Common use of (b) Payment Clause in Contracts

(b) Payment. The Executive’s Highest Annual Base Salary is $250,000 as of the Amendment Date. The Executive’s Highest Annual Bonus is $100,000 as of the Amendment Date. The Executive will not be subject to a pro rated reduction because he is more than 36 months from his Mandatory Retirement Age. He is age 60 as of the Amendment Date. The payment to be paid to Executive pursuant to Section 5.1(b) will be equal to 2.5 times the sum of the Executive’s Highest Annual Base Salary ($250,000) and the Executive’s Highest Annual Bonus ($100,000).

(b) Payment. The Executive’s Highest Annual Base Salary is $250,000 485,000 as of the Amendment Date. The Executive’s Highest Annual Bonus is $100,000 291,000 as of the Amendment Date. The Executive Executive’s benefit under this section will not be subject reduced to a pro rated reduction $0 because he is more than 36 months from his Mandatory Retirement Age. He is age 60 69 as of the Amendment Date. The payment to be paid to Executive pursuant to Section 5.1(b) Date and will be equal to 2.5 times the sum of the Executive’s Highest Annual Base Salary ($250,000) and the Executive’s Highest Annual Bonus ($100,000)attain age 70 shortly thereafter.

(b) Payment. The Executive’s Highest Annual Base Salary is $250,000 180,000 as of the Amendment Date. The Executive’s Highest Annual Bonus is $100,000 72,000 as of the Amendment Date. The Executive will not be subject to a pro rated reduction because he is more than 36 months from his Mandatory Retirement Age. He is age 60 50 as of the Amendment Date. The payment to be paid to Executive pursuant to Section 5.1(b) will be equal to 2.5 times the sum of the Executive’s Highest Annual Base Salary ($250,000180,000) and the Executive’s Highest Annual Bonus ($100,00072,000).

(b) Payment. The Executive’s Highest Annual Base Salary is $250,000 235,000 as of the Amendment Date. The Executive’s Highest Annual Bonus is $100,000 94,000 as of the Amendment Date. The Executive will not be subject to a pro rated reduction because he is more than 36 months from his Mandatory Retirement Age. He is age 60 40 as of the Amendment Date. The payment to be paid to Executive pursuant to Section 5.1(b) will be equal to 2.5 times the sum of the Executive’s Highest Annual Base Salary ($250,000235,000) and the Executive’s Highest Annual Bonus ($100,00094,000).