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 less than the benefits due him under the then current disability program of the Company): (1) Base Salary earned but not paid prior to the date of the termination of the Executive's employment; (2) all annual incentive compensation awards with respect to any year prior to the year of the termination of the Executive's employment which have been earned but not paid; (3) a pro rata annual incentive compensation award for the year in which the termination of the Executive's employment occurs; provided, however, that the performance goals established under the annual incentive compensation plan or program with respect to the year in which the termination of the Executive's employment occurs are met; (4) the unexercisable portion of the Option held by the Executive as of the date of the termination of his employment shall be immediately forfeited by the Executive as of such date and the exercisable portion of the Option held by the Executive as of such date 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 Option would otherwise expire; (5) any amounts earned, accrued or owing to the Executive but not yet paid under Section 7, 8, 9 or 10 above; and (6) such other or additional benefits, if any, as are provided under applicable plans, programs and/or arrangements of the Company. In no event shall a termination of the Executive's employment for Disability occur unless the Party terminating his employment gives written notice to the other Party in accordance with Section 23 below.

Appears in 3 contracts

Samples: Employment Agreement (Intek Global Corp), Employment Agreement (Intek Global Corp), Employment Agreement (Intek Global Corp)

AutoNDA by SimpleDocs

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 less than the benefits due him under the then current disability program of the Company): (1) Base Salary earned but not paid prior to the date of the termination of the Executive's employment; (2) all annual incentive compensation awards with respect to any year prior to the year of the termination of the Executive's employment which have been earned but not paid; (3) a pro rata annual incentive compensation award for the year in which the termination of the Executive's employment occurs; providedPROVIDED, howeverHOWEVER, that the performance goals established under the annual incentive compensation plan or program with respect to the year in which the termination of the Executive's employment occurs are met; (4) the unexercisable portion of the Option held by the Executive as of the date of the termination of his employment shall be immediately forfeited by the Executive as of such date and the exercisable portion of the Option held by the Executive as of such date 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 Option would otherwise expire; (5) any amounts earned, accrued or owing to the Executive but not yet paid under Section 7, 8, 9 or 10 above; and (6) such other or additional benefits, if any, as are provided under applicable plans, programs and/or arrangements of the Company. In no event shall a termination of the Executive's employment for Disability occur unless the Party terminating his employment gives written notice to the other Party in accordance with Section 23 below.

Appears in 2 contracts

Samples: Employment Agreement (Intek Diversified Corp), Employment Agreement (Intek Diversified Corp)

AutoNDA by SimpleDocs

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 Company shall pay or provide, as applicable, or shall cause to be entitled paid or provided, as applicable, to the following (but in no event less than Executive the benefits due him under the then current disability program of the Company):following: (1) Base Salary earned but not paid prior to the date of the termination of the Executive's employment; (2) all annual incentive compensation awards which have been earned but not paid in accordance with respect to any year prior the terms of the applicable annual incentive compensation plan, program or arrangement; (3) an additional amount equal to the year sum of (i) the Base Salary in effect on the date of the termination of the Executive's employment which have been earned but not paid; and (3ii) a pro rata the annual incentive compensation award for paid or payable with respect to the year immediately preceding the year in which the termination of the Executive's employment occurs; provided, however, that payable over the performance goals established under the annual incentive compensation plan or program with respect to the year in which the termination of the Executive's employment occurs are met; (4) the unexercisable portion of the Option held by the Executive as of the date of the termination of his employment shall be immediately forfeited by the Executive as of such date and the exercisable portion of the Option held by the Executive as of such date shall remain exercisable until the earlier of (i) the end of the 112-year month period following the date of the termination of his the Executive's employment or (ii) in equal installments in accordance with the date the Option would otherwise expireCompany's regular payroll practice; (54) any amounts earned, accrued or owing to the Executive but not yet paid under Section 6, 7, 8, 9 and/or 10 above in accordance with the terms of the applicable plan, program or 10 abovearrangement; and (65) such other or additional benefits, if any, as are provided under applicable plans, programs and/or arrangements of the Company. In no event shall a termination of the Executive's employment for Disability occur unless the Party terminating his the Executive's employment gives written notice to the other Party in accordance with Section 23 24 below.

Appears in 1 contract

Samples: Employment Agreement (United Stationers Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!