Continued Salary. If BNC terminates the Executive’s employment without Cause or if the Executive terminates employment for Good Reason, the Executive shall continue to receive the Base Salary for the unexpired term of this Employment Agreement, but he shall not be entitled to continued participation in BNC’s or a subsidiary’s 401(k) retirement plan(s) or any stock-based plans. BNC and the Executive acknowledge and agree that the compensation and benefits under this paragraph (a) shall not be payable if compensation and benefits are payable or shall have been previously paid to the Executive under Article 7 of this Agreement. That is, the parties acknowledge and agree that the Executive shall not be entitled to duplicative compensation and benefit payments under paragraph (a) and under Article 7 if the Executive’s employment is terminated without Cause or if the Executive terminates employment with Good Reason.
Continued Salary. Subject to the Executive entering into an agreement not to compete with BNC in accordance with section 4.5, if BNC terminates the Executive's employment without Cause within 18 months after the date of this Employment Agreement, the Executive shall be entitled to a lump-sum severance payment in cash in the amount of two times his Base Salary, payable no later than 30 days after termination of the Executive's employment. Subject to the Executive entering into an agreement not to compete with BNC in accordance with section 4.5, if the Executive terminates his employment voluntarily within 18 months after the date of this Employment Agreement he shall be entitled to a lump-sum severance payment in cash in an amount equal to his Base Salary, payable no later than 30 days after termination of the Executive's employment. Subject to the Executive entering into an agreement not to compete with BNC in accordance with section 4.5, if the Executive remains employed with BNC for 18 months after the date of this Employment Agreement but his employment thereafter terminates involuntarily but without Cause or voluntarily but with Good Reason, the Executive shall continue to receive the Base Salary for the unexpired term of this Employment Agreement, but he shall not be entitled to continued participation in BNC's or a subsidiary's 401(k) retirement plan(s) or any stock-based plans. BNC and the Executive acknowledge and agree that the compensation and benefits under this paragraph (a) shall not be payable if compensation and benefits are payable or shall have been previously paid to the Executive under Article 5 of this Agreement. That is, the parties acknowledge and agree that the Executive shall not be entitled to duplicative compensation and benefit payments under paragraph (a) and under Article 5 if the Executive's employment is terminated without Cause or if the Executive voluntarily terminates employment.
Continued Salary. In consideration for the promises made herein, the Company shall provide Xx. Xxxxx bi-weekly payments commencing on the next regularly scheduled pay cycle following the date the Release of Claims referenced in paragraph 2 above becomes binding upon him in the amount of $9,200.00, less applicable taxes and withholdings, for a period of two (2) months. The total gross amount of these payments is $36,800.
Continued Salary. An amount equal to his current salary for the shorter of (A) his Short-Term Disability Period, or (B) the period he remains Disabled. For purposes hereof, Executive’s “current salary” shall be the rate in effect on the day immediately prior to the date upon which the Company is made aware of Executive’s Disability. Executive will receive such salary payments in accordance with the Company’s normal executive payroll processes.
Continued Salary. The Company will pay Executive continuing payments of severance pay at a rate equal to $31,250 per month ($375,000 annually), for twelve (12) months from the Termination Date (the “Severance Payment Period”), to be paid periodically in accordance with the Company’s normal payroll policies.
Continued Salary. The Company will continue to pay Your Base Salary (as defined in the Employment Agreement) for a period of 12 months from the Termination Date (i.e., through September 2, 2006, the “Restricted Period”) at a rate of $10,384.61 per biweekly pay period to be paid in accordance with the Company’s normal payroll policies.
Continued Salary. The Company will continue making payments of Executive’s salary in accordance with normal payroll practices through December 2, 2009.
Continued Salary. For the time period (the "Severance Period") beginning on the Transition Date and ending on the Retirement Date, Mahoxxx xxxll be paid his regular monthly salary in semi-monthly payments, via direct deposit account, subject to normal payroll deductions. The payment of these amounts during the Severance Period shall be deemed to include any vacation pay otherwise due Mahoxxx. Xxring the Severance Period, Mahoxxx xxxll perform such duties and provide such services as the Company shall reasonably request.
Continued Salary. If the termination occurs prior to the end of the Initial Term, Executive shall continue to receive his current salary (subject to withholding of all applicable taxes) for the balance of the Initial Term or for a three-month period, whichever is greater, in the same manner as it was being paid as of the date of termination. If the termination occurs after the Initial Term, Executive's severance shall be the greater of three-months current salary or the severance amount provided under the Interface Fabrics Group, Inc. policy in effect at the time of termination (in either case, subject to withholding of all applicable taxes and paid in the same manner as salary was being paid as of the date of termination). For purposes of this Section 6, Executive's "current salary" shall be the highest rate in effect during the six-month period prior to Executive's termination.
Continued Salary. The Company will continue to pay to the Executive his Base Salary for a minimum period of twelve (12) months, with a continuance for each month or partial month that the Executive has not obtained full-time employment, up to an aggregate total of eighteen (18) months (the period of payment of Executive’s Base Salary after the twelfth month being referred to herein as the “Salary Extension Period”); provided, however, that in the event the Executive obtains full-time employment prior to the end of eighteen (18) months with a salary (“New Salary”) that is less than his Base Salary at the time of the termination of his employment, then for each such month or partial month through the eighteenth month, the Company will pay the Executive the difference between his Base Salary and his New Salary. Such payments shall be payable in accordance with the Company’s payroll practices as in effect from time to time; provided, however, that if Executive wishes to exercise any vested stock options issued to him under the Plan (including, without limitation, options accelerated pursuant to clause (iv) below), then the Company will pay him in a lump sum the amount of funds required to do so (subject to the withholding and other normal payroll deductions) and Executive will use such funds to exercise such options. The amount paid pursuant to the preceding proviso shall be applied to the latest Base Salary payments due in the twelve (12) month period following termination;
