Common use of Termination by the Company for Cause or Termination by the Officer without Good Reason, Death, or Disability Clause in Contracts

Termination by the Company for Cause or Termination by the Officer without Good Reason, Death, or Disability. If the Officer’s employment is terminated by the Company for Cause, or if his employment with the Company ends due to death, "permanent and total disability" (within the meaning Section 22(e)(3) of Internal Revenue Code of 1986, as amended the “Code”), or due to a voluntary termination of employment by the Officer without Good Reason then the Officer shall only be entitled to any earned but unpaid compensation as well as any other amounts or benefits owing to the Officer under the terms of any employee benefit plan of the Company (the "Accrued Benefits"). For purposes of this Agreement, Accrued Benefits shall include any unused vacation time which has accrued during the Term in which the Officer’s employment is terminated, but shall not include any accrued vacation from prior Terms.

Appears in 4 contracts

Samples: Officer Employment Agreement (Quality Industrial Corp.), Officer Employment Agreement (Ilustrato Pictures International Inc.), Officer Employment Agreement (Ilustrato Pictures International Inc.)

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Termination by the Company for Cause or Termination by the Officer without Good Reason, Death, or Disability. If the Officer’s employment is terminated by the Company for Cause, or if his her employment with the Company ends due to death, "permanent and total disability" (within the meaning Section 22(e)(3) of Internal Revenue Code of 1986, as amended the “Code”), or due to a voluntary termination of employment by the Officer without Good Reason then the Officer shall only be entitled to any earned but unpaid compensation as well as any other amounts or benefits owing to the Officer under the terms of any employee benefit plan of the Company (the "Accrued Benefits"). For purposes of this Agreement, Accrued Benefits shall include any unused vacation time which has accrued during the Term in which the Officer’s employment is terminated, but shall not include any accrued vacation from prior Terms.

Appears in 2 contracts

Samples: Officer Employment Agreement (Quality Industrial Corp.), Officer Employment Agreement (Ilustrato Pictures International Inc.)

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