Continuation Payments. Subject to offset as provided in the last sentence of this Section 6(c)(iii), CBI shall pay Executive an amount equal to the aggregate of nine (9) months of Executive’s annual base salary plus three-quarters (3/4) of Executive’s Target AIP, as defined in Section 1(a), in effect on the Date of Termination. Such amount will be paid ratably by CBI to Executive within the regular payroll cycles during the nine (9) month period following the Date of Termination, unless such amount exceeds an amount (“Unrestricted Amount”) equal to two times the lesser of (A) the Executive’s annual compensation based on the annual rate of pay from CBI for the calendar year preceding the calendar year of the Date of Termination (adjusted for any increase in such annual rate of pay during the calendar year of the Date of Termination that was expected to continue indefinitely if the Executive had not terminated employment) and (B) the maximum amount that can be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code. If the amount exceeds the Unrestricted Amount, then no more than the Unrestricted Amount may be paid in the six months following the Executive’s Date of Termination and the monthly pro rata payments shall be reduced to comply with this limitation. If the monthly payments are reduced to comply with such limitation, any amount not paid in the initial six months following the Date of Termination shall be paid in a lump sum six months and two days after the Date of Termination and thereafter the ratable payments shall continue through the remainder of the nine (9) month period following the Date of Termination. If Executive secures full time employment within such nine (9) month period, then commencing on the date of such new employment, the payments under this Section 6(c)(iii) shall be offset by the base salary Executive earns from such new employer and the target annual bonus or other cash bonus established for Executive by such new employer, in each case pro-rated to reflect the amount of such new base salary and bonus which is allocable to the remainder of such nine (9) month period, calculated by multiplying such award by a fraction, the numerator of which is the number of weeks commencing on the date of new employment through the end of such nine (9) month period, and the denominator of which is 52.
Continuation Payments. For each Product (other than M834) with respect to which both Parties decide to continue the Development, Manufacture and Commercialization pursuant to Section 2.6(a), Mylan shall make a continuation payment to Momenta of [***] within [***] after each such decision by the Parties (each, a “Continuation Payment”). For clarity, the total amount of Continuation Payments made to Momenta under this Agreement shall not exceed an aggregate of [***].
Continuation Payments. Consistent with the severance provisions set forth in Sections 9(g) and 11 of your Employment Agreement, the Company will pay you cash severance equal to $861,450, representing the base salary provided in your Employment Agreement, for a period of eighteen (18) months (the “Salary Continuation Payment”). As required by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”), the Salary Continuation Payment shall be paid in a lump sum upon the first regularly scheduled payroll date that is six (6) months after the Separation Date, provided the Company has received the executed Agreement from you on or before that date. No interest will be paid to you on any amounts for which payment is delayed pursuant to the foregoing provision
Continuation Payments. (i) Company shall continue to pay Executive for two (2) years following termination, the Executive's per annum base salary in effect on the date of the Change of Control ("Base Salary").
(ii) Company shall pay to Executive within ten (10) days of termination an amount equal to 200 percent of the Executive's target bonus of ___ percent of Base Salary ("Target Bonus") ratably over a two (2) year period following termination.
(iii) As an alternative to the payments described in sub- paragraphs (i) and (ii) above, the Executive may elect, within ten (10) days after termination, to receive (A) an amount equal to two (2) years Base Salary plus 200 percent of the Target Bonus, in a lump sum payment payable within seven (7) days of election, or (B) an amount equal to two (2) years Base Salary plus 200 percent of the Target Bonus over a three (3) year period of payment.
(iv) Any periodic payments to be made pursuant to sub-paragraphs (i), (ii) or (iii)(B) above shall be made in accordance with the Company's normal payroll procedures. If the Executive's termination occurs on or after September 1 of any year, the Company shall also pay to the Executive the Executive's Target Bonus of ___ percent of Base Salary multiplied by a fraction, the numerator of which shall be the number of days Executive was employed by the Company in the fiscal year in which the Termination Date occurs and the denominator of which shall be 365, payable within thirty (30) days after termination.
Continuation Payments. (i) In the event that the Closing does not occur on or before August 15, 2006, (but before September 14, 2006), Purchaser shall pay within two (2) Business Days of August 15, 2006, to Seller $2,500,000 (a “Continuation Payment”), unless the Closing is delayed as a result of:
(A) a requirement by the Competition Bureau for the Purchase and Seller to each file a long-form notification pursuant to Section 114(2) of the Competition Act;
(B) any action initiated, or any action threatened to be initiated, by the Commissioner of Competition, pursuant to Section 92 or Section 100 of the Competition Act before the Competition Tribunal;
(C) the failure of Purchaser to obtain approval of the Cabinet of Ontario (Executive Council of Ontario) of the financing offered by the Province of Ontario, after the exertion of commercially reasonable best efforts to obtain said approval, in amounts and on substantially the same terms and conditions reviewed by the parties on August 1, 2006 in Thunder Bay, Ontario and/or the failure of TD Bank Financial Group, an Affiliate of TD Bank Financial Group or an alternative financial institution reasonably acceptable to Purchaser to issue a commitment letter, after the exertion of commercially reasonable best efforts to obtain said commitment letter, to provide financing in amounts and on substantially the same terms and conditions reviewed by the parties on August 1, 2006 in Thunder Bay, Ontario; or
(D) the failure of the Seller to close for any reason.
(ii) In the event the Closing is delayed as a result of the events set forth in Section 2.8(b)(i)(A), (B) or (C) above, and provided that this Agreement is not otherwise properly terminated by either party pursuant to the provisions of Article 9, the payment of the Continuation Payment shall be added to the Continuation Payment set out in Section 2.8(b)(iii) below.
(iii) In the event the Closing is delayed as a result of the events set forth in Section 2.8(b)(i)(D), the initial Continuation Payment shall not be payable by the Purchaser.
(iv) In the event that the Closing does not occur on or before September 14, 2006, Purchaser shall pay within two (2) Business Days to Seller an additional Continuation Payment of $5,000,000 unless the Closing does not occur due to the failure of the Seller to do so for any reason.
(v) For the purposes of clarity, if the Closing does not occur on or before September 14, 2006 even as a result of the events set forth in Section 2.8(b)(i)(A), (B) or (C) abov...
Continuation Payments. The intent of this provision is that Seller will fund Buyer’s payroll costs for three (3) months for employees of Seller (except Xxxxx X. Xxxxxxxx) continuing with the Business at Seller’s current pay rates.
(a) On a payroll period basis for wages earned through March 31, 2007, with respect to each such employee, Seller will pay Buyer:
Continuation Payments. Consistent with the severance provisions set forth in Sections 9(g) and 11 of the Employment Agreement, the Company will pay you cash severance in the form of continuing payment of your current base salary for a period of twelve (12) months, paid on the Company’s customary payroll schedule, beginning on the first payroll schedule after the Separation Date (the “Salary Continuation Payments”); provided, however, that, as required by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”), the Salary Continuation Payments shall not commence until the first regularly scheduled payroll date that is six (6) months after the Separation Date (the “Deferred Initial Payment Date”), on which date the Company will pay to you (or your beneficiaries) a lump sum amount equal to the sum of the Salary Continuation Payments otherwise scheduled to be made prior to the Deferred Initial Payment Date. The remaining Salary Continuation Payments shall be paid on the Company’s regular payroll payment dates thereafter until paid in full. No interest will be paid to you on any amounts for which payment is delayed pursuant to the foregoing provision. Notwithstanding the foregoing, in the event that Separation Date occurs prior to November 9, 2018 for any reason other than your resignation, the period of Salary Continuation Payments shall be extended by the number of days between the Separation Date and November 9, 2018.
Continuation Payments. If the Fair Market Rent of the Premises being extended has not been determined as of the commencement of the Option Term, then, until such Fair Market Rent is determined, Tenant shall continue to pay as Rent for the Premises being extended the per square foot rental rate in effect at the time of Landlord’s Rent Determination Notice. When such Fair Market Rent has been determined, if Tenant has underpaid the Rent applicable for the Option Term, Tenant shall pay such deficiency to Landlord at the time the next monthly payment of Rent is due or if Tenant has overpaid such Rent, Landlord shall, at Landlord’s option, credit the amount of such overpayment against Tenant’s payment(s) of Rent next coming due hereunder or pay such overpayment to Tenant within ten (10) days after Tenant’s demand for payment thereof.
Continuation Payments. Pursuant to a previous agreement and in addition --------------------- to all other payments hereunder, ServiceMaster shall pay you $1,200.00 per month commencing in May 2002, for a period of 180 consecutive months. In the event of your death, payments will continue to your designated beneficiary, Judy Pollard or her estate, until the expiration of xxx 000 xxxth period.
Continuation Payments. (i) Company shall continue to pay Executive for three (3) years following the Termination Date, the Executive's per annum base salary of six hundred seventy thousand dollars ($670,000) in effect on the date hereof ("Base Salary"). Company shall also pay to Executive an amount equal to three hundred percent (300%) of the four hundred thousand dollar ($400,000) average annual bonus earned by the Executive during 1995, 1996 and 1997 ("Average Bonus") ratably over a three (3) year period following the Termination Date. The amount and period of Base Salary and Average Bonus continuation payments provided for herein shall be reduced by a fraction, the numerator of which is the number of whole months during which the Executive is employed with the Company following a Change of Control and the denominator of which is 36.
(ii) As an alternative to the payments described in subparagraph (i) above, the Executive may elect within ten (10) days after the Termination Date to receive an amount equal to the Base Salary and Average Bonus continuation payments provided for in subparagraph (i) in a lump sum payment payable within seven (7) days of election.
(iii) Any periodic payments to be made pursuant to sub-paragraph (i) above shall be made in accordance with the Company's normal payroll procedures. If the Executive's termination occurs on or after September 1 of any year, the Company shall also pay to the Executive the Executive's target bonus then in effect multiplied by a fraction, the numerator of which shall be the number of days Executive was employed by the Company in the fiscal year in which the Termination Date occurs and the denominator of which shall be 365, payable within thirty (30) days after termination.
