Common use of Payments in Lieu of Salary Clause in Contracts

Payments in Lieu of Salary. In lieu of any further salary payments to you for periods subsequent to the Date of Termination, the Company shall pay to you monthly (for a period of 35 months or until the month in which you reach 65 years of age, whichever first occurs) a monthly payment equal to your highest monthly base salary (including any deferred amounts) paid during the 36-month period prior to the Date of Termination.

Appears in 4 contracts

Samples: Special Compensation and Non Compete Agreement (Sprint Corp), Contingency Employment Agreement (Embarq CORP), Contingency Employment Agreement (Sprint Corp)

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