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

Termination in the Event of Disability. If Employee's employment hereunder is terminated because of Employee's Disability, the Company shall pay to Employee an amount equal to one-half of Employee's annual base salary at the time of such termination. At the Company's option, such amount shall be payable either in one lump sum within 30 days after such termination or in six (6) equal monthly installments. The Company shall withhold applicable income and employment taxes from such payment. In addition, for a period commencing on the termination date and ending on the first anniversary thereof, provided that Employee properly elects such coverage, the Company shall make the COBRA Payment. Thereafter, Employee shall be solely responsible for the full amount of such COBRA premiums for the remainder of the COBRA continuation period. It is agreed that the amount payable hereunder and the COBRA Payment shall constitute all amounts owed by the Companies to Employee for the termination of his employment in the event of Employee's Disability, and that no other payments or benefits shall be owed by the Companies to Employee under any severance or benefit plan other than any benefits under a retirement plan that is qualified under Section 401(a) of the Internal Revenue Code in which Employee is fully vested. No payment shall be made by the Company pursuant to this Section unless Employee executes a waiver in a form satisfactory to the Company releasing the Companies from any claims Employee may assert against the Companies.

Termination in the Event of Disability. If Employee's ’s employment hereunder is terminated because of Employee's ’s Disability, the Company shall pay to Employee an amount equal to one-half of Employee's ’s annual base salary at the time of such termination. At the Company's ’s option, such amount shall be payable either in one lump sum within 30 days after such termination or in six (6) equal monthly installments. The Company shall withhold applicable income and employment taxes from such payment. In addition, for a period commencing on the termination date and ending on the first anniversary thereof, provided that Employee properly elects such coverage, the Company shall make the COBRA Payment. Thereafter, Employee shall be solely responsible for the full amount of such COBRA premiums for the remainder of the COBRA continuation period. It is agreed that the amount payable hereunder and the COBRA Payment shall constitute all amounts owed by the Companies to Employee for the termination of his employment in the event of Employee's ’s Disability, and that no other payments or benefits shall be owed by the Companies to Employee under any severance or benefit plan other than any benefits under a retirement plan that is qualified under Section 401(a) of the Internal Revenue Code in which Employee is fully vested. No payment shall be made by the Company pursuant to this Section unless Employee executes a waiver in a form satisfactory to the Company releasing the Companies from any claims Employee may assert against the Companies.