Common use of Disability Salary Continuation Clause in Contracts

Disability Salary Continuation. If the Executive becomes disabled during the term of this Agreement, the Company shall continue to pay the Executive his Base Salary during the first 90 day period of such disability and shall continue to pay the Executive, but at the rate of forty percent (40%) of his Base Salary, for second 90 day period of such disability. "Disability" as used herein shall have the same meaning as given that term in the long term disability insurance policy of the Company as in effect from time to time. All payments under this Paragraph shall cease upon the expiration or other termination of this Agreement or of the Executive's employment.

Appears in 2 contracts

Samples: Employment Agreement (Smith C D Drug Co), Employment Agreement (Smith C D Drug Co)

AutoNDA by SimpleDocs

Disability Salary Continuation. If the Executive becomes disabled ------------------------------ during the term of this Agreement, the Company shall continue to pay the Executive his Base Salary during the first 90 day period of such disability and shall continue to pay the Executive, but at the rate of forty percent (40%) of his Base Salary, for second 90 day period of such disability. "Disability" as used herein shall have the same meaning as given that term in the long term disability insurance policy of the Company as in effect from time to time. All payments under this Paragraph shall cease upon the expiration or other termination of this Agreement or of the Executive's employment.

Appears in 2 contracts

Samples: Employment Agreement (Smith C D Drug Co), Employment Agreement (Smith C D Drug Co)

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.