Termination of Employment Because of Death or Disability. Your employment hereunder (and hence the Term) shall automatically terminate upon your death, and the Company may terminate your employment hereunder (and hence the Term) on written notice to you following your Disability (as defined below). If your employment hereunder terminates because of your death or Disability, you (or your successors-in-interest, as applicable) will be provided with the following amounts and benefits: (i) As soon as reasonably practicable following the Termination Date (or, in the case of the Pro Rata Annual Bonus only, within three days after the date that the Mutual Release Requirement is satisfied), a lump-sum cash payment in respect of each of the Accrued Obligations; (ii) If the Termination Date occurs after the Closing, each compensatory stock option (and any similar award, such as a stock appreciation right) that you shall have received (including, without limitation, the stock option described in Section 7(a)) shall, to the extent that it would have become vested or exercisable on or before the first anniversary of the Termination Date had your employment hereunder continued through such first anniversary, be fully vested as of the Termination Date and shall be, and remain, fully exercisable until the earliest of a Change in Control upon which all other compensatory stock options cease to be exercisable, the first anniversary of the Termination Date, and the expiration of its maximum stated term; each compensatory restricted stock award (and any similar award, such as a phantom share award) that you shall have received (including, without limitation, the restricted stock award described in Section 7(b)) shall become fully vested as of the Termination Date, to the extent that it would have become vested on or before the first anniversary of the Termination Date if your employment hereunder had continued through such first anniversary, and all contractual restrictions on it shall lapse as of the Termination Date; and any other equity-based award shall also become fully vested, and shall therefore become non-forfeitable, as of the Termination Date, to the extent that it would have become vested on or before the first anniversary of the Termination Date if your employment hereunder had continued through such first anniversary; (iii) Continued coverage under the Company’s welfare benefit plans (within the meaning of section 3(3) of ERISA) for 12 months following the Termination Date (or the cash value of such coverage, as determined on a net after-tax basis), provided that the COBRA health care continuation coverage period under section 4980B of the Code shall commence upon the end of such 12-month period; and (iv) The benefits described in Section 10(f).
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Samples: Employment Agreement (Safari Holding Corp), Employment Agreement (Safari Holding Corp)
Termination of Employment Because of Death or Disability. Your employment hereunder (and hence the Term) shall automatically terminate upon your death, and the Company may terminate your employment hereunder (and hence the Term) on written notice to you following your Disability (as defined below). If your employment hereunder terminates because of your death or Disability, you (or your successors-in-interest, as applicable) will be provided with the following amounts and benefits:
(i) As soon as reasonably practicable following the Termination Date (or, in the case of the Pro Rata Annual Bonus only, within three days after the date that the Mutual Release Requirement is satisfied), a lump-sum cash payment in respect of each of the Accrued Obligations;
(ii) If the Termination Date occurs after the Closing, each Each compensatory stock option (and any similar award, such as a stock appreciation right) that you shall have received (includingprior to January 1, without limitation, the stock option described in Section 7(a)) 2014 shall, to the extent that it would have become vested or exercisable on or before the first anniversary of the Termination Date had your employment hereunder continued through such first anniversary, be fully vested as of the Termination Date and shall be, and remain, fully exercisable until the earliest of a Change in Control upon which all other compensatory stock options cease to be exercisable, the first anniversary of the Termination Date, and the expiration of its maximum stated term; each compensatory stock option (and any similar award, such as a stock appreciation right) that you shall have received on or after January 1, 2014 shall be fully vested as of the Termination Date and shall be, and remain, fully exercisable until the earliest of a Change in Control upon which all other compensatory stock options cease to be exercisable, the first anniversary of the Termination Date, and the expiration of its maximum stated term; each compensatory restricted stock award (and any similar award, such as a phantom share award) that you shall have received (includingprior to January 1, without limitation, the restricted stock award described in Section 7(b)) 2014 shall become fully vested as of the Termination Date, to the extent that it would have become vested on or before the first anniversary of the Termination Date if your employment hereunder had continued through such first anniversary, and all contractual restrictions on it shall lapse as of the Termination Date; each compensatory restricted stock award (and any similar award, such as a phantom share award) that you shall have received on or after January 1, 2014 shall become fully vested as of the Termination Date, and all contractual restrictions on it shall lapse as of the Termination Date; each performance-based equity award that you shall have received prior to January 1, 2014 shall be deemed vested and non-forfeitable as of the Termination Date, to the extent that it would have become vested on or before the first anniversary of the Termination Date if your employment hereunder had continued through such first anniversary (disregarding any exercise of negative discretion that is not similarly applied to all senior executive participants); each performance-based equity award that you shall have received on or after January 1, 2014 shall be deemed vested and non-forfeitable as of the end of the applicable performance period as if your employment hereunder had continued through such performance period, to the extent applicable performance goals are achieved (disregarding any exercise of negative discretion that is not similarly applied to all senior executive participants); any other equity-based award that you shall have received prior to January 1, 2014 shall also become fully vested, and shall therefore become non-forfeitable, as of the Termination Date, to the extent that it would have become vested on or before the first anniversary of the Termination Date if your employment hereunder had continued through such first anniversary; and any other equity-based award that you shall have received on or after January 1, 2014 shall be treated as provided in the applicable award agreement;
(iii) Continued Monthly cash payments for 12 months following the Termination Date that, on an after-tax basis, equal the cost of coverage for such period under the Company’s welfare benefit plans (within the meaning of section 3(3) of ERISA) ), and such coverage shall be made available at your expense for 12 months following the Termination Date (or to the cash value of such coverage, as determined on a net after-tax basis), provided that the COBRA health care continuation coverage period extent allowed under section 4980B of the Code shall commence upon the end of such 12-month periodapplicable law without penalty; and
(iv) The benefits described in Section 10(f10(g).
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Termination of Employment Because of Death or Disability. Your employment hereunder (and hence the Term) shall automatically terminate upon your death, and the Company may terminate your employment hereunder (and hence the Term) on written notice to you following your Disability (as defined below). If your employment hereunder terminates because of your death or Disability, you (or your successors-in-interest, as applicable) will be provided with the following amounts and benefits:
(i) As soon as reasonably practicable following the Termination Date (or, in the case of the Pro Rata Annual Bonus only, within three days after the date that the Mutual Release Requirement is satisfied), a lump-sum cash payment in respect of each of the Accrued Obligations;
(ii) If the Termination Date occurs after the Closing, each Each compensatory stock option (and any similar award, such as a stock appreciation right) that you shall have received (including, without limitation, the stock option described in Section 7(a)) shall, to the extent that it would have become vested or exercisable on or before the first anniversary of the Termination Date had your employment hereunder continued through such first anniversary, be fully vested as of the Termination Date and shall be, and remain, fully exercisable until the earliest of a Change in Control upon which all other compensatory stock options cease to be exercisable, the first anniversary of the Termination Date, and the expiration of its maximum stated term; each compensatory restricted stock award (and any similar award, such as a phantom share award) that you shall have received (including, without limitation, the restricted stock award described in Section 7(b)) shall become fully vested as of the Termination Date, to the extent that it would have become vested on or before the first anniversary of the Termination Date if your employment hereunder had continued through such first anniversary, and all contractual restrictions on it shall lapse as of the Termination Date; each performance-based equity award that you shall have received shall be deemed vested and non-forfeitable as of the Termination Date, to the extent that it would have become vested on or before the first anniversary of the Termination Date if your employment hereunder had continued through such first anniversary (disregarding any exercise of negative discretion that is not similarly applied to all senior executive participants); and any other equity-based award shall also become fully vested, and shall therefore become non-forfeitable, as of the Termination Date, to the extent that it would have become vested on or before the first anniversary of the Termination Date if your employment hereunder had continued through such first anniversary;
(iii) Continued Monthly cash payments for 12 months following the Termination Date that, on an after-tax basis, equal the cost of coverage for such period under the Company’s welfare benefit plans (within the meaning of section 3(3) of ERISA) ), and such coverage shall be made available at your expense for 12 months following the Termination Date (or to the cash value of such coverage, as determined on a net after-tax basis), provided that the COBRA health care continuation coverage period extent allowed under section 4980B of the Code shall commence upon the end of such 12-month periodapplicable law without penalty; and
(iv) The benefits described in Section 10(f).
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