Termination Upon Permanent Disability. Employee’s employment under this Agreement may be terminated by the Company, subject to the terms set forth in Section 2.12, upon written notice of a termination for the Permanent Disability of Employee. Upon termination pursuant to this Section 4.6, the Company shall continue to pay to Employee an amount equal to Employee’s base salary, as provided in Section 5.1, at the annual rate in effect at the time of termination, for a period equal to twelve (12) months from the date of such termination (“Permanent Disability Severance Pay”). In addition to the foregoing, the Company shall pay to Employee within thirty (30) days of termination of employment all amounts of base salary compensation and expense reimbursements accrued but unpaid through the effective date of termination. Permanent Disability Severance Pay shall be reduced by the amount of any disability benefits paid during and for the same period to Employee under any disability insurance policy provided by the Company as a benefit to Employee. Permanent Disability Severance Pay shall be payable over the twelve (12) month period following termination of employment under this Section 4.6 in accordance with the Company’s general payroll practices as the same may exist from time to time. As a condition to receiving Permanent Disability Severance Pay, Employee shall execute a release of claims in the form attached hereto as Exhibit A. Notwithstanding anything in this Agreement to the contrary, receipt of the Permanent Disability Severance Pay, shall be subject to the execution (and expiration of any applicable revocation period) of the release within the Release Period and the first severance payment shall be made, inclusive of any amounts that would otherwise have been paid prior to such date, on the first payroll date following the date the release becomes effective and irrevocable; provided, that if the Release Period spans two tax years, the first severance payment shall be made in the second tax year.
Termination Upon Permanent Disability. Executive’s employment under this Agreement may be immediately terminated by the Company upon written notice of a termination for the permanent disability of Executive. Upon termination pursuant to this Section 3(f), the Company shall have no further obligation to Executive, except payment of all amounts of base salary compensation and expense reimbursement accrued to the effective date of termination, except as otherwise required by law.
Termination Upon Permanent Disability. The employment of CEO may be terminated by USPB on at least thirty (30) days prior written notice if the Board of Directors determines that the CEO has become permanently disabled. CEO shall be deemed to be “permanently disabled,” as used in this Section, if CEO has been substantially unable to discharge his duties and obligations under this Agreement by reason of illness, accident, or disability for a period of 180 days in any twelve-month period. Any disputes concerning the nature or extent of CEO’s disability will be determined by a neutral physician at the expense of USPB.
Termination Upon Permanent Disability. Executive’s employment under this Agreement may be immediately terminated by the Company upon written notice of a termination for the Permanent Disability of Executive. Upon termination pursuant to this Section 4.6 and in addition to payment of the sums specified in Section 4.2, the Company shall continue to pay to Executive an amount equal to Executive’s base salary, as provided in Section 5.1, at the annual rate in effect at the time of termination, for a period equal to three (3) months from the date of termination (“Permanent Disability Severance Pay”), provided that Executive complies with the Conditions outlined in Section 4.4 above. Permanent Disability Severance Pay shall be reduced by the amount of any disability benefits paid during and for the same period to Executive under any disability insurance policy provided by the Company as a benefit to Executive. Permanent Disability Severance Pay shall be payable to Executive, in accordance with the Company’s general payroll practices as the same may exist from time to time, upon Executive’s termination pursuant to this Section 4.6.
Termination Upon Permanent Disability. If the Executive is permanently disabled, as determined by the insurance carrier underwriting the benefit in Section 1.5 (b) (iv), the Executive's employment with the Company shall terminate, and the Executive shall be entitled to benefits under the insurance maintained by the Company as provided in that section and under any other Company plan or program.
Termination Upon Permanent Disability. Executive’s term of employment shall terminate upon the “permanent disability” of Executive. As used herein, the term “permanent disability” shall mean a physical or mental disability that renders Executive unable to perform his normal duties for the Company for a period of 120 consecutive days as determined by a licensed physician. The Company and Executive or his legal representative shall use their best efforts to agree on the physician to determine permanent disability. If they cannot agree within ten (10) days after the first party makes a written proposal stating the name of a physician, then the other party shall select a physician within ten (10) days and within ten (10) days thereafter the two physicians shall select a third physician. All such physicians must be board certified in the medical area giving rise to the alleged disability. The determination of the third physician shall be final and binding. If one party fails to select a physician within said ten (10) day period, the physician named by the other party shall make the determination of permanent disability. Upon termination of Executive for permanent disability, the Company shall pay to Executive any unpaid Base Compensation or Bonus to the extent earned at the date of termination for permanent disability, any amounts payable by the Company at the date of termination for permanent disability under the Company’s disability policies, and any amounts payable by the Company pursuant to the Company’s other employee benefit plans in accordance with such plans.
Termination Upon Permanent Disability. In the event of your "Permanent Disability" (as hereinafter defined), Rapidtron may terminate this Agreement effective upon thirty (30) days notice to you. For the purposes of this Agreement, you shall be deemed to have suffered "Permanent Disability" in the event that you become disabled by physical or mental illness or injury to the extent that the Board of Directors of Rapidtron reasonably believes, notwithstanding such reasonable accommodations as Rapidtron may make in response to such disability, that you cannot carry out or perform responsibilities, and such disability continues for a period of six (6) consecutive months or three hundred sixty-five (365) days in any twenty-four (24) month period, without regard to whether such three hundred sixty-five (365) days are consecutive. In the event that Rapidtron terminates this Agreement following your Permanent Disability, Rapidtron shall continue to pay you (a) your Base Salary for twelve (12) months following the date of such termination, (b) the Insurance Benefits set forth in Section 5 above for twelve (12) months following the date of such termination, and (c) a prorated Incentive Bonus through the date of your termination.
Termination Upon Permanent Disability. In the event of termination of Executive’s employment by Employer on account of Permanent Disability, Employer shall pay to Executive the Accrued Obligations earned or incurred through the date of the Permanent Disability. Such payment shall be made no later than sixty (60) days after the date of the Permanent Disability.
Termination Upon Permanent Disability. If during the Term Xx. Xxxxxx suffers a Permanent Disability, the Company may, by written notice to Xx. Xxxxxx, terminate his employment hereunder. Upon the Company’s termination of Xx. Xxxxxx’x employment by reason of his Disability, the Company’s obligation to Xx. Xxxxxx shall be limited solely to the payment of the Accrued Amounts (at the same time and in the same manner as set forth in Section 4.2). The Company shall have no obligation to make any payments with respect to Xx. Xxxxxx for periods that would have occurred after the Date of Termination. For purposes of this Agreement, “Permanent Disability” means a physical or mental disability as defined by the Company’s Long-Term Disability Plan, as in effect from time to time, which causes Xx. Xxxxxx to be unable to continue to act as a member of the Board or perform his duties as an employee.
Termination Upon Permanent Disability. Executive's employment under this Agreement may be immediately terminated by the Company upon written notice to Executive of a termination for the Permanent Disability of Executive. Upon termination pursuant to this Section 4.6, and in return for the non-competition and non-solicitation agreement described below, Executive shall be entitled to the following ("Permanent Disability Severance Package"): (i) monthly payments of $27,083.00 or such sum equal to Executive's monthly base compensation at the time of the termination for disability, whichever is higher, for thirty-six months (36) months from the date of such termination or to the end of the Term of this Agreement, whichever is longer; and (ii) reimbursement for COBRA health insurance costs for thirty-six months (36) months from the date of such termination or to the end of the Term of this Agreement, whichever is longer. The Permanent Disability Severance Package will be paid from the proceeds of or by a Company funded disability insurance policy, and if such policy is not available or does not provide complete payment, then the Company shall pay such uncovered amounts. The Permanent Disability Severance Package shall also provide that any and all of Executive's unvested equity shall immediately vest, without restriction, with full registration rights; and any as yet unearned and unpaid bonus compensation, expense re-imbursement, and all accrued vacation, personal, and sick days, etc. shall be deemed earned, vested and paid immediately. The Permanent Disability Severance Package shall be payable to Executive in accordance with the Company's general payroll practices as the same may exist from time to time following a termination of Executive pursuant to this Section 4.6. As a condition to receiving the Permanent Disability Severance Package, Executive shall execute (i) a release of claims (other than a release of Executive's claims for amounts required to be paid pursuant to this Section 4.6) in the form attached hereto as Exhibit C, and (ii) a non-competition and non-solicitation agreement having a term which is the same as the term of the Permanent Disability Severance Package; and with terms and subject to conditions substantially similar to those contained in Section 4.8 of this Agreement. -7- 4.7
