Continuation of Base Salary. The Company will pay Executive (i) on the Commencement Date an amount equal to seven-twelfths of Executive’s Base Salary as in effect immediately prior to the Termination Date, and (ii) each month thereafter during the Severance Compensation Period an amount equal to one-twelfth of Executive’s Base Salary as in effect immediately prior to the Termination Date.
Continuation of Base Salary the Company shall pay to the Executive, beginning on the 15th day of the calendar month that is 60 days after such Qualified Termination of Employment occurs and continuing thereafter on the last day of such initial calendar month and on the 15th day and the last day of each calendar month thereafter until the earlier of the Executive’s date of death or the 24th payment made under this paragraph 2.01(a) has been paid an amount equal to 50% of his monthly base salary, as determined immediately prior to the Qualified Termination of Employment, but disregarding any reductions in such monthly base salary made in the preceding three months unless equal percentage reductions were made in the base salaries of all other comparable executives of the Company. In accordance with Treasury Regulation §1.409A-2(b)(iii), the Executive’s right to this series of installment payments shall at all times be treated as a right to a series of separate payments, and in the event of a “change in control event”, within the meaning of Section 409A(a)(2)(A)(v) of the Internal Revenue Code (“Code”) and Treas. Reg. §1.409A-3(i)(5), all remaining installment payments shall be accelerated and paid in a lump sum, subject to paragraph 2.01(e)(v).
Continuation of Base Salary. An amount equal to (A) the Base Salary (at the rate in effect as of the date of Executive's Total Disability) which would have been payable to Executive if Executive had continued in active employment until the end of the 12-month period following Executive's Termination Date, or such longer period as may be determined by the Board, (B) reduced by amount of disability insurance benefits payable to Executive during such period under any employer-paid disability insurance plan. Payment shall be made at the same time and in the same manner as such compensation would have been paid if Executive had remained in active employment until the end of such period.
Continuation of Base Salary. Unless such Qualifying Termination shall have been by reason of a Qualifying Termination described in Section 1.19(iv):
(i) The Corporation shall pay to Employee in cash, on the normal payroll schedule applicable to his Base Salary, cash compensation at an annual rate equal to his Base Salary as in effect at the time of the Qualifying Termination. Such cash compensation shall continue to be paid until the later of the expiration of the Agreement Term or the first anniversary of the date of the Qualifying Termination; provided, that if the Qualifying Termination is by reason of a Failure to Extend, such cash compensation shall continue to be paid following the date of the Termination of Employment only until the first anniversary of the date of notification by the Corporation constituting the Failure to Extend. The Corporation may accelerate the payment of any portion or all of any amount payable under this Section 5.3(a)(i).
(ii) Notwithstanding (i) above, if Employee obtains other employment (including self-employment, but excluding service on boards of directors) following his Termination of Employment hereunder, any income received by Employee from such employment shall reduce, on a dollar-for-dollar basis (but not below zero), the Corporation’s obligation to pay cash compensation to Employee pursuant to this Section 5.3(a). If the Corporation has already paid any cash compensation under Section 5.3(a)(i) to which an offset would otherwise have applied, Employee shall promptly reimburse the Corporation the amount of such compensation. In the event of a Qualifying Termination by reason of Serious Illness or Disability, if Employee becomes entitled to and receives disability benefits under any disability payment plan, including disability insurance, the amount of cash compensation otherwise payable by the Corporation to Employee pursuant to Section 5.3(a) shall be paid at a rate equal to the excess of (A) the rate at which such cash compensation would otherwise be paid over (B) the disability benefits for which Employee is eligible under such plan or insurance to the extent those benefits are attributable to premium payments made by the Corporation.
Continuation of Base Salary. The Company will continue to pay Executive Base Salary as in effect immediately prior to the Termination Date for the duration of the applicable Severance Compensation Period (“Base Salary Continuation”) in accordance with the Company’s normal payroll schedule and payroll practices in effect from time to time, subject to all applicable withholdings and deductions provided, however, that if the Termination Date was preceded by a period of illness leave, then the Base Salary Continuation shall be payable by reference to Executive’s Base Salary as in effect immediately prior to the Executive’s illness leave. In the event that Executive is made redundant, then any statutory redundancy payment to which Executive is entitled shall be offset against the Base Salary Continuation payment calculated as of the Termination Date and Executive shall not be entitled to double recovery in respect of any statutory redundancy payment.
Continuation of Base Salary. Executive shall be entitled to continuation of Executive’s then-existing Base Salary through the end of the Term or for 24 months, whichever is longer; provided, however, that if Executive’s employment terminates as a result of the Company’s failure to renew this Agreement as provided in Paragraph 1, Executive shall be entitled to continuation of Executive’s then-existing Base Salary for a period of twelve (12) months. Subject to Paragraph 4(c), the Base Salary continuation payments shall be paid in equal installments in accordance with the Company’s standard payroll practice.
Continuation of Base Salary. Employer shall pay Employee an amount equal to 36 months of Employee’s base annual salary (the “Consideration Amount”). Employee and Employer agree that the Consideration Amount shall be One Million One Hundred Twenty-five Thousand U.S. Dollars ($1,125,000.00), less all employment taxes and other deductions required to be withheld by Employer. It is expressly understood by and between the parties that payment of the Consideration Amount, whether by Employer or by a third party, shall inure to the benefit of Employer. The Consideration Amount shall be paid by check in equal semi-monthly installments on the standard pay dates of the Employer, beginning on July 20, 2002 and ending on July 5, 2005. The checks will be mailed to an address provided by the Employee to the Employer. The Employee is responsible for informing the Employer of any changes in address affecting this Agreement. Direct deposit is not an available option. Payments under this section (as well as other payments to Employee under this Agreement) are contingent on Employee’s continued compliance with all provisions of this Agreement.
Continuation of Base Salary. The Company will pay Executive an amount equivalent to 15 months of Executive’s Base Salary as in effect immediately prior to the Termination Date, payable in accordance with the Company’s normal payroll schedule and payroll practices in effect from time to time, subject to all applicable withholdings and deductions. Provided, however, that if the Termination Date was preceded by a period of illness leave, then the Base Salary continuation shall be an amount equivalent to 15 months of Executive’s Base Salary as in effect immediately prior to the Executive’s illness leave. In the event that Executive is made redundant, then any statutory redundancy payment to which Executive is entitled shall be calculated as of the Termination Date. The amount of the statutory redundancy payment shall be subtracted from Executive’s base salary continuation and paid out in a lump sum following the expiration of a waiting period of that period of time which it would otherwise have taken Executive to receive the equivalent of the statutory redundancy payment under the Company’s normal payroll schedule and payroll practices in effect as of the Termination Date.
Continuation of Base Salary. Employer shall pay Employee an amount equal to 24 months of Employee's base annual salary (the "Consideration Amount"). Employee and Employer agree that the Consideration Amount shall be Six Hundred Thousand U.S. Dollars ($600,000.00), less all employment taxes and other deductions required to be withheld by Employer. It is expressly understood by and between the parties that payment of the Consideration Amount, whether by Employer or by a third party, shall inure to the benefit of Employer. The Consideration Amount shall be paid by check in equal semi-monthly installments on the standard pay dates of the Employer, beginning on May 5, 2002 and ending on April 20, 2004. The checks will be mailed to an address provided by the Employee to the Employer. The Employee is responsible for informing the Employer of any changes in address affecting this Agreement. Direct deposit is not an available option. Payments under this section (as well as other payments to Employee under this Agreement) are contingent on Employee's continued compliance with all provisions of this Agreement.
Continuation of Base Salary a. In furtherance of GTECH's obligations to Mr. Xxxxxxxx xxder its severance policy, and in consideration of his long-standing contribution to GTECH, GTECH shall provide Mr. Xxxxxxxx, xithin ten (10) days of the Termination Date, with a one-time payment of $700,000, subject to all applicable withholdings and deductions.
b. This payment and the other benefits provided for in this Agreement constitute the entire obligation of GTECH, represent full and complete satisfaction by GTECH of all obligations under the severance policy, and constitute full and complete settlement of any claim under law or equity that that Mr. Xxxxxxxx xxght otherwise assert against GTECH for compensation, benefits or remuneration of any form.
