Common use of Termination Because of Employee Disability Clause in Contracts

Termination Because of Employee Disability. Should Executive ------------------------------------------- become disabled from performing his duties hereunder as defined above, Executive acknowledges that his employment may be terminated anytime thereafter if such disability continues; provided that, during the period of the disability prior to such termination of employment, Executive shall continue to receive all compensation and benefits as if he were actively employed less any sums received directly by the Executive, if any, under any policy or policies of disability income insurance purchased by the Company. In the event of such termination, Executive's rights to receive any salary or payments under this Agreement shall terminate but Executive shall have the right to continue to receive any and all payments made by an insurance company under any and all policies of disability insurance purchased by the Company. Executive's rights under any Company Benefit Plans will be those rights accorded to any terminated employee under the plan provisions and applicable law. Executive will remain entitled to receive any benefits under state disability or worker's compensation laws.

Appears in 2 contracts

Samples: Employment Agreement (New Century Financial Corp), Employment Agreement (New Century Financial Corp)

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Termination Because of Employee Disability. Should Executive ------------------------------------------- ------------------------------------------ become disabled from performing his duties hereunder as defined above, Executive acknowledges that his employment may be terminated anytime thereafter if such disability continues; provided that, during the period of the disability prior to such termination of employment, Executive shall continue to receive all compensation and benefits as if he were actively employed less any sums received directly by the Executive, if any, under any policy or policies of disability income insurance purchased by the Company. In the event of such termination, Executive's rights to receive any salary or payments under this Agreement shall terminate but Executive shall have the right to continue to receive any and all payments made by an insurance company under any and all policies of disability insurance purchased by the Company. Executive's rights under any Company Benefit Plans will be those rights accorded to any terminated employee under the plan provisions and applicable law. Executive will remain entitled to receive any benefits under state disability or worker's compensation laws.

Appears in 2 contracts

Samples: Employment Agreement (New Century Financial Corp), Employment Agreement (New Century Financial Corp)

Termination Because of Employee Disability. Should Executive ------------------------------------------- become disabled from performing his duties hereunder as defined above, Executive acknowledges that his employment may be terminated anytime thereafter if such disability continues; provided that, during the period of the disability prior to such termination of employment, Executive shall continue to receive all compensation and benefits as if he were actively employed less any sums received directly by the Executive, if any, under any policy or policies of disability income insurance purchased by the Company. In the event of such termination, Executive's ’s rights to receive any salary or payments under this Agreement shall terminate terminate, but Executive shall have the right to continue to receive any and all payments made by an insurance company under any and all policies of disability insurance purchased by the Company. Executive's ’s rights under any Company Benefit Plans will be those rights accorded to any terminated employee under the plan provisions and applicable law. Executive will remain entitled to receive any benefits under state disability or worker's ’s compensation laws.

Appears in 1 contract

Samples: Employment Agreement (New Century Financial Corp)

Termination Because of Employee Disability. Should Executive ------------------------------------------- become disabled from performing his duties hereunder as defined above, Executive acknowledges that his employment may be terminated anytime thereafter if such disability continues; provided that, during the period of the disability prior to such termination of employment, Executive shall continue to receive all compensation and benefits as if he were actively employed less any sums received directly by the Executive, if any, under any policy or policies of disability income insurance purchased by the Company. In the event of such termination, Executive's ’s rights to receive any salary or payments under this Agreement shall terminate but Executive shall have the right to continue to receive any and all payments made by an insurance company under any and all policies of disability insurance purchased by the Company. Executive's ’s rights under any Company Benefit Plans will be those rights accorded to any terminated employee under the plan provisions and applicable law. Executive will remain entitled to receive any benefits under state disability or worker's ’s compensation laws.

Appears in 1 contract

Samples: Employment Agreement (New Century Financial Corp)

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Termination Because of Employee Disability. Should Executive ------------------------------------------- become disabled from performing his her duties hereunder as defined above, Executive acknowledges that his her employment may be terminated anytime thereafter if such disability continues; provided that, during the period of the disability prior to such termination of employment, Executive shall continue to receive all compensation and benefits as if he she were actively employed less any sums received directly by the Executive, if any, under any policy or policies of disability income insurance purchased by the Company. In the event of such termination, Executive's ’s rights to receive any salary or payments under this Agreement shall terminate but Executive shall have the right to continue to receive any and all payments made by an insurance company under any and all policies of disability insurance purchased by the Company. Executive's ’s rights under any Company Benefit Plans will be those rights accorded to any terminated employee under the plan provisions and applicable law. Executive will remain entitled to receive any benefits under state disability or worker's ’s compensation laws.

Appears in 1 contract

Samples: Employment Agreement (New Century Financial Corp)

Termination Because of Employee Disability. Should Executive ------------------------------------------- become disabled from performing his duties hereunder Disabled (as defined above), Executive acknowledges that his Executive’s employment may be terminated anytime any time thereafter if such disability Disability continues; provided that, during the period of the disability Disability prior to such termination of employment, Executive shall continue to receive all compensation and benefits as if he Executive were actively employed less any sums received directly by the Executive, if any, under any policy or policies of disability income insurance purchased by the Company. In the event of such termination, Executive's ’s rights to receive any salary or payments under this Agreement shall terminate but Executive shall have the right to continue to receive any and all payments made by an employee benefits, if any, as to which Executive may be entitled under the employee benefit plans and insurance company under any and all policies of disability insurance purchased provided by the Company. Executive's ’s rights under any Company Benefit Plans will shall be those rights accorded to any terminated employee under the plan provisions and applicable law. Executive will remain entitled to receive any benefits under state disability or worker's compensation laws.

Appears in 1 contract

Samples: Employment Agreement (New Century Financial Corp)

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