Termination for Disability or Death Clause Example from Business Contracts

Termination for Disability or Death. (a) In the event of the Executive's termination of employment based on disability during the term of this Agreement, the Executive shall be entitled to receive benefits under all short-term or long-term disability plans maintained by the Bank for its employees. Termination of Executive's employment based on "disability" shall be construed to comply with Section 409A of the Internal Revenue Code. (b) In the event of Executive's death during the term of this Agreement, the Executive's estate, lega...l representatives or named beneficiaries (as directed by Executive in writing) shall be paid any life insurance benefits that Executive's beneficiaries may be entitled to receive under any employee benefit plan maintained by the Bank for the benefit of Executive. View More