Termination Upon Disability of Executive. If during the term of the Agreement Executive is unable to perform the services required of Executive pursuant to this Agreement for a continuous period of ninety (90) days due to disability or incapacity by reason of any physical or mental illness (as reasonably determined by Company by its Board of Directors), then Company shall have the right to terminate this Agreement at the end of such ninety-day period by giving written notice to Executive. Executive shall be entitled to receive only such Minimum Base Salary, the amount of any unpaid bonus earned in any complete fiscal year of the Company preceding the date of termination, the prorated portion of any objectively determined current year bonus, and any benefits as are due Executive through the effective date of such Termination. In addition, the vesting of Executive's stock options shall be accelerated, as if the Executive had served through the end of the fiscal year of his Termination.
Appears in 2 contracts
Samples: Employment Agreement (Monterey Homes Corp), Employment Agreement (Monterey Homes Corp)
Termination Upon Disability of Executive. If during the term of the Agreement Executive is unable to perform the services required of Executive pursuant to this Agreement Agreement, with or without reasonable accommodation, for a continuous period of ninety (90) days due to disability or incapacity by reason of any physical or mental illness (as reasonably determined by Company by its Board of Directors), then Company shall have the right to terminate this Agreement at the end of such ninety-day period by giving written notice to Executive. Executive shall be entitled to receive only such the Minimum Base Salary, Salary the amount of any unpaid bonus Bonus earned in any complete fiscal year of the Company preceding the date of terminationTermination, the prorated portion of any objectively determined current year bonusBonus, and any benefits (including any disability benefits provided to Executive under Company's standard policies as in effect) as are due Executive through the effective date of such Terminationhis disability. In addition, the vesting of Executive's stock options shall be accelerated, as if the Executive had served through the end of the fiscal year of his Termination.
Appears in 1 contract
Samples: Employment Agreement (Meritage Corp)
Termination Upon Disability of Executive. If during the term of the Agreement Executive is unable to perform the services required of Executive pursuant to this Agreement for a continuous period of ninety (90) days due to disability or incapacity by reason of any physical or mental illness (as reasonably reasonable determined by Company by its Board of Directors), then Company shall have the right to terminate this Agreement at the end of such ninety-day period by giving written notice to Executive. Executive shall be entitled to receive only such Minimum Base Salary, the amount of any unpaid bonus earned in any complete fiscal year of the Company preceding the date of termination, the prorated portion of any objectively determined current year bonus, and any benefits as are due Executive through the effective date of such Termination. In addition, the vesting of Executive's stock options shall be accelerated, as if the Executive had served through the end of the fiscal year of his Termination.
Appears in 1 contract
Samples: Employment Agreement (Meritage Corp)