Common use of Termination of Employment; Death Clause in Contracts

Termination of Employment; Death. (a) The Company may terminate the Employee’s employment at any time, but any termination by the Company other than termination for cause, shall not prejudice the Employee’s right to compensation or other benefits under this Agreement. If the employment of the Employee is involuntarily terminated, other than for “cause” as provided in this Section 7(a) or by reason of death or disability as provided in Sections 7(c) or 8, the Company shall pay the Employee salary (but shall not be obligated to pay any bonus) and provide to the Employee the same insurance benefits as the Employee was receiving before the date of termination through the remaining term of this Agreement.

Appears in 1 contract

Samples: Employment Agreement (Doral Financial Corp)

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Termination of Employment; Death. (a) The Company may terminate the Employee’s 's employment at any time, but any termination by the Company other than termination for cause, shall not prejudice the Employee’s 's right to compensation or other benefits under this Agreement. If the employment of the Employee is involuntarily terminated, other than for "cause" as provided in this Section 7(a) or by reason of death or disability as provided in Sections 7(c) or 8, the Company shall pay the Employee his salary (but shall not be obligated to pay any bonus) and provide to the Employee the same insurance benefits as the Employee he was receiving before the date of termination through the remaining term of this Agreement.

Appears in 1 contract

Samples: Employment Agreement (Doral Financial Corp)

Termination of Employment; Death. (a) The Company may terminate the Employee’s 's employment at any time, but any termination by the Company other than termination for cause, shall not prejudice the Employee’s 's right to compensation or other benefits under this Agreement. If the employment of the Employee is involuntarily terminated, other than for "cause" as provided in this Section 7(a8(a) or by reason of death or disability as provided in Sections 7(c8(c) or 89, the Company shall pay the Employee his salary (but shall not be obligated to pay any incentive bonus) and provide to the Employee the same insurance benefits as the Employee he was receiving before the date of termination through the remaining term of this Agreement.

Appears in 1 contract

Samples: Employment Agreement (Doral Financial Corp)

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Termination of Employment; Death. (a) The Company may terminate the Employee’s 's employment at any time, but any termination by the Company other than termination for cause, shall not prejudice the Employee’s 's right to compensation or other benefits under this Agreement. If the employment of the Employee is involuntarily terminated, other than for “cause” '~cause" as provided in this Section 7(a) or by reason of death or disability as provided in Sections 7(c) or 8, the Company shall pay the Employee salary (but shall not be obligated to pay any bonus) and provide to the Employee the same insurance benefits as the Employee was receiving before the date of termination through the remaining term of this Agreement.

Appears in 1 contract

Samples: Employment Agreement (Doral Financial Corp)

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