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

Termination of Employment Due to Disability. If the Executive's employment is terminated due to Disability during the Term of Employment, either by the Company or by the Executive, the Term of Employment shall end as of the date of the Executive's termination of employment and the Executive shall be entitled to the following (but in no event shall the Executive be entitled to less than the benefits due him under any disability program of the Company for which he becomes eligible): (1) Base Salary earned but not paid prior to the date of the termination of the Executive's employment; (2) Annual Bonus with respect to any year prior to the year of the termination of the Executive's employment which has been earned but not paid; (3) an amount equal to the sum of 50 percent of Base Salary, at the annual rate in effect on the date of the termination of the Executive's employment, payable in monthly installments for a period ending on the first day of the month following the month in which the Executive attains age 65 or recovers from his Disability, whichever occurs earlier, less the amount of any disability benefits provided to the Executive under the Company's disability program; (4) any amounts earned, accrued or owing to the Executive but not yet paid under Section 6, 8, 9, 10 or 11 above; (5) continued participation, as if the Executive were still an employee, in the Company's medical, dental, hospitalization and life insurance plans, programs and/or arrangements and in those other employee plans, programs and/or arrangements in which he was participating on the date of the termination of his employment until he attains age 65 or recovers from his Disability, whichever occurs earlier; provided, however, that:

Appears in 3 contracts

Samples: Employment Agreement (Metallurg Inc), Employment Agreement (Metallurg Inc), Employment Agreement (Metallurg Inc)

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Termination of Employment Due to Disability. If the Executive's employment is terminated due to Disability during the Term of Employment, either by the Company or by the Executive, the Term of Employment shall end as of the date of the Executive's termination of employment and the Executive shall be entitled to the following (but in no event shall the Executive be entitled to less than the benefits due him under any disability program of the Company for which he becomes eligible): (1) Base Salary earned but not paid prior to the date of the termination of the Executive's employment; (2) Annual Bonus with respect to any year prior to the year of the termination of the Executive's employment which has been earned but not paid; (3) an amount equal to the sum of 50 percent of Base Salary, at the annual rate in effect on the date of the termination of the Executive's employment, payable in monthly installments for a period ending on the first day of the month following the month in which the Executive attains age 65 or recovers from his Disability, whichever occurs earlier, less the amount of any disability benefits provided to the Executive under the Company's disability program; (4) any amounts earned, accrued or owing to the Executive but not yet paid under Section 6, 7, 8, 9, 10 or 11 above; (5) continued participation, as if the Executive were still an employee, in the Company's medical, dental, hospitalization and life insurance plans, programs and/or arrangements and in those other employee plans, programs and/or arrangements in which he was participating on the date of the termination of his employment until he attains age 65 or recovers from his Disability, whichever occurs earlier; ` provided, however, that:

Appears in 2 contracts

Samples: Employment Agreement (Metallurg Holdings Inc), Employment Agreement (Metallurg Inc)

Termination of Employment Due to Disability. If the Executive's employment is terminated due to Disability during the Term of Employment, either by the Company or by the Executive, the Term of Employment shall end as of the date of the Executive's termination of employment and the Executive shall be entitled to the following (but in no event shall the Executive be entitled to less than the benefits due him under any disability program of the Company for which he becomes eligible): (1) Base Salary earned but not paid prior to the date of the termination of the Executive's employment; (2) Annual Bonus with respect to any year prior to the year of the termination of the Executive's employment which has been earned but not paid; (3) an amount equal to the sum of 50 percent of Base Salary, at the annual rate in effect on the date of the termination of the Executive's employment, payable in monthly installments for a period ending on the first day of the month following the month in which the Executive attains age 65 or recovers from his Disability, whichever occurs earlier, less the amount of any disability benefits provided to the Executive under the Company's disability program; (4) any amounts earned, accrued or owing to the Executive but not yet paid under Section 6, 7, 8, 9, 10 or 11 above; (5) continued participation, as if the Executive were still an employee, in the Company's medical, dental, hospitalization and life insurance plans, programs and/or arrangements and in those other employee plans, programs and/or arrangements in which he was participating on the date of the termination of his employment until he attains age 65 or recovers from his Disability, whichever occurs earlier; and provided, however, that:

Appears in 2 contracts

Samples: Employment Agreement (Metallurg Inc), Employment Agreement (Metallurg Holdings Inc)

Termination of Employment Due to Disability. If the Executive's employment is terminated due to Disability during the Term of Employment, either by the Company or by the Executive, the Term of Employment shall end as of the date of the Executive's termination of employment and the Executive shall be entitled to the following (but in no event shall the Executive be entitled to less than the benefits due him her under any disability program of the Company for which he she becomes eligible): (1) Base Salary earned but not paid prior to the date of the termination of the Executive's employment; (2) Annual Bonus with respect to any year prior to the year of the termination of the Executive's employment which has been earned but not paid; (3) an amount equal to the sum of 50 percent of Base Salary, at the annual rate in effect on the date of the termination of the Executive's employment, payable in monthly installments for a period ending on the first day of the month following the month in which the Executive attains age 65 or recovers from his her Disability, whichever occurs earlier, less the amount of any disability benefits provided to the Executive under the Company's disability program; (4) any amounts earned, accrued or owing to the Executive but not yet paid under Section 6, 8, 9, 10 or 11 above; (5) continued participation, as if the Executive were still an employee, in the Company's medical, dental, hospitalization and life insurance plans, programs and/or arrangements and in those other employee plans, programs and/or arrangements in which he she was participating on the date of the termination of his her employment until he she attains age 65 or recovers from his her Disability, whichever occurs earlier; provided, however, that:

Appears in 2 contracts

Samples: Employment Agreement (Metallurg Holdings Inc), Employment Agreement (Metallurg Inc)

Termination of Employment Due to Disability. If the Executive's employment is terminated due to Disability during the Term of Employment, either by the Company or by the Executive, the Term of Employment shall end as of the date of the termination of the Executive's termination of employment and the Executive shall be entitled to the following (but in no event shall the Executive be entitled to less than the benefits due him under any disability program of the Company for which he becomes eligible):following: (1) Base Salary earned but not paid prior to the date of the termination of the Executive's employment, payable within 15 days of the date of the termination of the Executive's employment; (2) Annual Bonus all annual incentive compensation awards with respect to any year prior to the year of the termination of the Executive's employment which has have been earned but not paid, payable when such awards are paid to other senior executives; (3) an amount equal a pro rata annual incentive award with respect to the sum year of 50 percent the termination of Base Salarythe Executive's employment, at but only if such award would otherwise have been paid had the annual rate in effect on Executive's employment not been terminated, payable when such awards are paid to other senior executives (and taking into account the bases used to determine the actual awards paid to other senior executives for such year); (4) all stock options held by the Executive as of the date of the termination of his employment shall immediately become exercisable as of the date of the termination of the Executive's employment and each such stock option shall remain exercisable until the earlier of: (A) the stock option's originally scheduled expiration date or (B) the end of the one-year period immediately following the date of the termination of the Executive's employment, payable in monthly installments for a period ending on the first day of the month following the month in which the Executive attains age 65 or recovers from his Disability, whichever occurs earlier, less the amount of any disability benefits provided to the Executive under the Company's disability program; (45) any amounts earned, accrued or owing to the Executive but not yet paid under Section 67, 8, 9, 9 or 10 or 11 above;; and (56) continued participationsuch other or additional benefits, if any, as if the Executive were still an employee, in the Company's medical, dental, hospitalization and life insurance may be provided under applicable plans, programs and/or arrangements and in those other employee plans, programs and/or arrangements in which he was participating on the date of the Company. In no event shall a termination of his the Executive's employment until he attains age 65 or recovers from his Disability, whichever occurs earlier; provided, however, that:for Disability occur unless the Party terminating the Executive's employment gives written notice to the other Party in accordance with Section 26 below.

Appears in 1 contract

Samples: Employment Agreement (Imclone Systems Inc/De)

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Termination of Employment Due to Disability. If the Executive's employment is terminated due to Disability during the Term of Employment, either by the Company or by the Executive, the Term of Employment shall end as of the date of the termination of the Executive's termination of employment and the Executive shall be entitled to the following (but in no event shall the Executive be entitled to less than the benefits due him under any disability program of the Company for which he becomes eligible):following: (1) Base Salary earned but not paid prior to the date of the termination of the Executive's employment; (2) Annual Bonus all annual incentive compensation awards with respect to any year prior to the year of the termination of the Executive's employment which has have been earned but not paid; (3) an amount equal to the sum of 50 percent of (i) the Base Salary, at the annual rate Salary in effect on the date of the termination of the Executive's employment, employment and (ii) the annual incentive compensation award paid or payable in monthly installments for a period ending on with respect to the first day of year immediately preceding the month following the month year in which the Executive attains age 65 or recovers from his Disabilitytermination of the Executive's employment occurs, whichever occurs earlier, less payable over the amount 12-month period following the date of any disability benefits provided to the Executive under termination of the Executive's employment in equal installments in accordance with the Company's disability programregular payroll practice; (4) the exercisable portion of the Options held by the Executive as of the date of the termination of his employment shall remain exercisable until the earlier of (i) the end of the 1-year period following the date of the termination of his employment or (ii) the date the Options would otherwise expire, and the unexercisable portion of the options held by the Executive as of such date shall immediately be forfeited; (5) any amounts earned, accrued or owing to the Executive but not yet paid under Section 67, 8, 9, 10 or 11 above;; and (56) continued participationsuch other or additional benefits, if any, as if the Executive were still an employee, in the Company's medical, dental, hospitalization and life insurance are provided under applicable plans, programs and/or arrangements and in those other employee plans, programs and/or arrangements in which he was participating on the date of the Company. In no event shall a termination of his the Executive's employment until he attains age 65 or recovers from his Disability, whichever occurs earlier; provided, however, that:for Disability occur unless the Party terminating the Executive's employment gives written notice to the other Party in accordance with Section 27 below

Appears in 1 contract

Samples: Employment Agreement (United Stationers Supply Co)

Termination of Employment Due to Disability. If the Executive's employment is terminated due to Disability during the Term of Employment, either by the Company or by the Executive, the Term of Employment shall end as of the date of the Executive's termination of employment and the Executive shall be entitled to the following (but in no event shall the Executive be entitled to less than the benefits due him under any disability program of the Company for which he becomes eligible): (1) Base Salary earned but not paid prior to the date of the termination of the Executive's employment; (2) Annual Bonus with respect to any year prior to the year of the termination of the Executive's employment which has been earned but not paid; (3) an amount equal to the sum of 50 percent of Base Salary, at the annual rate in effect on the date of the termination of the Executive's 5 37 employment, payable in monthly installments for a period ending on the first day of the month following the month in which the Executive attains age 65 or recovers from his Disability, whichever occurs earlier, less the amount of any disability benefits provided to the Executive under the Company's disability program; (4) any amounts earned, accrued or owing to the Executive but not yet paid under Section 6, 8, 9, 9 or 10 or 11 above; (5) continued participation, as if the Executive were still an employee, in the Company's medical, dental, hospitalization and life insurance plans, programs and/or arrangements and in those other employee plans, programs and/or arrangements in which he was participating on the date of the termination of his employment until he attains age 65 or recovers from his Disability, whichever occurs earlier; provided, however, that:

Appears in 1 contract

Samples: Employment Agreement (Metallurg Holdings Inc)

Termination of Employment Due to Disability. If the Executive's employment is terminated due to Disability during the Term of Employment, either by the Company or by the Executive, the Term of Employment shall end as of the date of the Executive's termination of employment and the Executive shall be entitled to the following (but in no event shall the Executive be entitled to less than the benefits due him under any disability program of the Company for which he becomes eligible): (1) Base Salary earned but not paid prior to the date of the termination of the Executive's employment; (2) Annual Bonus with respect to any year prior to the year of the termination of the Executive's employment which has been earned but not paid; (3) an amount equal to the sum of 50 percent of Base Salary, at the annual rate in effect on the date of the termination of the Executive's employment, payable in monthly installments for a period ending on the first day of the month following the month in which the Executive attains age 65 or recovers from his Disability, whichever occurs earlier, less the amount of any disability benefits provided to the Executive under the Company's disability program; (4) any amounts earned, accrued or owing to the Executive but not yet paid under Section 6, 7, 8, 9, 9 or 10 or 11 above; (5) continued participation, as if the Executive were still an employee, in the Company's medical, dental, hospitalization and life insurance plans, programs and/or arrangements and in those other employee plans, programs and/or arrangements in which he was participating on the date of the termination of his employment until he attains age 65 or recovers from his Disability, whichever occurs earlier; and provided, however, that:

Appears in 1 contract

Samples: Employment Agreement (Metallurg Inc)

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