Termination Due to Incapacity Or Inability To Perform Duties Sample Clauses

Termination Due to Incapacity Or Inability To Perform Duties. In the event that Executive is unable to perform the functions of the Chief Financial Officer, whether totally or partially, by reason of illness, accident or incapacity for a period of more than three (3) months, the Company shall have the right at any time subsequent to such period to terminate Executive’s employment and this Employment Agreement by written notice to the Executive, and all obligations of the Company shall thereupon cease, except as otherwise required by any disability insurance policy provided by the Company to the Executive and other executives. During the three-month period during which Executive is unable to perform the functions of the Chief Financial Officer position due to incapacity, Executive shall receive short-term disability benefits available to executive personnel. During this three-month period Executive shall not be paid the salary provided in Section 3 of this Agreement. All job functions and performance responsibilities required for the position of Chief Financial Officer shall be determined by the President and Chief Executive Officer of the Bank of Lenawee. The President and Chief Executive Officer shall also make the ultimate determination as to whether Executive is performing those functions and responsibilities.
Sample 1
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Termination Due to Incapacity Or Inability To Perform Duties. In the event that Executive is unable to perform the functions of the President, whether totally or partially, by reason of illness, accident or incapacity for a period of more than three (3) months, the Company shall have the right at any time subsequent to such period to terminate Executive’s employment and this Employment Agreement by written notice to the Executive, and all obligations of the Company shall thereupon cease, except as otherwise required by any disability insurance policy provided by the Company to the Executive and other executives. During the three-month period during which Executive is unable to perform the functions of the President position due to incapacity, Executive shall receive short-term disability benefits available to other executive personnel and a supplemental monthly payment which, when added to Executive’s monthly disability benefits, provides Executive with a sum equal to his regular monthly salary. During this three-month period, Executive shall not be paid the salary provided in Section 3 of this Agreement. All job functions and performance responsibilities required for the position of President shall be determined by the Board of Directors of the Bank of Lenawee. The Board of Directors of the Bank of Lenawee shall also make the ultimate determination as to whether Executive is performing those functions and responsibilities. In the event that Executive’s employment is terminated pursuant to this Paragraph 3.3 by reason of illness, accident or incapacity, the Company shall pay Executive for a period not to exceed twelve (12) months a supplement which, when added to all other disability and paid leave benefits already provided by or through Company sponsored insurance or benefit programs, will equal two-thirds (2/3) of Executive’s annual base salary be was receiving as of the date of termination,
Sample 1

Related to Termination Due to Incapacity Or Inability To Perform Duties

  • Termination Due to Death or Permanent Disability If the Employment Period shall be terminated due to death or Permanent Disability of the Executive, the Executive (or his estate or legal representative) shall be entitled solely to the following: (i) Base Salary through the Date of Termination; and (ii) medical benefits as provided in Section 5.05 below. The Executive’s entitlements under any other benefit plan or program shall be as determined thereunder. In addition, promptly following any such termination, the Executive (or his estate or legal representative) shall be reimbursed for all Reimbursable Expenses incurred by the Executive prior to such termination.

  • Termination Due to Disability or Death Executive’s employment hereunder may be terminated by the Company as follows:

  • Termination for Any Reason Except Death, Disability or Cause If Optionee is Terminated for any reason except Optionee’s death, Disability or Cause, then this Option, to the extent (and only to the extent) that it is vested in accordance with the schedule set forth in Section 2.1 of this Agreement on the date of Termination, may be exercised by Optionee no later than three (3) months after the date of Termination, but in any event no later than the Expiration Date.

  • 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.

  • Termination of Services If the Optionee’s services with the Company and all Related Corporations are terminated for any reason (other than death or disability) prior to the Expiration Date, then this Option may be exercised by Optionee, to the extent of the number of Common Shares with respect to which the Optionee could have exercised it on the date of such termination of services, at any time prior to the earlier of (i) the Expiration Date, or (ii) three months after such termination of services. Any part of the Option that was not exercisable immediately before the termination of Optionee’s services shall terminate at that time.

  • Termination Due to Death or Disability Executive’s employment shall terminate automatically upon Executive’s death. The Company may terminate Executive’s employment immediately upon the occurrence of a Disability, such termination to be effective upon Executive’s receipt of written notice of such termination. Upon Executive’s death or in the event that Executive’s employment is terminated due to Executive’s Disability, Executive or Executive’s estate or Executive’s beneficiaries, as the case may be, shall be entitled to:

  • Termination of Serviced Duties At the time all of the applicable Seller’s obligations under any Serviced Appointment are terminated and/or of no further force and effect (the “Appointment Expiration Time”), including upon or following any (a) valid termination or removal of the applicable Seller from all Corporate Trust Capacities with respect to a Serviced Appointment, whether as a Succeeded Appointment or otherwise, or (b) with the prior consent of the applicable Purchaser, resignation by, assignment by or succession of the applicable Seller from all Corporate Trust Capacities with respect to a Serviced Appointment, whether as a Succeeded Appointment or otherwise, the Purchasers (i) shall have no further Serviced Duties under this Agreement in connection with such Appointments and (ii) shall not be responsible hereunder for any of the duties, obligations or liabilities related to such Appointments accruing or arising on or after the Appointment Expiration Time, or for any performance, duties or obligations related thereto arising prior to, but requiring performance after, the Appointment Expiration Time, in each case, without limiting the Purchasers’ obligations under the Purchase Agreement. The parties shall execute, or procure the execution of, such documents and instruments as may be reasonably necessary to give effect to this Section 3.7.

  • 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).

  • Compensation During Disability or Upon Termination (i) If, during the Protected Period, Employee fails to perform Employee's normal duties as a result of incapacity due to physical or mental illness, Employee shall continue during the period of such disability to receive Employee's full Base Salary and any awards, deferred and nondeferred, payable during such period under the Bonus Plan, less any amounts paid to Employee during such period of disability pursuant to the Company's short term disability or sick-leave program(s) until Employee's employment is terminated or such Disability ends. This Section 4(i) shall not reduce or impair Employee's rights to terminate employment for a Good Reason as otherwise provided herein.

  • Termination of Service Due to Death or Disability If an Awardee’s service on the Board terminates by reason of death or Disability, the restrictions and risk of forfeiture with respect to the Restricted Stock which have not expired shall immediately lapse and all shares of the Restricted Stock shall be deemed fully vested and nonforfeitable.

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