Common use of Total Disability of Employee Clause in Contracts

Total Disability of Employee. After the Continuous Total Permanent Disability of an Employee ("Continuous Total Permanent Disability" shall have the same meaning as set forth in any then valid contract of such employment between Employee and Corporation. If Corporation maintains no such contract at the time of the alleged disability, "Continuous Total Permanent Disability" should have the meaning of such term or similar term as defined in the most recently obtained disability insurance policy, if any, maintained by Corporation that covers Employee at the time of the alleged disability, provided, however, in the absence of such definition, "Continuous Total Permanent Disability" shall mean a mental or physical impairment or illness, which, in the judgment of the Board of Directors of Corporation, totally and presumably permanently prevents Employee from fully completing Employee's normal job responsibilities for Corporation) Corporation shall purchase and the Employee shall sell all of the Shares of Corporation owned by the disabled Employee at the Stipulated Value as provided in Section 6 of this Agreement and upon the terms and conditions provided in Section 7 of this Agreement.