Upon Permanent Disability Sample Clauses

Upon Permanent Disability. If Executive's employment is terminated by reason of Executive's Permanent Disability (as determined pursuant to Section 3(C) of this Agreement) during the Employment Period, this Agreement shall terminate without further obligation to Company. Company shall pay to Executive, on the Date of Termination, all Accrued Obligations. Business expenses reimbursable under Company policy will be paid within thirty (30) days after the final submittal of outstanding business expenses, provided Executive submit any outstanding business expenses within thirty (30) days after the Date of Termination. Vesting of any stock options under any applicable Stock Option Plan shall be governed by the terms of the Stock Option Plan and applicable Stock Option grant.
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Upon Permanent Disability. If, prior to the expiration of the Employment Term, the Company terminates Executive’s employment hereunder upon Executive’s Permanent Disability, Executive shall be entitled to (i) receive all items of Base Salary, Transaction Bonus, unreimbursed expenses and other entitlements to the date of termination and (ii) the immediate and full vesting of all outstanding options and restricted stock awards granted to him under the Plan, but such options shall be exercisable by Executive or Executive’s personal representative within one (1) year of the date of termination of employment due to Executive’s Permanent Disability.
Sample 1Sample 2
Upon Permanent Disability. If, prior to the expiration of the Employment Term, the Company terminates Employee's employment hereunder upon Employee's Permanent Disability, Employee shall be entitled to (i) the Accrued Salary and (ii) salary continuation for eighteen (18) months at Employee's Base Salary as in effect as of the termination date. In addition, a pro-rata portion (based on the number of days which have elapsed in the Employment Term) of all of the Initial Options and any 9 Performance Options previously granted shall immediately become fully vested. Employee shall not be entitled to any of the Benefits except to the extent provided in the benefit plans and programs of the Company in which Employee was a participant prior to his termination due to Permanent Disability.
Sample 1
Upon Permanent Disability. If, prior to the expiration of the Employment Term, thc Company terminates Employee’s employment hereunder upon Employee’s Permanent Disability, Employee shall be entitled to (i) receive all items of salary, Bonus, unreimbursed expenses and other entitlements to the date of termination and (ii) the immediate and full vesting of all outstanding options and restricted stock awards, and to the exercise of such options by the Employee or Employee’s personal representative within one (1) year of the date of termination of employment due to Employee’s Permanent Disability.
Sample 1
Upon Permanent Disability. If, prior to the expiration of the Employment Term, the Company terminates Employee's employment hereunder upon Employee's Permanent Disability, Employee shall be entitled to (A)(i) a lump sum payment equal to his Base Salary in effect on the termination date plus one-half the Severance Bonus, or (ii), at Employee's election, a sum equal to his Base Salary in effect on the termination date plus one-half the Severance Bonus, payable in substantially equal monthly installments over a period of up to two (2) years from the date of such Permanent Disability; and (B) exercise the Special Option to the extent provided in the Option Agreement. Employee shall not be entitled to any of the Benefits except to the extent provided in the benefit plans and programs of the Company in which Employee was a participant prior to his termination due to Permanent Disability.
Sample 1
Upon Permanent Disability. Upon the termination of Executive's employment hereunder as a result of Permanent Disability (pursuant to Section 6(a)(ii)), Executive or his legal representatives shall be entitled to receive an amount equal to the Base Salary accrued through the date of termination and a pro rata portion of Executive's bonus, if any, in respect of the fiscal year of the Company in which Executive's termination occurs which is based on the Executive's performance through the date of termination, as reasonably determined by the Board of Directors of Company at the time bonuses are determined for Company executives generally. Executive's payments hereunder shall be reduced by any payments received by Executive under any worker's compensation or similar law. In addition, Executive or his legal representatives shall be entitled to long-term disability benefits, accrued and unpaid vacation pay, unreimbursed expenses incurred pursuant to Section 5(a), (b) or (c) and any other benefits which may be owing to Executive pursuant to any applicable written employee benefit plan or policy of the Company in effect at the time.
Sample 1

Related to Upon Permanent Disability

  • Permanent Disability Permanent Disability" shall mean Employee's physical or mental incapacity to perform his or her usual duties with such condition likely to remain continuously and permanently as determined by Employer.

  • Death or Permanent Disability If Grantee shall die or become permanently disabled while employed by the Company or one of its affiliates, this Option shall expire one (1) year after the date of such death or permanent disability. During such period after death, Grantee's legal representative or representatives, or the person or persons entitled to do so under Grantee's last will and testament or under applicable interstate laws, shall have the right to exercise this Option as to only the number of shares to which Grantee was entitled to purchase on the date of his/her death.

  • Termination Upon Death or Permanent Disability This Agreement shall be automatically terminated on the death of Executive or on the permanent disability of Executive if Executive is no longer able to perform in all material respects the usual and customary duties of Executive’s employment hereunder. For purposes hereof, any condition which in reasonable likelihood is expected to impair Executive’s ability to materially perform Executive’s duties hereunder for a period of three months or more shall be considered to be permanent.

  • Death or Total Disability In the event of the death of the Executive during the Term, this Agreement shall terminate as of the date of the Executive's death. In the event of the Total Disability (as that term is defined below) of the Executive for sixty (60) days in the aggregate during any consecutive nine (9) month period during the Term, the Company shall have the right to terminate this Agreement by giving the Executive thirty (30) days' prior written notice thereof, and upon the expiration of such thirty (30) day period, the Executive's employment under this Agreement shall terminate. If the Executive shall resume his duties within thirty (30) days after receipt of such a notice of termination and continue to perform such duties for four (4) consecutive weeks thereafter, this Agreement shall continue in full force and effect, without any reduction in Base Salary and other benefits, and the notice of termination shall be considered null and void and of no effect. Upon termination of this Agreement under this Paragraph 7(a), the Company shall have no further obligations or liabilities under this Agreement, except to pay to the Executive's estate or the Executive, as the case may be, (i) the portion, if any, that remains unpaid of the Base Salary for the Year in which termination occurred, but in no event less than six (6) months' Base Salary; and (ii) the amount of any expenses reimbursable in accordance with Paragraph 4 above, and any automobile allowance due under Paragraph 5 above; and (iii) any amounts due under any Company benefit, welfare or pension plan. Except as otherwise provided by their terms, any stock options not vested at the time of the termination of this Agreement under this Paragraph 7(a) shall immediately become fully vested.

  • Total Disability a) Total disability, as used in this Plan, means the complete inability because of an accident or sickness of a covered employee to perform all the duties of his/her own occupation for the first two (2) years of disability. Thereafter, employees able by reason of education, training or experience to perform the duties of a gainful occupation for which the rate of pay is not less than seventy-five percent (75%) of the current rate of pay of their regular occupation at date of disability will not be considered totally disabled and will therefore not be eligible for benefits under this Long Term Disability Plan. b) Total disabilities resulting from mental or nervous disorders are covered by the Plan in the same manner as total disabilities resulting from accidents or other sicknesses, except that an employee who is totally disabled as a result of a mental or nervous disorder and who has received twenty-four (24) months of Long Term Disability Plan benefit payments must be confined to a hospital or mental institution or where they are at home, under the direct care and supervision of a medical doctor, in order to continue to be eligible for benefit payment. During a period of total disability an employee must be under the regular and personal care of a legally qualified doctor of medicine. c) i) If an employee becomes totally disabled and during this period of total disability engages in rehabilitative employment, the regular monthly benefit from this plan will be reduced by twenty-five percent (25%) of the employee's earnings from such rehabilitative employment. In the event that income from rehabilitative employment and the benefit paid under this Plan exceeds eighty-five percent (85%) of the employee's earnings at date of disability, the benefit from this Plan will be further reduced by the excess amount.

  • Definition of Total Disability Total disability means that the employee is unable, because of sickness or accident, to perform the duties of their regular occupation. This definition applies for the first twenty-four (24) months of payments. After this time, the inability to perform an occupation for which the employee is reasonably fitted by training, education or experience will constitute total disability. It is not required that an employee be confined to home, but they must be under the regular care of a physician.

  • Termination by Disability In the event the employment of the Optionee is terminated by reason of Disability, the Option shall become immediately and fully exercisable as of the date the Committee determines the Optionee terminated for Disability and shall remain exercisable at any time prior to the end of the Exercise Term, or for one (1) year after the date of termination, whichever period is shorter.

  • Death Disability Dissolution If the Optionee is a natural person who dies while involved in a Business Relationship with the Corporation, this option may be exercised, to the extent otherwise exercisable on the date of his death, by his estate, personal representative or beneficiary to whom this option has been assigned pursuant to Section 10, at any time within 180 days after the date of death, but not later than the scheduled expiration date. If the Optionee is a natural person whose Business Relationship with the Corporation is terminated by reason of his disability (as defined in the Plan), this option may be exercised, to the extent otherwise exercisable on the date the Business Relationship was terminated, at any time within 180 days after the date of such termination, but not later than the scheduled expiration date. At the expiration of such 180-day period or the scheduled expiration date, whichever is the earlier, this option shall terminate and the only rights hereunder shall be those as to which the option was properly exercised before such termination. If the Optionee is a corporation, partnership, trust or other entity that is dissolved, liquidated, becomes subject to a voluntary or involuntary bankruptcy proceeding, has a receiver appointed for all or a substantial portion of its property or enters into a merger or acquisition with respect to which such optionee is not the surviving entity at the time when such entity is involved in a Business Relationship with the Corporation, this Option shall immediately terminate as of the date of such event, and the only rights hereunder shall be those as to which this option was properly exercised before such dissolution or other event.

  • By Disability If Executive becomes eligible for the Company’s long term disability benefits or if, in the sole opinion of the Company, Executive is unable to carry out the responsibilities and functions of the position held by Executive by reason of any physical or mental impairment for more than ninety consecutive days or more than one hundred and twenty days in any twelve-month period, then, to the extent permitted by law, the Company may terminate Executive’s employment. The Company shall pay to Executive all compensation to which Executive is entitled up through the date of termination, and thereafter all obligations of the Company under this Agreement shall cease. Nothing in this Section shall affect Executive’s rights under any disability plan in which Executive is a participant.

  • Termination upon Disability If this Agreement is terminated by either party as a result of the Executive's disability, as determined under Section 5.2, the Employer will pay the Executive his Salary through the remainder of the calendar month during which such termination is effective and for the lesser of (i) six consecutive months thereafter, or (ii) the period until disability insurance benefits commence under the disability insurance coverage furnished by the Employer to the Executive.

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