Payment Amount. The Regular Salary Continuation Payment will equal Executive's regular monthly salary in effect when Executive's employment terminates (as reportable on Executive's IRS Form W-2, but including the amount of any voluntary deferrals of salary, and excluding any expense allowances or reimbursements, any bonuses, any gain from exercise of stock options, or any other similar non-recurring payments) that would be payable to Executive but for the termination from the day Executive's employment terminates to the date twelve months after the later of (i) the date the Change in Control occurs or (ii) the date Executive's employment terminates. The Bonus Continuation Payment will equal (i) the most recent annual bonus paid to Executive, multiplied by (ii) the number of days during which Executive was employed but as to which no annual bonus has been paid plus the number of days from the date of termination of employment to the date twelve months after the later of (x) the date the Change in Control occurs or (y) the date Executive's employment terminates, divided by 365.
Appears in 5 contracts
Samples: Salary Continuation Agreement (West Coast Bancorp /New/Or/), Salary Continuation Agreement (West Coast Bancorp /New/Or/), Salary Continuation Agreement (West Coast Bancorp /New/Or/)
Payment Amount. The Regular Salary Continuation Payment will equal Executive's regular monthly salary in effect when Executive's employment terminates (as reportable on Executive's IRS Form W-2, but including the amount of any voluntary deferrals of salary, and excluding any expense allowances or reimbursements, any bonuses, any gain from exercise of stock options, or any other similar non-recurring payments) that would be payable to Executive but for the termination from the day Executive's employment terminates to the date twelve 24 months after the later of (i) the date the Change in Control occurs or (ii) the date Executive's employment terminates. The Bonus Continuation Payment will equal (i) the most recent annual bonus paid to Executive, multiplied by (ii) the number of days during which Executive was employed but as to which no annual bonus has been paid plus the number of days from the date of termination of employment to the date twelve 24 months after the later of (x) the date the Change in Control occurs or (y) the date Executive's employment terminates, divided by 365.
Appears in 3 contracts
Samples: Salary Continuation Agreement (West Coast Bancorp /New/Or/), Salary Continuation Agreement (West Coast Bancorp /New/Or/), Salary Continuation Agreement (West Coast Bancorp /New/Or/)
Payment Amount. The Regular Salary Continuation Payment will equal Executive's regular monthly salary in effect when Executive's employment terminates (as reportable on Executive's IRS Form W-2, but including the amount of any voluntary deferrals of salary, and excluding any expense allowances or reimbursements, any bonuses, any gain from exercise of stock options, or any other similar non-recurring payments) that would be payable to Executive but for the termination from the day Executive's employment terminates to the date twelve 18 months after the later of (i) the date the Change in Control occurs or (ii) the date Executive's employment terminates. The Bonus Continuation Payment will equal (i) the most recent annual bonus paid to Executive, multiplied by (ii) the number of days during which Executive was employed but as to which no annual bonus has been paid plus the number of days from the date of termination of employment to the date twelve 18 months after the later of (x) the date the Change in Control occurs or (y) the date Executive's employment terminates, divided by 365.
Appears in 3 contracts
Samples: Salary Continuation Agreement (West Coast Bancorp /New/Or/), Salary Continuation Agreement (West Coast Bancorp /New/Or/), Salary Continuation Agreement (West Coast Bancorp /New/Or/)
Payment Amount. The Regular Salary Continuation Payment will equal Executive's regular monthly salary in effect when Executive's employment terminates (as reportable on Executive's IRS Form W-2, but including the amount of any voluntary deferrals of salary, and excluding any expense allowances or reimbursements, any bonuses, any gain from exercise of stock options, or any other similar non-recurring payments) that would be payable to Executive but for the termination from the day Executive's employment terminates to the date twelve 24 months after the later of (i) the date the Change in Control occurs or (ii) the date Executive's employment terminates. The Bonus Continuation Payment will equal (i) the most recent annual bonus paid to Executive, multiplied by (ii) the number of days during which Executive was employed but as to which no annual bonus has been paid plus the number of days from the date of termination of employment to the date twelve 24 months after the later of (x) the date the Change in Control occurs or (y) the date Executive's employment terminates, divided by 365. If a Change in Control occurs before Executive's 2001 bonus is determined, Executive's most recent annual bonus will be deemed to be $37,500.
Appears in 1 contract
Samples: Salary Continuation Agreement (West Coast Bancorp /New/Or/)
Payment Amount. The Regular Salary Continuation Payment will equal Executive's regular monthly salary in effect when Executive's employment terminates (as reportable on Executive's IRS Form W-2, but including the amount of any voluntary deferrals of salary, and excluding any expense allowances or reimbursements, any bonuses, any gain from exercise of stock options, or any other similar non-recurring payments) that would be payable to Executive but for the termination from the day Executive's employment terminates to the date twelve 18 months after the later of (i) the date the Change in Control occurs or (ii) the date Executive's employment terminates. The Bonus Continuation Payment will equal (i) the most recent annual bonus paid to Executive, multiplied by (ii) the number of days during which Executive was employed but as to which no annual bonus has been paid plus Plus the number of days from the date of termination of employment to the date twelve 18 months after the later of (x) the date the Change in Control occurs or (y) the date Executive's employment terminates, divided by 365.
Appears in 1 contract
Samples: Salary Continuation Agreement (West Coast Bancorp /New/Or/)
Payment Amount. The Regular Salary Continuation Payment will equal Executive's regular monthly salary in effect when Executive's employment terminates (as reportable on Executive's IRS Form W-2, but including the amount of any voluntary deferrals of salary, and excluding any expense allowances or reimbursements, any bonuses, any gain from exercise of stock options, or any other similar non-recurring payments) that would be payable to Executive but for the termination from the day Executive's employment terminates to the date twelve 24 months after the later of (i) the date the Change in Control occurs or (ii) the date Executive's employment terminates. The Bonus Continuation Payment will equal (i) the most recent annual bonus paid to Executive, multiplied by (ii) the number of days during which Executive was employed but as to ------------- which no annual bonus has been paid plus the number of days from the date of termination of ---- employment to the date twelve 24 months after the later of (x) the date the Change in Control occurs or (y) the date Executive's employment terminates, divided by 365. If a Change in Control occurs before Executive's 2001 bonus is determined, Executive's most recent annual bonus will be deemed to be $37,500.
Appears in 1 contract
Samples: Salary Continuation Agreement (West Coast Bancorp /New/Or/)