Common use of Termination in the Event of Disability Clause in Contracts

Termination in the Event of Disability. If during the Term, Executive becomes physically or mentally disabled so as to become unable, for a period of more than six (6) consecutive months, to perform his duties hereunder on substantially a full time basis ("Disability"), the Company may at its option terminate Executive's employment hereunder upon not less than thirty (30) days' written notice. In the event of such termination, Executive shall be entitled to continue to receive his base salary and benefits, excluding any incentive bonuses, for a period equal to the lesser of (a) twenty-four (24) months from the date of termination and (b) the remainder of the Term, and then shall receive such benefits as are available to senior executives of the Company under any applicable disability plan.

Appears in 4 contracts

Samples: Employment Agreement (U S Restaurant Properties Inc), Employment Agreement (U S Restaurant Properties Inc), Employment Agreement (U S Restaurant Properties Inc)

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Termination in the Event of Disability. If during the Term, Executive becomes physically or mentally disabled so as to become unable, for a period of more than six (6) consecutive months, to perform his duties hereunder on substantially a full time basis ("Disability"), the Company may at its option terminate Executive's employment hereunder this Agreement upon not less than thirty (30) days' written notice. In the event of such termination, Executive shall be entitled to continue to receive his base salary and benefits, excluding any incentive bonuses, for a period equal to the lesser of (a) twenty-four (24) months from the date of termination and (b) the remainder of the Term, and then shall receive such benefits as are available to senior executives of the Company under any applicable disability plan.

Appears in 4 contracts

Samples: Employment Agreement (Walden Residential Properties Inc), Employment Agreement (Walden Residential Properties Inc), Employment Agreement (Walden Residential Properties Inc)

Termination in the Event of Disability. If during the Term, Executive becomes physically or mentally disabled so as to become unable, for a period of more than six (6) consecutive months, to perform his duties hereunder on substantially a full time basis ("Disability"), the Company may at its option terminate Executive's ’s employment hereunder upon not less than thirty (30) days' written notice. In the event of such termination, Executive shall be entitled to continue to receive his base salary and benefits, excluding any incentive bonuses, for a period equal to the lesser of (a) twenty-twenty four (24) months from the date of termination and (b) the remainder of the Term, and then shall receive such benefits as are available to senior executives of the Company under any applicable disability plan.

Appears in 1 contract

Samples: Employment Agreement (U S Restaurant Properties Inc)

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Termination in the Event of Disability. If during the Term, Executive becomes physically or mentally disabled so as to become unable, for a period of more than six (6) consecutive months, to perform his duties hereunder on substantially a full time basis ("Disability"), the Company may at its option terminate Executive's employment hereunder upon not less than thirty (30) days' written notice. In the event of such termination, Executive shall be entitled to continue to receive his base salary Salary and benefits, excluding any incentive bonuses, for a period equal to the lesser of (a) twenty-four (24) months from the date of termination and (b) the remainder of the Term, and then shall receive such benefits as are available to senior executives of the Company under any applicable disability plan.

Appears in 1 contract

Samples: Employment Agreement (Walden Residential Properties Inc)

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