Termination Due to Disability of Executive Sample Clauses

Termination Due to Disability of Executive. The Company may terminate Executive's employment at any time following Executive's Disability upon written notice to Executive. Likewise, Executive may terminate his employment at any time following his Disability upon written notice to the Company. Upon any termination of Executive's employment hereunder, the Company shall have no further obligation to make payments under this Agreement, other than (i) accrued salary and benefits through the effective date of termination of employment, and (ii) a lump sum payment equal to one year's Base Salary (determined at the time notice of termination is provided) (the "Severance Payment"). The Severance Payment shall be made within thirty (30) following termination of Executive's employment; provided, however, that if at the time of such termination Executive is a "specified employee" of the Company (as determined under Section 409A of the Internal Revenue Code of 1986, as amended), the Severance Payment shall be made six months and one day following termination. For purposes of this Agreement, "Disability" shall occur if the Company determines (in accordance with applicable law) that Executive has been unable, due to physical or mental illness or incapacity, to perform the essential duties of his employment with reasonable accommodation for a continuous period of ninety (90) days or an aggregate of one hundred twenty (120) days during any consecutive 12-month period; provided, however, that in the event the Company maintains disability insurance covering Executive, such time periods shall be consistent with the comparable time periods set forth in the applicable policy(ies).
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Termination Due to Disability of Executive. If Executive is unable to substantially perform the duties of his position because of physical or mental impairment or illness for an aggregate of six months during any twelve month period, the Company may elect to terminate Executive's employment, in which case all obligations of the Company under this agreement shall terminate, except that the Company shall continue Executive's pre-termination base salary, health, dental, vision, prescription and life insurance coverage for a period of twelve months after the termination date, reduced by any disability payments for which Executive is eligible under any Company-sponsored disability plans. For purposes of this paragraph "disability" means the absence of the Executive from the Executive's duties with the Company due to physical or mental incapacity, which incapacity and its cause for such absence is determined by a physician selected by the Company or its insurers and acceptable to Executive or the Executive's legal representative.
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Termination Due to Disability of Executive. Upon the termination of Executive’s employment as a result of his disability, Executive shall be entitled to receive through the remainder of the Term following the month in which such termination occurs (a) the base Salary that would otherwise be payable to Executive hereunder to the end of the month in which such termination occurs and; (b) any Bonus and Additional Bonuses due and earned throughout said time period; (c) any amounts earned pursuant to the terms of this Agreement but unpaid at the time of termination; and (d) all benefits in accordance with Section 2.9 herein. The payments specified in this Section 3.2.3 shall be paid as soon as practicable but in any event no later than 30 days after the date of termination. The payments shall be made in cash in US Dollars and in the United States of America. Whenever compensation is payable to Executive hereunder during a time when Executive is partially or totally disabled and such disability (except for the provisions hereof) would entitle Executive to disability income or to salary continuation payments from Company according to the terms of any plan now or hereafter provided by Company or according to any policy of Company in effect at the time of such disability, the compensation payable to Executive hereunder shall be inclusive of any such disability income or salary continuation and shall not be in addition thereto. If disability income is payable directly to Executive by an insurance company under an insurance policy paid for by Company, then any such disability income paid during the 30 months following date of termination shall be considered to be part of the payments to be made by the Company pursuant to this Section 3.2.3, and not in addition thereto, and shall be paid to Company, up to but not to exceed the amount of payments actually made by Company pursuant to this Section 3.2.3. All disability income paid to Executive by said insurance company (i) during the 30 months following date of termination in excess of the payments actually made by Company pursuant to this Section 3.2.3, and (ii) after 30 months following date of termination shall be the sole property of Executive as governed by said insurance policy and shall not be required to be paid to Company.
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Termination Due to Disability of Executive. If Executive is unable to substantially perform the duties of his position because of physical or mental impairment or illness for an aggregate of three months during any twelve month period, Vantage may elect to terminate Peninsula’s service agreement, in which case all obligations of Vantage under this agreement shall terminate, except that Peninsula shall be entitled to keep any shares of common stock that Vantage has already issued to Peninsula, and receive a payment of one month’s service fee at the time Peninsula’s service agreement is terminated. For purposes of this paragraph "disability" means the absence of the Executive from the Executive's duties with Vantage due to physical or mental incapacity, which incapacity and its cause for such absence is determined by a physician selected by Vantage or its insurers and acceptable to Peninsula or Peninsula’s legal representative. Termination with good cause. As used throughout this Agreement, "good cause" means and is limited to (i) action by the Executive involving willful and wanton malfeasance involving specifically a wholly wrongful act; (ii) the Executive being convicted of, or pleading guilty/nolo contendere to, a felony; (iii) an intentional, material and substantial violation by the Executive of a rule, regulation, policy or procedure of Vantage generally applicable to all employees; (iv) a substantial and material neglect of Executive's duties, which remains uncorrected after written notice thereof and a cure period of fifteen days; or (v) a material failure by the Executive to follow a directive of the Board of Directors of Vantage or Vantage’s Chairman, but only if such directive does not require the Executive to violate Company policy or professional or ethical responsibilities. During the term of this Agreement it shall not be a violation of this Agreement for the Executive to serve on a corporate, civic or charitable board or committee, deliver lectures, fulfill speaking engagements or to manage personal investments, so long as such activities do not violate applicable corporate policy or procedures as in effect on the effective date of this Agreement and do not materially interfere with the performance of Executive's duties and responsibilities. It is expressly understood and agreed that to the extent that any such activities have been conducted by the Executive prior to the effective date of this Agreement, the continued conduct of such activities (or the conduct of activities similar in...
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Related to Termination Due to Disability of Executive

  • Termination Due to Disability If the Optionee’s employment terminates by reason of the Optionee’s disability (as determined by the Administrator), any portion of this Stock Option outstanding on such date shall become fully exercisable and may thereafter be exercised by the Optionee for a period of 12 months from the date of termination or until the Expiration Date, if earlier.

  • Termination by Virtue of Death or Disability of Executive (a) In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the parties hereunder shall terminate immediately, in accordance with Section 6.6, and the Company shall, pursuant to the Company’s standard payroll policies, pay to Executive’s legal representatives all Accrued Obligations. (b) Subject to applicable state and federal law, the Company shall at all times have the right, upon written notice to Executive, and in accordance with Section 6.6, to terminate this Agreement based on Executive’s Disability. Termination by the Company of Executive’s employment based on “Disability” shall mean termination because Executive is unable due to a physical or mental condition to perform the essential functions of his position with or without reasonable accommodation for 180 days in the aggregate during any twelve (12) month period or based on the written certification by two licensed physicians of the likely continuation of such condition for such period. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. In the event Executive’s employment is terminated based on Executive’s Disability, Executive will not receive Severance Benefits, Change in Control Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

  • Termination Due to Death or Disability The expiration of one (1) year from the date of the death of the Optionee or cessation of an Optionee’s employment or contractual relationship by reason of disability (as defined in Section 5.1(g) of the Plan). If an Optionee’s employment or contractual relationship is terminated by death, any Option held by the Optionee shall be exercisable only by the person or persons to whom such Optionee’s rights under such Option shall pass by the Optionee’s will or by the laws of descent and distribution.

  • Death or Disability of Executive Executive's employment -------------------------------- hereunder shall terminate immediately upon the death or Disability of Executive.

  • Termination of Employment Due to Death or Disability If your employment with the Company terminates due to death or Disability, in each case, prior to the Vesting Date, your Adjusted PSUs will vest and convert into Shares on the Adjustment Date (even though you are not employed by the Company on the Vesting Date). Upon a termination of employment due to death, the Adjusted PSUs shall be delivered in accordance with Section 10.

  • Termination of Employment Due to Death The Officer’s employment with the Bank shall terminate, automatically and without any further action on the part of any party to this Agreement, on the date of the Officer’s death. In such event, the Bank shall pay and deliver to his estate and surviving dependents and beneficiaries, as applicable, the Standard Termination Entitlements.

  • Disability of Executive The Company may terminate this Agreement without liability if Executive shall be permanently prevented from properly performing his essential duties hereunder with reasonable accommodation by reason of illness or other physical or mental incapacity for a period of more than one hundred twenty 120 consecutive days. Upon such termination, Executive shall be entitled to all accrued but unpaid Base Salary and vacation.

  • TERMINATION FOR DISABILITY OR DEATH (a) Termination of Executive’s employment based on “Disability” shall be construed to comply with Section 409A of the Internal Revenue Code and shall be deemed to have occurred if: (i) 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 last for a continuous period of not less than 12 months; (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Bank or the Company; or (iii) Executive is determined to be totally disabled by the Social Security Administration. The provisions of Sections 6(b) and (c) shall apply upon the termination of the Executive’s employment based on Disability. Upon the determination that Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days. (b) Executive shall be entitled to receive benefits under all short-term or long-term disability plans maintained by the Bank for its executives. To the extent such benefits are less than Executive’s Base Salary, the Bank shall pay Executive an amount equal to the difference between such disability plan benefits, Social Security disability benefits and the amount of Executive’s Base Salary for the longer of one (1) year following the termination of his employment due to Disability or the remaining term of this Agreement, which shall be payable in accordance with the regular payroll practices of the Bank. (c) The Bank shall cause to be continued non-taxable medical and dental coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive prior to the termination of his employment based on Disability, except to the extent such coverage may be changed in its application to all Bank employees or not available on an individual basis to an employee terminated based on Disability. This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time employment of the Bank; (ii) Executive’s full-time employment by another employer; (iii) expiration of the remaining term of this Agreement; or (iv) Executive’s death. (d) In the event of Executive’s death during the term of this Agreement, his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary at the rate in effect at the time of Executive’s death in accordance with the regular payroll practices of the Bank for a period of one (1) year from the date of Executive’s death, and the Bank shall continue to provide non-taxable medical, and dental insurance benefits normally provided for Executive’s family (in accordance with its customary co-pay percentages) for twelve (12) months after Executive’s death. Such payments are in addition to any other life insurance benefits that Executive’s beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank for the benefit of Executive, including, but not limited to, the Bank’s tax-qualified retirement plans.

  • Termination Due to Death, Disability or Retirement In the event the Optionee’s employment or other service with the Company and all Subsidiaries is terminated by reason of death, Disability or Retirement, this Option will remain exercisable, to the extent exercisable as of the date of such termination, for a period of one year after such termination (but in no event after the Time of Termination).

  • Termination by Death or Disability In the event of the Executive’s death or total disability (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended) during the Term, the Term and Executive’s employment shall terminate on the date of death or total disability. In the event of such termination, the Company’s sole obligations hereunder to the Executive (or the Executive’s estate) shall be for unpaid Base Salary, accrued but unpaid bonus and benefits (then owed or accrued and owed in the future), a pro-rata bonus for the year of termination based on the Executive’s target bonus for such year and the portion of such year in which the Executive was employed, and reimbursement of expenses pursuant to the terms hereon through the effective date of termination, each of which shall be paid within 10 days following the date of the Executive’s termination, and any unvested portion of any Equity Grants shall immediately be forfeited as of the termination date without any further action of the Parties.

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