Continuation of Salary. 1. Sears or the appropriate “Sears Affiliate” (as defined in Section 2 below) shall pay Executive cash severance equal to Executive’s annual base salary rate as of the date Executive’s employment terminates (“Date of Termination”). Subject to subsection (a)(i)(2) below, payment of such amount (“Salary Continuation”) shall commence on Executive’s “Separation from Service” (as defined in Section 2 below) and shall be paid in substantially equal installments on each regular salary payroll date for a period of twelve (12) months following Date of Termination (“Salary Continuation Period”), except as otherwise provided in this Agreement. Notwithstanding the foregoing, the Sears or Sears Affiliate obligations under this subsection (a)(i)(1) shall be reduced on a dollar-for-dollar basis (but not below zero), by the amount, if any, of fees, salary or wages that Executive earns from a subsequent employer (including those arising from self-employment) during the Salary Continuation Period. For avoidance of doubt, Executive shall not be obligated to seek affirmatively or accept an employment, contractor, consulting or other arrangement in order to mitigate Salary Continuation. Further, to the extent Executive does not execute and timely submit the General Release and Waiver (in accordance with subsection 4(g) below) by the deadline specified therein, Salary Continuation payments shall terminate and forever lapse, and Executive shall be required to reimburse Sears for any portion of the Salary Continuation paid during the Salary Continuation Period.
Continuation of Salary. Upon the death of Executive or the occurrence of an event of termination under Section 7(a), the Company shall, subject to the provisions of Section 9 below, monthly for the duration of the Severance Period, as defined below, pay Executive, or in the event of subsequent death, his beneficiary or beneficiaries or his estate, as the case may be, as severance pay or liquidated damages, or both, the monthly Base Salary paid to Executive at the time of termination of his employment (the "Severance Payments"); shall continue to provide the other benefits provided for in Sections 5 and 6 hereof for a period of twelve months from the date of the event of termination; and shall continue to provide the benefits provided for in Section 4(d) for a period of six months from the date of such event of termination. For purposes of this Agreement, the "Severance Period" shall commence on the date of termination of Executive's employment with the Company and expire on the earlier of (i) the date Executive obtains subsequent employment, and (ii) the later of (A) the second anniversary of the date of termination of Executive's employment with the Company and (B) the expiration of the term of this Agreement. Absent an election as described in the next sentence, the Severance Payments shall commence on the last day of the month in which the event of termination occurs; provided, that the first such payment shall be reduced by the amount of any Base Salary received by Executive for the portion of such month prior to the event of termination. If within 30 days of the event of termination Executive (or, in the case of his death or incapacity, his beneficiary or legal representative) so elects by written notice to the Company, the Severance Payments shall be paid by the Company, in lieu of the monthly payments described above, in a single lump sum as soon as practicable after the date of such election. Such lump sum payment shall be in an amount equal to the sum of the monthly Severance Payments that would have been paid under this Section but for such election (assuming Executive never obtains subsequent employment), discounted to present value using an interest rate of 5%, and reduced by the amount of any Severance Payments received by Executive prior to the date of such lump sum payment.
Continuation of Salary. (1) Pier 1 Imports shall pay Executive cash severance equal to one times Executive’s annual base salary rate in effect as of the Date of Termination. Subject to subsection (a)(i)(2) below, payment of such amount (“Salary Continuation”) shall commence on Executive’s “Separation from Service” (as defined in Section 2 below) and shall be paid in substantially equal installments on each regular salary payroll date for a period of twelve (12) months following the Date of Termination (“Salary Continuation Period”), except as otherwise provided in this Agreement. Notwithstanding the foregoing, the Pier 1 Imports obligations under this subsection (a)(i)(1) shall be reduced on a dollar-for-dollar basis (but not below zero), by the amount, if any, of fees, salary or wages that Executive earns from a subsequent employer (including those arising from self-employment) during the Salary Continuation Period. For avoidance of doubt, Executive shall not be obligated to seek affirmatively or accept an employment, contractor, consulting or other arrangement in order to mitigate Salary Continuation. Further, to the extent Executive does not execute and timely submit the General Release and Waiver (in accordance with subsection 1(c) below) by the deadline specified therein, Salary Continuation payments shall terminate and forever lapse, and Executive shall be required to reimburse Pier 1 Imports for any portion of the Salary Continuation paid during the Salary Continuation Period.
Continuation of Salary. If the Employee dies or becomes disabled during the Employment Term so that he is unable to perform his duties hereunder, if Company terminates this Agreement for any reason except as specified in Section 4.01, or if Employee resigns for "good reason" as described in Section 4.02, the Company agrees to continue to pay the Employee or his estate his base salary monthly, but not beyond the end of the Employment Term, and to continue to provide the benefits described in Section 3.04.
Continuation of Salary. 1. Sears or the appropriate “Sears Affiliate” (as defined in Section 2 below) shall pay Executive cash severance (“Salary Continuation”) equal to:
Continuation of Salary. 1. SHO will pay Executive cash severance in an amount equal to six (6) months of Executive’s annual base salary at the rate in effect on the date on which Executive’s employment terminates (the “Date of Termination”). The amount determined in accordance with the preceding sentence (the “Salary Continuation Amount”) will be paid upon the satisfaction of the following conditions: (A) Executive’s Separation from Service (as defined in Section 2 below) has occurred; and (B) the Revocation Period (as defined in Appendix B to this Agreement) has expired. If the foregoing conditions have been satisfied, SHO will pay the Salary Continuation Amount in substantially equal installments on each regular salary payroll date for a period of six (6) months (the “Salary Continuation Period”), except as otherwise provided in this Agreement.
Continuation of Salary. (a) If the Employee dies or becomes disabled so that he is unable to perform his duties hereunder, the Company shall pay the Employee or his estate (or its designee) his base salary bi-weekly, but not beyond the end of the Employment Term, and shall continue for such period to provide the benefits described in Section 3.04.
Continuation of Salary. The Company shall continue to pay the Executive’s base salary in effect as of the Termination Date for a period of twenty-four (24) months after the Termination Date, with such salary being paid to the Executive in accordance with the Company’s regular payroll practices then currently in effect .
Continuation of Salary. (A) Seritage shall pay Executive cash severance equal to two (2) times the sum of Executive’s annual base salary rate in effect as of the Date of Termination plus the annual cash bonus for the year in which occurs the Date of Termination at 100% of target. Subject to the next subparagraph below, payment of such amount (“Salary Continuation”) shall commence on Executive’s Separation from Service (as defined in Section 4, below) and shall be paid in substantially equal installments on each regular salary payroll date for a period of twenty-four (24) months following Date of Termination (“Salary Continuation Period”).
Continuation of Salary. (A) Seritage shall pay Executive cash severance equal to three (3) times the sum of Executive's annual base salary rate in effect as of the Date of Termination plus the annual cash bonus for the year in which occurs the Date of Termination at one hundred percent (100%) of target, with such amount payable in a lump sum within thirty (30) days following the Date of Termination (the "Change in Control Salary Payment").
