Common use of Disability Termination Benefits Clause in Contracts

Disability Termination Benefits. Upon the termination of Karp's employment with txx Xxxporation as a result of "Disability" pursuant to Section 4.1A, the Corporation shall pay to Karp a monthly disabilitx xxnefit equal to one hundred (100%) percent of his Base Salary, at the rate in effect on the "Date of Termination", for a period of one year from and after said date; provided, however, that any amounts payable under this Section 5.1 shall be reduced by any amounts paid to Karp under any other disxxxxity program or policy (other than Social Security) maintained by the Bank or the Corporation. If the amount of such disability insurance payments exceeds the amount otherwise payable under this Section 5.1, Karp may retain the entixx xmount of such disability insurance payments inclusive of the excess, if any. Such payments shall be made by the Corporation to Karp, or in the event of xxx subsequent death, to his beneficiary or beneficiaries, or his estate, as the case may be, in accordance with the customary payroll practices of the Corporation. During the period Karp is entitled to recexxx payments from the Corporation under this Section 5.1, the Corporation shall maintain or cause to be maintained life and health insurance benefits for Karp at least equivalent xx those he had at the Date of Termination with any amendments and/or alterations subsequently made equitably to all executive officers of the Bank and/or the Corporation. During the period Karp is entitled to recexxx payment from the Corporation under this Section 5.1 he shall not be an agent of the Corporation, and shall not be considered an "employee" of the Corporation except as respects any requirements specifically imposed by law or as may otherwise be required to continue any insurance benefits provided for in this Section 5.1.

Disability Termination Benefits. Upon the termination of KarpDorman's employment with txx Xxxporation xxx Xxxporations as a result of "Disability" pursuant to Section 4.1A, the Corporation Corporations shall pay to Karp Dorman a monthly disabilitx disabilxxx xxnefit equal to one hundred (100%) percent of his Base Salary, at the rate in effect on the "Date of Termination", for a period of one year from and after said date; provided, however, that any amounts payable under this Section 5.1 shall be reduced by any amounts paid to Karp Dorman under any other disxxxxity dxxxxxxity program or policy (other than Social Security) maintained by the Bank or the CorporationBancorp. If the amount of such disability insurance payments exceeds the amount otherwise payable under this Section 5.1, Karp Dorman may retain the entixx enxxxx xmount of such disability insurance payments inclusive of the excess, if any. Such payments shall be made by the Corporation Corporations to KarpDorman, or in the event of xx xxx subsequent death, to his beneficiary or beneficiaries, or his estate, as the case may be, in accordance with the customary payroll practices of the CorporationCorporations. During the period Karp Dorman is entitled to recexxx rexxxxx payments from the Corporation Corporations under this Section 5.1, the Corporation Corporations shall maintain or cause to be maintained life and health insurance benefits for Karp Dorman at least equivalent equivalexx xx those he had at the Date of Termination with any amendments and/or alterations subsequently made equitably to all executive officers of the Bank and/or the CorporationBancorp. During the period Karp Dorman is entitled to recexxx payment rexxxxx payments from the Corporation Corporations under this Section 5.1 he shall not be an agent of the Corporation, and shall not be considered an "employee" of the Corporation Corporations except as respects any requirements specifically imposed by law or as may otherwise be required to continue any insurance benefits provided for in this Section 5.1.

Disability Termination Benefits. Upon the termination of Karp's Dxxxxx'x employment with txx Xxxporation the Corporations as a result of "Disability" pursuant to Section 4.1A, the Corporation Corporations shall pay to Karp Dxxxxx a monthly disabilitx xxnefit disability benefit equal to one hundred (100%) percent of his Base Salary, at the rate in effect on the "Date of Termination", for a period of one year from and after said date; provided, however, that any amounts payable under this Section 5.1 shall be reduced by any amounts paid to Karp Dxxxxx under any other disxxxxity disability program or policy (other than Social Security) maintained by the Bank or the CorporationBancorp. If the amount of such disability insurance payments exceeds exceed the amount otherwise payable under this Section 5.1, Karp Dxxxxx may retain the entixx xmount entire amount of such disability insurance payments inclusive of the excess, if any. Such payments shall be made by the Corporation Corporations to KarpDxxxxx, or in the event of xxx his subsequent death, to his beneficiary or beneficiaries, or his estate, as the case may be, in accordance with the customary payroll practices of the CorporationCorporations. During the period Karp Dxxxxx is entitled to recexxx receive payments from the Corporation Corporations under this Section 5.1, the Corporation Corporations shall maintain or cause to be maintained life and health insurance benefits for Karp Dxxxxx at least equivalent xx to those he had at the Date of Termination with any amendments and/or alterations subsequently made equitably to all executive officers of the Bank and/or the CorporationBancorp. During the period Karp Dxxxxx is entitled to recexxx payment receive payments from the Corporation Corporations under this Section 5.1 he shall not be an agent of the Corporation, and shall not be considered an "employee" of the Corporation Corporations except as respects any requirements specifically imposed by law or as may otherwise be required to continue any insurance benefits provided for in this Section 5.1.

Disability Termination Benefits. Upon the termination of Karp's Kxxx'x employment with txx Xxxporation the Corporation as a result of "Disability" pursuant to Section 4.1A, the Corporation shall pay to Karp Kxxx a monthly disabilitx xxnefit disability benefit equal to one hundred (100%) percent of his Base Salary, at the rate in effect on the "Date of Termination", for a period of one year from and after said date; provided, however, that any amounts payable under this Section 5.1 shall be reduced by any amounts paid to Karp Kxxx under any other disxxxxity disability program or policy (other than Social Security) maintained by the Bank or the Corporation. If the amount of such disability insurance payments exceeds exceed the amount otherwise payable under this Section 5.1, Karp Kxxx may retain the entixx xmount entire amount of such disability insurance payments inclusive of the excess, if any. Such payments shall be made by the Corporation to KarpKxxx, or in the event of xxx his subsequent death, to his beneficiary or beneficiaries, or his estate, as the case may be, in accordance with the customary payroll practices of the Corporation. During the period Karp Kxxx is entitled to recexxx receive payments from the Corporation under this Section 5.1, the Corporation shall maintain or cause to be maintained life and health insurance benefits for Karp Kxxx at least equivalent xx to those he had at the Date of Termination with any amendments and/or alterations subsequently made equitably to all executive officers of the Bank and/or the Corporation. During the period Karp Kxxx is entitled to recexxx receive payment from the Corporation under this Section 5.1 he shall not be an agent of the Corporation, and shall not be considered an "employee" of the Corporation except as respects any requirements specifically imposed by law or as may otherwise be required to continue any insurance benefits provided for in this Section 5.1.