Common use of Termination of Employment for Disability Clause in Contracts

Termination of Employment for Disability. If, as a result of the Executive's incapacity due to physical or mental illness, the Executive shall not have performed his duties hereunder on a full time basis for six (6) consecutive months, Arrow may effect the Executive's Termination of Employment upon thirty (30) days' written notice. Such Termination of Employment for disability shall require the affirmative vote of a majority of the entire Arrow Board or Bank Board. The Executive's compensation during any period of disability prior to the date of such Termination of Employment shall be the amounts normally payable to him in accordance with this Agreement, reduced by the sum of the amounts, if any, paid to the Executive under disability benefit plans maintained by Arrow or the Bank. The Executive shall not be entitled to any further compensation from Arrow or the Bank for any period subsequent to the date of such Termination of Employment upon Executive’s disability, except for payments, if any, payable in accordance with the then current plans and policies of Arrow or the Bank; provided, however, that any such Termination of Employment for disability occurring after the Executive shall have elected to become a Retired Early Employee under Paragraph 6 of this Agreement will not affect the right of the Executive to receive all of the payments provided for therein.

Termination of Employment for Disability. If, as a result of the Executive's incapacity due to physical or mental illness, the Executive shall not have performed his duties hereunder on a full time basis for six (6) consecutive months, Arrow or the Bank may effect the Executive's Termination of Employment upon thirty (30) days' written notice. Such Termination of Employment for disability shall require the affirmative vote of a majority of the entire Arrow Board or the Bank Board. The Executive's compensation during any period of disability prior to the date of such Termination of Employment shall be the amounts normally payable to him in accordance with this Agreement, reduced by the sum of the amounts, if any, paid to the Executive under disability benefit plans maintained by Arrow or the Bank. The Executive shall not be entitled to any further compensation from Arrow or the Bank for any period subsequent to the date of such Termination of Employment upon Executive’s disability, except for payments, if any, payable in accordance with the then current plans and policies of Arrow or the Bank; provided, however, that any such Termination of Employment for disability occurring after the Executive shall have elected to become a Retired Early Employee under Paragraph 6 of this Agreement will not affect the right of the Executive to receive all of the payments provided for therein.

Termination of Employment for Disability. If, as a result of the Executive's incapacity due to physical or mental illness, the Executive shall not have performed his duties hereunder on a full time basis for six (6) consecutive months, Arrow may effect the Executive's Termination of Employment upon thirty (30) days' written notice. Such Termination of Employment for disability shall require the affirmative vote of a majority of the entire Arrow Board or Bank Board. The Executive's compensation during any period of disability prior to the date of such Termination of Employment shall be the amounts normally payable to him in accordance with this Agreement, reduced by the sum of the amounts, if any, paid to the Executive under disability benefit plans maintained by Arrow or the BankArrow. The Executive shall not be entitled to any further compensation from Arrow or the Bank for any period subsequent to the date of such Termination of Employment upon Executive’s disabilityEmployment, except for payments, if any, payable severance pay in accordance with the then current plans and existing severance policies of Arrow or the BankArrow; provided, however, that any such Termination of Employment for disability occurring after the Executive shall have elected to become a Retired Early Employee under Paragraph 6 of this Agreement will not affect the right of the Executive to receive all of the payments provided for therein.