Payments in Lieu of Notice. The Company has made on regular payroll dates and shall continue to make salary continuation payments to Executive at her annual base salary rate of $575,000 for the period commencing on the Retirement Date through December 31, 2006. Such salary continuation payments shall not be taken into account for purposes of the Company’s qualified retirement plans. In addition, no later than 5 business days following expiration of the revocation period referred to in Section 5 hereof, the Company shall pay Executive $463,796 in lieu of bonus, supplemental retirement plan payments and other compensation to which Executive might otherwise have become eligible if she had remained in the Company’s employ through December 31, 2006.
Payments in Lieu of Notice. 13.4. In circumstances of resignation or termination the Employer may elect to pay the Employee a period in lieu of notice and have the Employee cease work before the termination date. The required amount of payment instead of notice must equal the total of all amounts that, if the Employee’s employment had continued until the end of the required period of notice, the Employer would have become liable to pay to the Employee because of the employment continuing during that period. That total must be calculated on the basis of:
