Common use of Termination by Employer Upon Employee’s Disability Clause in Contracts

Termination by Employer Upon Employee’s Disability. Employer may terminate Employee’s employment upon a determination of Disability (as defined below), such termination to be effective immediately upon written notice to Employee. The term “Disability” means Employee’s inability to perform his usual services to the Employer because of mental or physical illness or injury for the consecutive days as defined in Employer’s disability policy then in effect, which inability to perform will be determined by a physician selected by the Employer. In the event of termination of employment by Employer upon a determination of Disability, Employer’s obligations to pay the Base Salary and any Bonus, if applicable, and to provide all benefits under Article V shall automatically cease, but both parties’ obligations set forth in Article VI shall continue. Further, the Restricted Stock granted herein will completely vest in such event, the forfeiture restrictions with respect to Restricted Stock granted in Section 4.3 hereof shall lapse and both parties obligations pursuant to Section VI shall continue.