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Common use of Termination by Disability Clause in Contracts

Termination by Disability. If the Executive becomes Disabled prior to the expiration of the Employment Term, the Executive’s employment will terminate, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company), which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this Agreement; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service that constitutes deferred compensation within the meaning of Code Section 409A, such installments shall not commence until the earlier to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation from Service and (B) death, in which case the Executive (or the Executive’s estate in the event of Executive’s death) shall be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A that the Executive would have been entitled to receive during such period following the Executive’s Separation from Service; and (ii) continue participation in the Company’s group health plans at then-existing participation and coverage levels for 12 months (measured from the Executive’s Separation from Service), comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements, and the Company shall deduct from each payment payable to the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage for such period; except that following such period, the Executive shall retain any rights to continue coverage under the Company’s group health plans under the benefits continuation provisions pursuant to Code Section 4980B by paying the applicable premiums of such plans.

Appears in 10 contracts

Samples: Employment Agreement (SPRINT Corp), Employment Agreement (SPRINT Corp), Employment Agreement (SPRINT Corp)

Termination by Disability. If the Executive becomes Disabled prior to the expiration of the Employment Term, the Executive’s employment will terminate, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: : (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company), which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this Agreement; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service that constitutes deferred compensation within the meaning of Code Section 409A, such installments shall not commence until the earlier to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation from Service and (B) death, in which case the Executive (or the Executive’s estate in the event of Executive’s death) shall be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A that the Executive would have been entitled to receive during such period following the Executive’s Separation from Service; and (ii) continue participation in the Company’s group health plans at then-existing participation and coverage levels for 12 months (measured from the Executive’s Separation from Service), comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements, and the Company shall deduct from each payment payable to the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage for such period; except that following such period, the Executive shall retain any rights to continue coverage under the Company’s group health plans under the benefits continuation provisions pursuant to Code Section 4980B by paying the applicable premiums of such plans.

Appears in 2 contracts

Samples: Employment Agreement (SPRINT Corp), Employment Agreement (SPRINT Corp)

Termination by Disability. If the Executive becomes Disabled Disabled, prior to the expiration of the Employment Term, the Executive’s employment will terminate, terminate and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company)employment, which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive at the time of termination the lesser of 12 months or the remainder of the Employment Term (reduced by any amounts paid under a long-term disability plan (“LTD Plan”) now or hereafter sponsored by the Company (calculated on the date of this Agreementa monthly basis)); provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason “specified employee” (within the meaning of Section 409A of the Executive’s Separation from Service Code and determined in accordance with procedures adopted by the Company), any such payments that constitutes deferred compensation within the meaning of Section 409A of the Code Section 409A, such installments shall will not commence until the earlier earliest to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation “separation from Service and service” or (B) death, in which case except that the Executive (or the Executive’s estate in the event of Executive’s death) shall on such date will be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A of the Code that the Executive would have been entitled to receive during such the six-month period following the Executive’s Separation “separation from Serviceservice”, and the Executive shall receive the remaining payments payable in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive at the time of termination commencing on the first business day of the seventh month following the date of the Executive’s “separation from service,” as specified in this Section 9(e)(i), and each payment pursuant to this Section 9(e)(i) shall be regarded as a separate payment and not one of a series of payments for purposes of Code Section 409A; and (ii) continue continued participation in the Company’s group health plans at then-existing participation and coverage levels for the lesser of 12 months (measured from or the Executive’s Separation from Service), remainder of the Employment Term comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements; provided, and however, that the Company shall deduct from each payment payable to the Executive pursuant to will not provide for cash in lieu of these benefits under this Section 9(e)(i9(e)(ii), the amount of any employee contributions necessary to maintain such coverage for such period; except that following such period, the Executive shall retain any rights to continue coverage under the Company’s group health plans under the benefits continuation provisions pursuant to Code Section 4980B by paying the applicable premiums of such plans.

Appears in 2 contracts

Samples: Employment Agreement, Employment Agreement (Sprint Nextel Corp)

Termination by Disability. If the Executive becomes Disabled Disabled, prior to the expiration of the Employment Term, the Executive’s employment will terminateterminate and, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company)employment, which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this AgreementAgreement for 12 months (reduced by any amounts paid under a long-term disability plan (“LTD Plan”) now or hereafter sponsored by the Company (calculated on a monthly basis)) commencing on the Separation from Service date; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service such payments that constitutes constitute deferred compensation within the meaning of Section 409A of the Code Section 409A, such installments shall will not commence until the earlier earliest to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation from Service and or (B) death, in which case except that the Executive (or the Executive’s estate in the event of Executive’s death) shall on such date will be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A of the Code that the Executive would have been entitled to receive during such the six-month period following the Executive’s Separation from Service, and the Executive shall receive the remaining payments for six months payable in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this Agreement commencing on the first business day of Xxxxx Employment Agreement the seventh month following the date of the Executive’s Separation from Service; and (ii) continue participation in the Company’s group health plans at then-existing participation and coverage levels for 12 months (measured from the Executive’s Separation from Service), comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements; provided, and the Company shall deduct from each payment payable to however, that if the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage would not be eligible for such period; except that following such period, the Executive shall retain any rights to continue coverage participation under the Company’s group health plans under but for this Section 9(e)(ii), such continued participation will be at the benefits continuation provisions pursuant Executive’s sole cost and only to Code Section 4980B by paying the applicable premiums extent the Executive makes a payment to the Company in an amount equal to the monthly premium payments (both the employee and the employer portions) required to maintain such comparable coverage on or before the first day of each calendar month of such planscoverage, and the Company shall reimburse the Executive, in accordance with the terms of Section 6 hereof, for the amount of such premiums.

Appears in 1 contract

Samples: Employment Agreement (SPRINT Corp)

Termination by Disability. If the Executive becomes Disabled prior to the expiration of the Employment Term, the Executive’s employment will terminate, and and, provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company), which payments shall be paid to the Executive Exxxxxxxx Employment Agreement Page 8 of 33 commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this Agreement; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service that constitutes deferred compensation within the meaning of Code Section 409A, such installments shall not commence until the earlier to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation from Service and (B) death, in which case the Executive (or the Executive’s estate in the event of Executive’s death) shall be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A that the Executive would have been entitled to receive during such period following the Executive’s Separation from Service; and; (ii) continue participation in the Company’s group health plans (including medical, dental and vision) at then-existing participation and coverage levels for 12 months (measured from the Executive’s Separation from Service), comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements, and for which the Company shall deduct from each payment payable to the Executive pursuant to Section 9(e)(i), ) the amount of any employee contributions necessary to maintain such coverage for such period; , except that following such period, the Executive shall retain any rights to continue coverage under the Company’s group health plans under the benefits continuation provisions pursuant to Code Section 4980B by paying the applicable premiums of such plans; and (iii) receive from the Company the Executive’s accrued, but unpaid, Base Salary through the date of termination of employment, any vested benefits under any Employee Plan in accordance with the terms of such Employee Plan and applicable law, and any other amounts to which the Executive is entitled under the terms and conditions of the Company’s other benefit plans and policies, including reimbursement of business or other reimbursable expenses incurred prior to the date of termination and properly submitted under the Company’s reimbursement policies.

Appears in 1 contract

Samples: Employment Agreement (Sprint Nextel Corp)

Termination by Disability. If the Executive becomes Disabled Disabled, prior to the expiration of the Employment Term, the Executive’s employment will terminate, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company)employment, which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this AgreementAgreement for 12 months (reduced by any amounts paid under a long-term disability plan (“LTD Plan”) now or hereafter sponsored by the Company (calculated on a monthly basis)) commencing on the Separation from Service date; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service such payments that constitutes constitute deferred compensation within the meaning of Section 409A of the Code Section 409A, such installments shall will not commence until the earlier earliest to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation from Service and or (B) death, in which case except that the Executive (or the Executive’s estate in the event of Executive’s death) shall on such date will be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes constitute deferred compensation within the meaning of Code Section 409A of the Code that the Executive would have been entitled to receive during such the six-month period following the Executive’s Separation from Service, and the Executive shall receive the remaining payments for six months payable in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this Agreement commencing on the first business day of the seventh month following the date of the Executive’s Separation from Service; and (ii) continue participation in the Company’s group health plans at then-existing participation and coverage levels for 12 months (measured from the Executive’s Separation from Service), comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements; provided, and the Company shall deduct from each payment payable to however, that if the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage would not be eligible for such period; except that following such period, the Executive shall retain any rights to continue coverage participation under the Company’s group health plans under but for this Section 9(e)(ii), such continued participation will be at the benefits continuation provisions pursuant Executive’s sole cost and only to Code Section 4980B by paying the applicable premiums extent the Executive makes a payment to the Company in an amount equal to the monthly premium payments (both the employee and the employer portions) required to maintain such comparable coverage on or before the first day of each calendar month of such planscoverage, and the Company shall reimburse the Executive, in accordance with the terms of Section 6 hereof, for the amount of such premiums.

Appears in 1 contract

Samples: Employment Agreement (Sprint Nextel Corp)

Termination by Disability. If the Executive becomes Disabled prior to the expiration of the Employment Term, the Executive’s employment will terminate, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company)employment, which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this AgreementAgreement for 12 months (reduced by any amounts paid under a long-term disability plan (“LTD Plan”) now or hereafter sponsored by the Company (calculated on a monthly basis)) commencing on the Separation from Service date; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service that constitutes deferred compensation within the meaning of Code Section 409A409A of the Code, such installments shall not commence until the earlier to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation from Service and or (B) death, in which case except that on such date, the Executive (or the Executive’s estate in the event of Executive’s death) shall be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A of the Code that the Executive would have been entitled to receive during such the six-month period following the Executive’s Separation from Service; and (ii) continue participation in the Company’s group health plans at then-existing participation and coverage levels for 12 months (measured from the Executive’s Separation from Service)) in the Company’s medical, dental, vision and employee life insurance plans, comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements, and the Company shall deduct from each payment payable to the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage for such period; except that following such period, the Executive shall retain any rights to continue coverage under the Company’s group health plans under the benefits continuation provisions pursuant to Code Section 4980B by paying the applicable premiums of such plans.

Appears in 1 contract

Samples: Employment Agreement (Sprint Nextel Corp)

Termination by Disability. If the Executive becomes Disabled Disabled, prior to the expiration of the Employment Term, the Executive’s employment will terminate, terminate and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company)employment, which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive at the time of termination for 12 months (reduced by any amounts paid under a long-term disability plan (“LTD Plan”) now or hereafter sponsored by the Company (calculated on the date of this Agreementa monthly basis)); provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason “specified employee” (within the meaning of Section 409A of the Executive’s Separation from Service Code and determined in accordance with procedures adopted by the Company), any such payments that constitutes deferred compensation within the meaning of Section 409A of the Code Section 409A, such installments shall will not commence until the earlier earliest to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation “separation from Service and service” or (B) death, in which case except that the Executive (or the Executive’s estate in the event of Executive’s death) shall on such date will be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A of the Code that the Executive would have been entitled to receive during such the six-month period following the Executive’s Separation “separation from Serviceservice”, and the Executive shall receive the remaining payments for six months payable in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive at the time of termination commencing on the first business day of the seventh month following the date of the Executive’s “separation from service,” as specified in this Section 9(e)(i), and each payment pursuant to this Section 9(e)(i) shall be regarded as a separate payment and not one of a series of payments for purposes of Code Section 409A; and (ii) continue continued participation in the Company’s group health plans at then-existing participation and coverage levels for 12 months (measured from the Executive’s Separation from Service), comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements; provided, and however, that the Company shall deduct from each payment payable to will not provide for cash in lieu of these benefits under this Section 9(e)(ii); provided further that if the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage would not be eligible for such period; except that following such period, the Executive shall retain any rights to continue coverage participation under the Company’s group health plans under but for this Section 9(e)(ii), such continued participation will be at the benefits continuation provisions Executive’s sole cost and only to the extent the Executive makes a payment to the Company in an amount equal to the monthly premium payments (both the employee and employer portions) required to maintain such comparable coverage on or before the first day of each calendar month of such coverage, and the Company shall reimburse the Executive, in accordance with the terms of Section 6 hereof, for the amount of such premiums, and each payment pursuant to this Section 9(e)(ii) shall be regarded as a separate payment and not one of a series of payments for purposes of Code Section 4980B by paying the applicable premiums of such plans.409A.

Appears in 1 contract

Samples: Employment Agreement (Sprint Nextel Corp)

Termination by Disability. If the Executive becomes Disabled Disabled, prior to the expiration of the Employment Term, the Executive’s employment will terminate, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company)employment, which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this AgreementAgreement for 12 months (reduced by any amounts paid under a long-term disability plan (“LTD Plan”) now or hereafter sponsored by the Company (calculated on a monthly basis)) commencing on the Separation from Service date; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service such payments that constitutes deferred compensation within the meaning of Section 409A of the Code Section 409A, such installments shall will not commence until the earlier earliest to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation from Service and or (B) death, in which case except that the Executive (or the Executive’s estate in the event of Executive’s death) shall on such date will be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A of the Code that the Executive would have been entitled to receive during such the six-month period following the Executive’s Separation from Service; and, and the Executive shall receive the remaining payments for six months payable in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this Agreement commencing on the first business day of the seventh month following the date of the Executive’s “Separation from Service;” and Elfman Employment Agreement (ii) continue participation in the Company’s group health plans at then-existing participation and coverage levels for 12 months (measured from the Executive’s Separation from Service), comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements; provided, and the Company shall deduct from each payment payable to however, that if the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage would not be eligible for such period; except that following such period, the Executive shall retain any rights to continue coverage participation under the Company’s group health plans under but for this Section 9(e)(ii), such continued participation will be at the benefits continuation provisions pursuant Executive’s sole cost and only to Code Section 4980B by paying the applicable premiums extent the Executive makes a payment to the Company in an amount equal to the monthly premium payments (both the employee and employer portions) required to maintain such comparable coverage on or before the first day of each calendar month of such planscoverage, and the Company shall reimburse the Executive, in accordance with the terms of Section 6 hereof, for the amount of such premiums.

Appears in 1 contract

Samples: Employment Agreement (Sprint Nextel Corp)

Termination by Disability. If the Executive becomes Disabled Disabled, prior to the expiration of the Employment Term, the Executive’s employment will terminateterminate and, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company)employment, which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this AgreementAgreement for 12 months (reduced by any amounts paid under a long-term disability plan (“LTD Plan”) now or hereafter sponsored by the Company (calculated on a monthly basis)) commencing on the Separation from Service date; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service that constitutes deferred compensation within the meaning of Code Section 409A409A of the Code, such installments shall not commence until the earlier to occur of (A) the first business day after the end of the seventh six continuous month period following the date of the Executive’s Separation from Service and or (B) the date of death, in which case the Executive (or the Executive’s estate in the event of Executive’s death) shall be paid except that on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) or date of the Executive’s death death, if earlier), the Executive shall be paid a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A that the Executive would have been entitled to receive during such period following the Executive’s Separation from Service; andand Xxxxxx Employment Agreement – Xxxxx 00, 0000 (iixx) continue participation in the Company’s group health plans at then-existing participation and coverage levels for 12 months (measured from the Executive’s Separation from Service)) in the Company’s medical, dental, vision and employee life insurance plans comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements, and the Company shall deduct from each payment payable to the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage for such period; except that following such period, the Executive shall retain any rights to continue coverage under the Company’s group health plans under the benefits continuation provisions pursuant to Code Section 4980B by paying the applicable premiums of such plans.

Appears in 1 contract

Samples: Employment Agreement (Sprint Nextel Corp)

Termination by Disability. If the Executive becomes Disabled prior to the expiration of the Employment Term, the Executive’s 's employment will terminate, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company), which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s 's payroll practices applicable to the Executive on the date of this Agreement; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s 's Separation from Service that constitutes deferred compensation within the meaning of Code Section 409A, such installments shall not commence until the earlier to occur of (A) the first business day of the seventh month following the date of the Executive’s 's Separation from Service and (B) death, in which case the Executive (or the Executive’s 's estate in the event of Executive’s 's death) shall be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s 's Separation from Service and (2) the Executive’s 's death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A that the Executive would have been entitled to receive during such period following the Executive’s 's Separation from Service; and (ii) continue participation in the Company’s 's group health plans at then-existing participation and coverage levels for 12 months (measured from the Executive’s 's Separation from Service), comparable to the terms in effect from time to time for the Company’s 's senior executives, including any co-payment and premium payment requirements, and the Company shall deduct from each payment payable to the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage for such period; except that following such period, the Executive shall retain any rights to continue coverage under the Company’s 's group health plans under the benefits continuation provisions pursuant to Code Section 4980B by paying the applicable premiums of such plans.

Appears in 1 contract

Samples: Employment Agreement (Sprint Nextel Corp)

Termination by Disability. If the Executive becomes Disabled prior to the expiration of the Employment Term, the Executive’s employment will terminate, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company), which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this Agreement; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service that constitutes deferred compensation within the meaning of Code Section 409A, such installments shall not commence until the earlier to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation from Service and (B) death, in which case the Executive (or the Executive’s estate in the event of Executive’s death) shall be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A that the Executive would have been entitled to receive during such period following the Executive’s Separation from Service; and (ii) continue participation in the Company’s group health plans at then-existing participation and coverage levels for 12 months (measured from the Executive’s Separation from Service), comparable to the terms in effect from time Xxxx Employment Agreement Page 8 of 33 to time for the Company’s senior executives, including any co-payment and premium payment requirements, and the Company shall deduct from each payment payable to the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage for such period; except that following such period, the Executive shall retain any rights to continue coverage under the Company’s group health plans under the benefits continuation provisions pursuant to Code Section 4980B by paying the applicable premiums of such plans.

Appears in 1 contract

Samples: Employment Agreement (SPRINT Corp)

Termination by Disability. If the Executive becomes Disabled Disabled, prior to the expiration of the Employment Term, the Executive’s 's employment will terminate, terminate and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company)employment, which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s 's payroll practices applicable to the Executive at the time of termination for the longer of 12 months or the applicable waiting period under the Company's long-term disability plan (the "LTD Plan") (reduced by any amounts paid under the LTD Plan) now or hereafter sponsored by the Company (calculated on the date of this Agreementa monthly basis)); provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason "specified employee" (within the meaning of Section 409A of the Executive’s Separation from Service Code and determined in accordance with procedures adopted by the Company), any such payments that constitutes constitute deferred compensation within the meaning of Section 409A of the Code Section 409A, such installments shall will not commence until the earlier earliest to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation 's "separation from Service and service," or (B) death, in which case except that the Executive (or the Executive’s estate in the event of Executive’s death) shall on such date will be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes constitute deferred compensation within the meaning of Code Section 409A of the Code that the Executive would have been entitled to receive during such the six-month period following the Executive’s Separation 's "separation from Service; andservice", and the Executive shall receive the remaining payments for six months payable in equal installments on the regular payroll dates under the Company's payroll practices applicable to the Executive at the time of termination commencing on the first business day of the seventh month following the date of the Executive's "separation from service," as specified in this Section 9(e)(i), and each payment pursuant to this Section 9(e)(i) shall be regarded as a separate payment and not one of a series of payments for purposes of Code Section 409A; (ii) continue continued participation in the Company’s 's group health plans at then-existing participation and coverage levels for the longer of 12 months (measured from or the Executive’s Separation from Service), waiting period under the LTD Plan comparable to the terms in effect from time to time for the Company’s 's senior executives, including any co-payment and premium payment requirements; provided, however, that the Company will not provide for cash in lieu of these benefits under this Section 9(e)(ii); provided further that if the Executive would not be eligible for participation under the Company's group health plans but for this Section 9(e)(ii), such continued participation will be at the Executive's sole cost and only to the extent the Executive makes a payment to the Company in an amount equal to the monthly premium payments (both the employee and employer portions) required to maintain such comparable coverage on or before the first day of each calendar month of such coverage, and the Company shall deduct from each payment payable to reimburse the Executive pursuant to Executive, in accordance with the terms of Section 9(e)(i)6 hereof, for the amount of such premiums, and each payment pursuant to this Section 9(e)(ii) shall be regarded as a separate payment and not one of a series of payments for purposes of Code Section 409A; (iii) accelerated vesting of any employee contributions necessary unvested portion of the Sign-On Option Award; and (iv) all restrictions with respect to maintain such coverage for such period; except that following such periodany unvested portion of the Sign-On RSU Award shall immediately lapse and the Sign-On RSU Award will become vested and nonforfeitable, and the Executive shall retain any rights will be entitled to continue coverage under payment on the Company’s group health plans under first business day of the benefits continuation provisions pursuant to Code Section 4980B by paying seventh month following the applicable premiums Executive's termination of such plansemployment.

Appears in 1 contract

Samples: Employment Agreement (Sprint Nextel Corp)

Termination by Disability. If the Executive becomes Disabled prior to the expiration of the Employment Term, the Executive’s employment will terminate, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled toto receive from the Company the Executive’s accrued, but unpaid, Base Salary through the date of termination of employment and any vested benefits under any Employee Plan in accordance with the terms of such Employee Plan and applicable law and: (i) receive from the Company periodic payments in an aggregate amount equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company)employment, which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this AgreementAgreement for the longer of 12 months or the applicable waiting period under the Company’s long-term disability plan (the “LTD Plan”) (reduced by any amounts paid under the LTD Plan) now or hereafter sponsored by the Company (calculated on a monthly basis) commencing on the Separation from Service date; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service such payments that constitutes constitute deferred compensation within the meaning of Section 409A of the Code Section 409A, such installments shall will not commence until the earlier earliest to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation from Service and or (B) death, in which case except that the Executive (or the Executive’s estate in the event of Executive’s death) shall on such date will be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes constitute deferred compensation within the meaning of Code Section 409A of the Code that the Executive would have been entitled to receive during such the six-month period following the Executive’s Separation from Service, and the Executive shall receive the remaining payments for six months payable in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this Agreement commencing on the first business day of the seventh month following the date of the Executive’s Separation from Service as specified in this Section 9(e)(i); and (ii) continue continued participation in the Company’s group health plans to the extent permitted by law at then-existing participation and coverage levels for the longer of 12 months (measured from the Executive’s Separation from Service)) or the waiting period under the LTD Plan, comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements; provided, and the Company shall deduct from each payment payable to however, that if the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage would not be eligible for such period; except that following such period, the Executive shall retain any rights to continue coverage participation under the Company’s group health plans under but for this Section 9(e)(ii), such continued participation will be at the benefits continuation provisions pursuant Executive’s sole cost and only to Code Section 4980B by paying the applicable premiums extent the Executive makes a payment to the Company in an amount equal to the monthly premium payments (both the employee and employer portions) required to maintain such comparable coverage on or before the first day of each calendar month of such planscoverage, and the Company shall reimburse the Executive, in accordance with the terms of Section 6 hereof, for the amount of such premiums.

Appears in 1 contract

Samples: Employment Agreement (SPRINT Corp)

Termination by Disability. If the Executive becomes Disabled Disabled, prior to the expiration of the Employment Term, the Executive’s employment will terminateterminate and, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company)employment, which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this AgreementAgreement for 12 months (reduced by any amounts paid under a long-term disability plan (“LTD Plan”) now or hereafter sponsored by the Company (calculated on a monthly basis)) commencing on the Separation from Service date; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service that constitutes deferred compensation within the meaning of Code Hall Employment Agreement Section 409A, such installments shall not commence until the earlier to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation from Service and or (B) death, in which case the Executive (or the Executive’s estate in the event of Executive’s death) shall be paid except that on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) or the Executive’s death death, if earlier), the Executive shall be paid a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A that the Executive would have been entitled to receive during such period following the Executive’s Separation from Service; and (ii) continue participation in the Company’s group health plans at then-existing participation and coverage levels for 12 months (measured from the Executive’s Separation from Service), comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements, and the Company shall deduct from each payment payable to the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage for such period; except that following such period, the Executive shall retain any rights to continue coverage under the Company’s group health plans under the benefits continuation provisions pursuant to Code Section 4980B by paying the applicable premiums of such plans.

Appears in 1 contract

Samples: Employment Agreement (Sprint Nextel Corp)

Termination by Disability. If the Executive becomes Disabled Disabled, prior to the expiration of the Employment Term, the Executive’s employment will terminate, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company)employment, which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this AgreementAgreement for the longer of 12 months or the applicable waiting period under the Company’s long-term disability plan (the “LTD Plan”) (reduced by any amounts paid under the LTD Plan) now or hereafter sponsored by the Company (calculated on a monthly basis) commencing on the Separation from Service date; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service such payments that constitutes constitute deferred compensation within the meaning of Section 409A of the Code Section 409A, such installments shall will not commence until the earlier earliest to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation from Service and or (B) death, in which case except that the Executive (or the Executive’s estate in the event of Executive’s death) shall on such date will be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes constitute deferred compensation within the meaning of Code Section 409A of the Code that the Executive would have been entitled to receive during such the six-month period following the Executive’s Separation from Service, and the Executive shall receive the remaining payments for six months payable in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this Agreement commencing on the first business day of the seventh month following the date of the Executive’s Separation from Service as specified in this Section 9(e)(i); and (ii) continue participation in the Company’s group health plans at then-existing participation and coverage levels for the longer of 12 months (measured from the Executive’s Separation from Service)) or the waiting period under the LTD Plan, comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements; provided, and the Company shall deduct from each payment payable to however, that if the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage would not be eligible for such period; except that following such period, the Executive shall retain any rights to continue coverage participation under the Company’s group health plans under but for this Section 9(e)(ii), such continued participation will be at the benefits continuation provisions pursuant Executive’s sole cost and only to Code Section 4980B by paying the applicable premiums extent the Executive makes a payment to the Company in an amount equal to the monthly premium payments (both the employee and employer portions) required to maintain such comparable coverage on or before the first day of each calendar month of such planscoverage, and the Company shall reimburse the Executive, in accordance with the terms of Section 6 hereof, for the amount of such premiums; (iii) accelerated vesting of any unvested portion of the Sign-On Option Award; and (iv) all restrictions with respect to any unvested portion of the Sign-On RSU Award shall immediately lapse and the Sign-On RSU Award will become vested and nonforfeitable, and the Executive will be entitled to payment on the first business day of the seventh month following the Executive’s Separation from Service.

Appears in 1 contract

Samples: Employment Agreement (Sprint Nextel Corp)

Termination by Disability. If the Executive becomes Disabled Disabled, prior to the expiration of the Employment Term, the Executive’s employment will terminate, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company)employment, which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this AgreementAgreement for the lesser of 12 months or the remainder of the Employment Term (reduced by any amounts paid under a long-term disability plan (“LTD Plan”) now or hereafter sponsored by the Company (calculated on a monthly basis)) commencing on the Separation from Service date; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service such payments that constitutes deferred compensation within the meaning of Section 409A of the Code Section 409A, such installments shall will not commence until the earlier earliest to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation from Service and or (B) death, in which case except that the Executive (or the Executive’s estate in the event of Executive’s death) shall on such date will be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A of the Code that the Executive would have been entitled to receive during such the six-month period following the Executive’s Separation from Service; , and the Executive shall receive the remaining payments payable in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this Agreement commencing on the first business day of the seventh month following the date of the Executive’s “Separation from Service;” and (ii) continue participation in the Company’s group health plans at then-existing participation and coverage levels for the lesser of 12 months (measured from the Executive’s Separation from Service), ) or the remainder of the Employment Term comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements, and the Company shall deduct from each payment payable to the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage for such period; except that following such period, the Executive shall retain any rights to continue coverage under the Company’s group health plans under the benefits continuation provisions pursuant to Code Section 4980B by paying the applicable premiums of such plans.

Appears in 1 contract

Samples: Employment Agreement (Sprint Nextel Corp)

Termination by Disability. If the Executive becomes Disabled prior to the expiration of the Employment Term, the Executive’s employment will terminate, and provided that such termination constitutes a Separation from Service, the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his her Base Salary in effect prior to the termination of his her employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company), which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this Agreement; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service that constitutes deferred compensation within the meaning of Code Section 409A, such installments shall not commence until the earlier to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation from Service and (B) death, in which case the Executive (or the Executive’s estate in the event of Executive’s death) shall be paid on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) the Executive’s death a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A that the Executive would have been entitled to receive during such period following the Executive’s Separation from Service; and (ii) continue participation in the Company’s group health plans at then-existing participation and coverage levels for 12 months (measured from the Executive’s Separation from Service), comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements, and the Company shall deduct from each payment payable to the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage for such period; except that following such period, the Executive shall retain any rights to continue coverage under the Company’s group health plans under the benefits continuation provisions pursuant to Code Section 4980B by paying the applicable premiums of such plans.

Appears in 1 contract

Samples: Employment Agreement (SPRINT Corp)

Termination by Disability. If the Executive becomes Disabled Disabled, prior to the expiration of the Employment Term, the Executive’s employment will terminateterminate and, and provided that such termination constitutes a Separation from Service, Service the Executive shall be entitled to: (i) receive from the Company periodic payments equal to his Base Salary in effect prior to the termination of his employment (reduced by any amounts paid on a monthly basis under any long-term disability plan (the “LTD Plan”) now or hereafter sponsored by the Company)employment, which payments shall be paid to the Executive commencing on the Separation from Service date for 12 months in equal installments on the regular payroll dates under the Company’s payroll practices applicable to the Executive on the date of this AgreementXxxxxx Employment Agreement 7 Agreement for 12 months (reduced by any amounts paid under a long-term disability plan (“LTD Plan”) now or hereafter sponsored by the Company (calculated on a monthly basis)) commencing on the Separation from Service date; provided, however, that in the event that the Executive is a Specified Employee, with respect to any amount payable by reason of the Executive’s Separation from Service that constitutes deferred compensation within the meaning of Code Section 409A, such installments shall not commence until the earlier to occur of (A) the first business day of the seventh month following the date of the Executive’s Separation from Service and or (B) death, in which case the Executive (or the Executive’s estate in the event of Executive’s death) shall be paid except that on the earlier of (1) the first day of the seventh month following the date of the Executive’s Separation from Service and (2) or the Executive’s death death, if earlier), the Executive shall be paid a lump-sum cash payment equal to the aggregate amount of any such payments that constitutes deferred compensation within the meaning of Code Section 409A that the Executive would have been entitled to receive during such the six-month period following the Executive’s Separation from Service; and (ii) continue participation in the Company’s group health plans at then-existing participation and coverage levels for 12 months (measured from the Executive’s Separation from Service), comparable to the terms in effect from time to time for the Company’s senior executives, including any co-payment and premium payment requirements, and the Company shall deduct from each payment payable to the Executive pursuant to Section 9(e)(i), the amount of any employee contributions necessary to maintain such coverage for such period; except that following such period, the Executive shall retain any rights to continue coverage under the Company’s group health plans under the benefits continuation provisions pursuant to Code Section 4980B by paying the applicable premiums of such plans.

Appears in 1 contract

Samples: Employment Agreement (Sprint Nextel Corp)