Common use of Continuation of Salary Clause in Contracts

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. 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 her beneficiary or beneficiaries or his 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 his 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 his her death or incapacity, his 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. 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 her beneficiary or beneficiaries or his 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 his 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 his her death or incapacity, his 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.