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On Disability Clause Examples

The "On Disability" clause defines the rights and obligations of parties if one party becomes disabled during the term of an agreement. Typically, it outlines what constitutes a disability, the process for determining disability status, and the resulting effects on the contract, such as suspension of duties, possible replacement, or termination. This clause ensures that both parties understand how disability will impact their contractual relationship, providing a clear procedure to address potential disruptions and minimizing uncertainty or disputes.
On Disability.ĚýIf the Employee becomes disabled, the Company shall pay the Employee One Hundred Percent (100%) of his base salary until the fifth anniversary of the disability. From the fifth anniversary of the disability through the seventh anniversary of the disability the Company shall pay the Employee Fifty Percent (50%) of his base salary. From the seventh anniversary of his disability through the tenth anniversary of his disability, the Company shall pay Employee Twenty Five (25%) of his base salary.
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On Disability.ĚýIf the Employee becomes disabled, the Company shall pay the Employee One Hundred Percent of his base salary until the fourth anniversary of the disability.
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On Disability.ĚýIn case the employee suffers a disability while in employment, the vested options can be held by the employee and exercised within 3 years from the date of disability or the remaining validity of the options, whichever is earlier. If, on the date of disability, there are any unvested options, the shares covered by the unvested portion shall vest immediately, and need to be exercised within 3 years.
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On Disability.ĚýIn the event that the Executive becomes disabled, the Company shall continue the Executive's salary and benefits until such date as the Executive is eligible to apply for benefits pursuant to the Company sponsored long term disability plan ("the Plan"). In the event that the Executive qualifies for benefits pursuant to the Plan, the
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On Disability.ĚýIf the Employee becomes disabled, the Company shall pay the Employee One Hundred Percent (100%) of his base salary, as it existed at the onset of his death, until the fifth anniversary of his disability. From the fifth anniversary of his disability through the seventh anniversary of his disability, the Company shall pay the Employee Fifty Percent (50%) of his base salary, as it existed at the onset of his disability. From the seventh anniversary of his disability through the tenth anniversary of his disability, the Company shall pay the Employee Twenty-five Percent (25%) of his base salary, as it existed at the time of his death. In the event that the Employee dies while receiving salary continuation and benefits under this paragraph, the Company shall pay the Employee’s surviving spouse salary continuation and benefits pursuant to the terms of Paragraph 1.A.; however, such benefits shall be offset by any benefits the Employee has received under this Paragraph 1.B. on account of the Employee’s disability.
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On Disability.ĚýIf termination is due to Disability, the Executive shall be entitled to receive, in lieu of any other payments or benefits, any Accrued Obligations, and a pro rata portion of any annual bonus that otherwise would have been payable with respect to the year in which Disability occurs, but based on the ratio of the number of days he worked in such year bears to 365. Such amounts shall be paid promptly in a cash lump sum following the date of Disability and/or following the date the amount of the bonus is determined, as applicable. Executive shall receive such disability benefits as are currently available or may hereinafter be made available pursuant to Section 3(b).
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Related to On Disability

  • Termination upon Disability If this Agreement is terminated by either party as a result of Executive's disability, as determined under Section 6.2, Employer will pay Executive his Salary, and shall provide Executive with all benefits to which Executive is entitled immediately prior to such termination, through the remainder of the calendar month during which such termination is effective and for the three consecutive months thereafter.

  • 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 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.

  • Termination for Disability (a) If, as a result of Executive's incapacity due to physical or mental illness, he shall have been absent from his duties with the Bank or the Company on a full-time basis for six (6) consecutive months, and within thirty (30) days after written notice of potential termination is given he shall not have returned to the full-time performance of his duties, the Bank may terminate Executive's employment for "Disability." (b) The Bank will pay Executive, as disability pay, a bi-weekly payment equal to 75% of the Executive's bi-weekly rate of Base Salary on the effective date of such termination. These disability payments shall commence on the effective date of Executive's termination and will end on the earlier of (i) the date Executive returns to the full-time employment of the Bank in the same capacity as he was employed prior to his termination for Disability and pursuant to an employment agreement between Executive and the Bank; (ii) Executive's full-time employment by another employer; (iii) Executive attaining a Retirement age as identified in Section 6; or (iv) Executive's death. The disability pay shall be reduced by the amount, if any, paid to the Executive under any plan of the Bank or the Company providing disability benefits to the Executive. (c) The Bank will cause to be continued life, medical, and dental coverage substantially comparable, as reasonable or customarily available, to the coverage maintained by the Bank for Executive prior to his termination for Disability, except to the extent such coverage may be changed in its application to all Bank employees. This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time employment of the Bank in the same capacity as he was employed prior to his termination for Disability and pursuant to an employment agreement between Executive and the Bank; (ii) Executive's full-time employment by another employer; (iii) Executive attaining the Retirement age as identified in Section 6; or (iv) Executive's death. (d) Notwithstanding the foregoing, there will be no reduction in the compensation otherwise payable to Executive during any period during which Executive is incapable of performing his duties hereunder by reason of temporary 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.