Continued Compensation. If Executive's employment terminates before a Control Change Date or after the Employment Period because of an event described in Section 6(b) or 6(c), subject to the conditions of Section 7(c), Continued Compensation equal to Executive's Base Period Income (calculated in accordance with Section 6(e)) shall be paid in twelve equal monthly installments. If Executive's employment terminates during the Employment Period because of an event described in Section 6(b) or 6(c), subject to the conditions of Section 7(c), Continued Compensation equal to Executive's Base Period Income shall be paid in twelve equal monthly installments. Continued Compensation payments to Executive shall commence on the first day of the month following Executive's termination of employment with the Company because of an event described in Section 6(b) or 6(c) and shall continue on the first day of each month thereafter until paid in full, subject to receipt by the Company of notification from the Accounting Firm (defined below) of its determination regarding the reduction, if any, of Continued Compensation according to Section 6(g).
Continued Compensation. Should Executive’s employment by Company be terminated without Cause, Executive shall receive as a lump sum immediately upon such termination of the total amount of his Base Salary for the remainder of the Initial Term or Renewal Terms, if later, less 90 days, determined as if the employment of the Executive had not been terminated prior to the end of such term and as if the Executive had continued to perform all of his obligations under this Agreement and as an employee and officer of the Company. Executive shall have no duty to mitigate damages in order to receive the compensation described by this Subsection and the compensation shall not be reduced or offset by other income, payments or profits received by Executive from any source.
Continued Compensation. Should Executive’s employment by Company be terminated without Cause, Executive shall receive as a lump sum within three (3) business days (or sooner if required by law) following such termination the total amount of Executive’s base salary for the remainder of the Initial Term or current Renewal Term. Executive shall have no duty to mitigate damages in order to receive the compensation described by this Subsection, and the compensation shall not be reduced or offset by other income, payments or profits received by Executive from any source.
Continued Compensation. If a Change In Control occurs and the Corporation or its successor does not desire that Employee remain in his employment with the Corporation or its successor, the Corporation or its successor agrees to pay Employee his salary in effect at the termination date for a term of one (1) year from the termination date or until Employee obtains new employment, whichever is earlier, subject to withholding, deductions and taxation in accordance with applicable law.
Continued Compensation. Continued Compensation equal to three ---------------------- times Executive's Base Period Income shall be paid in 36 equal monthly installments. Continued Compensation payments to Executive shall commence on the first day of the month following Executive's termination of employment with the Company because of an event described in subsection 4(b) or 4(c)(i) and shall -------------------------- continue on the first day of each of the next thirty-five months, subject to receipt by the Company of notification from the Accounting Firm (defined below) of its determination regarding the reduction, if any, of Continued Compensation according to subsection 4(g). ---------------
Continued Compensation. During the period beginning on the Retirement Date and continuing until the Termination Date (the "Severance Period"), Xxxxx will continue as a non-executive, non-officer, non-policymaking employee of the Company, at an annual salary of $60,000. In addition, Xxxxx shall receive payments in an annual amount of $220,000 as consideration for his obligations under Paragraph 5, and $220,000 for his obligation under Paragraphs 6, 7, and 8. All of the payments under this Paragraph 4.a shall be made in accordance with the Company's normal payroll practices and subject to applicable payroll tax deductions. Xxxxx acknowledges and agrees that he shall not receive any additional compensation beyond that provided in this Paragraph 4 for his services to the Company, including without limitation, his service as Chairman.
Continued Compensation. Executive shall be paid severance in an amount equal to six (6) months of his base salary at the time of termination, less applicable withholdings, payable in a lump sum.
Continued Compensation. As soon as reasonably practical following the release of results of operations by IEI for the third quarter of 2005, Company will pay Executive, in one lump sum payment, continued compensation required by Section 6(c) of the Employment Agreement, calculated as twice Executive’s current rate of pay less salary paid to Executive during the Notice Period, and any accrued and untaken vacation pay.
Continued Compensation. Immediately following the expiration of the Notice Period, Company will pay Executive, in one lump sum payment, continued compensation required by Section 6(c) of the Employment Agreement, calculated as twice Executive’s current rate of pay less salary paid to Executive during the Notice Period, and any accrued and untaken vacation pay.
Continued Compensation. You shall continue to receive your base salary at the rate in effect pursuant to Section 2(a) above at the time of your termination of employment, for a period of two (2) years following your termination date. You may elect at any time following termination to require that the Company prepay the unpaid balance of this amount, discounted to present value at 7% without thereby relieving you of your obligations under Section 1(d) above.
