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.
2. Notwithstanding anything in this subsection (a)(i) to the contrary, if the Salary Continuation payable to Executive in accordance with subsection (a)(i)(1) above during the first six (6) months after Executive’s Separation from Service would exceed the “Section 409A Threshold” and if as of the date of the Separation from Service Executive is a “Specified Employee” (as such terms are defined in Section 2 below), then, payment shall be made to Executive on each regular salary payroll date during the first six (6) months of the Salary Continuation Period until the aggregate amount received equals the Section 409A Threshold. Any portion of the Salary Continuation in excess of the Section 409A Threshold that would otherwise be paid during such first six (6) months or any portion of the Salary Continuation that is otherwise subject to Section 409A, shall instead be paid to Executive in a lump sum payment on the date that is s...
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. The Company shall continue to pay the Executive's base salary in effect as of the Termination Date for a period of twelve (12) months after the Termination Date. Such salary shall be paid to the Executive in accordance with the Company's regular payroll practices then currently in effect;
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.
(b) If the 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 his base salary bi-weekly, and to provide the benefits described in Section 3.04, for the longer of (i) the balance of the Employment Term, or (ii) twelve (12) months from the date of termination or resignation.
Continuation of Salary. The Employee shall be entitled to receive Employee's salary and other benefits in effect at the Termination Date upon the commencement of Arbitration for the period of the earliest to occur of (i) the termination of the Arbitration, (ii) Employee's employment by a third party or (iii) one (1) year from the Termination Date, provided, however, that the Employee would be obligated to repay TCPI such salary (without interest) in the event that the Arbitrators determine that the termination of Employee's employment was proper pursuant to the provisions of this Employment Agreement and such Arbitrator(s) find such repayment justified and equitable.
Continuation of Salary. If Executive's employment with the Company is terminated by Executive for Good Reason or by the Company other than for death, Disability or Cause in connection with, or within one year after the effective date of, a Change of Control, in lieu of the severance payments provided for in the third sentence of Section 6(d) or the third sentence of Section 6(e), as applicable, the Company shall pay Executive a lump sum cash payment in an amount equal to Executive's Base Salary as in effect immediately prior to the termination date. Such amount shall be paid to Executive within 10 days after the termination date.
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, her beneficiary or beneficiaries or her 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 her 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 her death or incapacity, her 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. In the event BWE terminates your employment ---------------------- for reasons other than for Good Cause, as defined below, or you resign for Good Reason, as defined below, during the initial three (3) term of this Agreement (i) You shall be eligible to exercise any long term incentive grants granted but not exercised which shall be deemed vested as of the date of your termination of employment.
Continuation of Salary. Alliant will continue to pay to you your current monthly base salary during your leave of absence until your Termination Date. This salary continuation will include your severance benefit of thirty (30) weeks of pay and an additional nine (9) weeks of pay. Alliant will make these payments to you only on the condition that you have signed this Agreement and have not exercised your right to rescind it pursuant to paragraph 10 below. Alliant will withhold required deductions, including deductions for applicable state and federal taxes, social security and all other standard deductions. These payments will be considered “Earnings” or “Recognized Compensation” for purposes of any of Alliant’s qualified or non-qualified employee benefit plans, and 401k deductions will be taken from these payments.
Continuation of Salary. ABP shall continue the salary of the Executive at a monthly base rate of $37,500.00 (less any applicable taxes, authorized deductions, and any amounts owed by Executive to ABP), payable for the period beginning on January 1, 2000 through June 30, 2000. Payments shall be made on the regular payroll basis. Payments shall be made under this provision regardless of the Executive's obtaining employment elsewhere. However, if at any time during the period of salary continuation, the Executive breaches his obligations under this Agreement, ABP may, upon written notice to the Executive, cease to make any further payments or provide any continuation of salary. In the event of the Executive's death during the Severance Period, payments under this paragraph shall immediately cease and no further continuation of salary payments shall be payable hereunder.
