executive Employees but shall not be less than three (3) years from the Termination Date.

Termination because of Incapacity. If during the Term the Executive's employment is terminated by the Company because of Incapacity under Section 7(c) hereof, the Company shall pay the Executive an annual disability benefit equal to the amount by which (1) the sum of 60 percent of his her salary at the rate in effect under Section 2(a) hereof on the Termination Date and 60 percent of the bonus amount specified in Section 2(b) hereof (based upon the bonus paid for the calendar year prior to the calendar year in which the Termination Date occurs) exceeds (2) the amount of the long term disability benefit that is payable to the Executive under any policy of disability insurance provided for the Executive by the Company at its expense. The disability benefit shall be paid for such period as is determined by the Board for Executive Employees but shall not be less than three (3) years from the Termination Date.