Common use of Termination Due to Disability of Executive Clause in Contracts

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).