Multiple Base Salary Payment Sample Clauses

Multiple Base Salary Payment. If after the occurrence of a Change in Control of the Company, (a) the Company terminates the Executive's employment hereunder for any reason other than for Cause, or (b) the Executive voluntarily resigns his employment hereunder for Good Reason within one year (as defined below) of the Change in Control, then in each case the Company will pay to the Executive a lump sum termination payment equal to 2.99 times the sum of his Base Salary and his Target Bonus (as defined below) (collectively, the "Lump Sum Payment"), subject to adjustment as provided in Paragraph 9 below.
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Multiple Base Salary Payment. In lieu of the payment provided for in Paragraph 7.1, if after the occurrence of an Initial Change in Control Event of the Company, other than any Initial Change in Control Event arising out of the transaction contemplated by the Merger Agreement, the Company terminates the Executive's employment hereunder (a) because of a Discharge Event, or (b) without Cause and without any Discharge Event, then in either case the Company will pay to the Executive a lump sum termination payment equal to 2.99 times the sum of his Base Salary and his Cash Bonus (collectively, the "Lump Sum Payment"). In lieu of the payment provided in Paragraph 7.1, if after the occurrence of a Change in Control of the Company, other than the Change in Control effected by the transaction contemplated by the Merger Agreement, (a) the Company terminates the Executive's employment hereunder for any reason other than for Cause (other than his death or disability), or (b) the Executive voluntarily resigns his employment hereunder for any reason (other than his death or disability), then in each case the Company will pay to the Executive the Lump Sum Payment. Notwithstanding the foregoing, the Company shall not pay any Lump Sum Payment or other termination payment to Executive pursuant to this Paragraph 7.3 if, after termination of employment with the Company, the Executive is employed by a newly created subsidiary formed to continue the health care services business of the Company, the stock of which subsidiary is distributed to the shareholders of Quintiles, and this newly created subsidiary assumes all obligations of the Company under this Agreement. Further, notwithstanding the foregoing, Executive specifically agrees that, should his employment hereunder terminate for any reason, he has no, and will claim no, entitlement to the Lump Sum Payment by virtue of the Change in Control effected by the transaction contemplated by the Merger Agreement.
Sample 1
Multiple Base Salary Payment. If the Executive dies, or becomes Disabled, or if prior to the occurrence of a Change in Control the Corporation terminates the Executive's employment Without Cause, or if the Executive resigns because of the Breach by the Corporation of any term of this Agreement, then in each case the Executive (or his heirs or executors) shall be entitled to receive his Base Salary for the remaining term of this Agreement (i.e., for two years after such death, disability, termination or resignation).
Sample 1

Related to Multiple Base Salary Payment

  • Salary Payment In consideration of Executive’s timely execution and non-revocation of the Release by the Release Deadline Date, the Company shall pay Executive a severance payment equal to Executive’s Monthly Base Salary multiplied by the number of months in the Covered Termination Severance Period, less applicable withholdings. The severance payment shall be payable (except as set forth in Article 5) in a lump sum on the first regularly-scheduled payroll date occurring on or after the Release Deadline Date.

  • Salary Payments Salaries shall be paid fortnightly by direct credit to the employee’s nominated bank account except that individual employees may on religious or ethical grounds apply in writing to the Secretary for Education to be paid by cheque.

  • Monthly Salary The words “monthly salary” when used in this Agreement shall mean: (Bi-weekly pay at regular rate of pay times 26.1) divided by 12 = monthly salary

  • Base Salary and Bonus As compensation for the Executive's services under this Agreement, the Executive shall receive and the Company shall pay a weekly base salary set forth on Exhibit A. Such base salary may be increased but not decreased during the Term or Renewal Period in the Company's discretion based upon the Executive's performance and any other factors the Company deems relevant. Such base salary shall be payable in accordance with the policy then prevailing for the Company's executives. In addition to such base salary, the Executive shall be entitled during the Term or Renewal Period to a performance bonus set forth on Exhibit A and to participate in and receive payments from, at the Company's election, other bonus and other incentive compensation plans, if any, as may be adopted by the Company.

  • Pro-Rated Bonus Pro Rated Bonus" shall mean, a bonus equal to the product of (i) the bonus Employee did not receive but would have received under Section 1.4(b) if he had remained an employee through the end of the Employment Term, it being understood that the amount of such bonus Employee would have received shall be determined by reference to the average amount of bonus actually awarded to other officers who were at the same or comparable level of responsibility as Employee immediately prior to his termination, and (ii) a fraction, the denominator of which is 365 and the numerator of which is the number of days in the fiscal year being considered through the date of death, determination of disability or notice of termination of employment, whichever is applicable. In the event that a majority of SCI officers do not receive a bonus for the fiscal year being considered, then the Pro Rated Bonus shall not be applicable and Employee shall not be entitled to a Pro Rated Bonus. The Pro Rated Bonus, if any, payable to Employee shall be paid within 90 days after the date that bonuses, if any, are awarded for a majority of SCI officers for the year being considered.

  • Annual Salary Executive's compensation shall consist of an annual base salary (the "Annual Salary") of one hundred fifty thousand dollars ($150,000), before all customary payroll deductions. The Annual Salary shall be reviewed, and shall be subject to change, by the Board of Directors of Employer (or the Compensation Committee thereof) at least annually while Executive is employed hereunder.

  • Base Compensation The Bank agrees to pay the Employee during the ----------------- term of this Agreement a salary at the rate of $76,000 per annum, payable in cash not less frequently than monthly; provided, that the rate of such salary shall be reviewed by the Board of Directors of the Bank not less often than annually, and Employee shall be entitled to receive annually an increase at such percentage or in such an amount as the Board of Directors in its sole discretion may decide.

  • Annual Bonus Compensation Executive shall be eligible to receive a bonus each Contract Year (“Annual Bonus”) as the Compensation Committee of the Board of Directors shall determine. Executive’s Annual Bonus shall be determined in accordance with the Company’s executive compensation policies as in effect from time to time during the Term and shall be based, in part, on his achieving his individual performance goals for the year and, in part, on the Company’s achieving its performance goals for the year.

  • Annual Incentive Payment The Executive shall participate in the Company's Management Incentive Plan (or such alternative, successor, or replacement plan or program in which the Company's principal operating executives, other than the Chief Executive Officer, generally participate) and shall have a targeted incentive thereunder of not less than $240,000 per year; provided, however, that the Executive's actual incentive payment for any year shall be measured by the Company's performance against goals established for that year and that such performance may produce an incentive payment ranging from none to 200% of the targeted amount. The Executive's incentive payment for any year will be appropriately pro-rated to reflect a partial year of employment.

  • Base Salary The Company shall pay to the Executive an annual base salary of $200,000, payable on a monthly basis commencing on the Effective Date (as the same may be adjusted herein, the “Base Salary”). The Base Salary shall be paid in accordance with the Company’s payroll policies.

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