Salary and Other Payments at Termination Sample Clauses

Salary and Other Payments at Termination. Executive shall be entitled to receive payment in cash in the amount of three times Executive's Average Annual Earnings, as such term is defined in this Section 3(a), during the most recent three year fiscal periods (or the period during which the Executive has been employed by the Bank if less than three years.) However, if such amount exceeds limits provided in the then existing provisions of the Internal Revenue Code for the imposition of tax penalties on such payments, the amount shall be reduced to the highest amount allowed to avoid such penalties. At the election of Employee, payment shall be made in equal monthly payments over a three-year period beginning with the month following Termination, or payment shall be made in a lump sum. Any lump sum payment request must be made in writing at least six months prior to Termination. If Executive shall die prior to the time all payments which may otherwise have been due to Executive, under this Section 3(a) or otherwise in this agreement, have been made, then, as soon as practicable after his death and in no event later than 3 months after the appointment of Executive's personal representative, the Bank shall pay in a lump sum in cash all sums not distributed to Executive prior to his death. Payment shall be made to the beneficiary named as such under the life insurance plan maintained by the Bank on the date of Executive's death. If no such beneficiary is named, such sums shall be paid to Executive's personal representative. No reduction to present value of any such sums shall be made.
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Salary and Other Payments at Termination. Executive shall be entitled to receive payment in cash in the amount of three (3) times Executive's Earnings (at such time as defined in this Section 24 (a)). Payment shall be made in lump sum to the Executive within 30 days of termination. For purposes of this Agreement, "Earnings" shall mean the sum of (i) Executive's annual Base Salary as approved by the Parent Board for the year in which the Change in Control occurs, plus (ii) the Target Bonus Executive would have been entitled to receive for the calendar year in which the Change in Control occurs as if the performance targets had been achieved.
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Salary and Other Payments at Termination. Executive shall be entitled to receive payment in cash equal to three times the sum of Executive’s annualized compensation, as such term is defined in this Section 3(a), based upon the annual rate of pay for services provided to the Company for the Executive’s taxable year preceding the Executive’s taxable year in which the Termination occurs (adjusted for any increase during that year that was expected to continue indefinitely if the Termination had not occurred). However, if such amount, when combined with other payments or benefits that are aggregated with such amount pursuant to the requirements of the Internal Revenue Code of 1986, as amended (the “IRC”), exceeds the limit provided in Section 280G of the IRC or any corresponding or similar provision of the IRC for the imposition of tax penalties on such payments (but excluding IRC Section 162(m) or corresponding or similar provisions regarding deductibility of such payments), the amount shall be reduced to the highest amount allowed to avoid such penalties. Payment shall be made in one lump sum 15 days after the Termination to Executive or the personal representative of Executive’s estate if Executive dies during such 15-day period. For purposes of this Agreement, “annualized compensation” shall mean the amounts earned by Executive for personal service rendered to the Company and its affiliates as reportable on Treasury Department Form W-2, including bonuses, and excluding the following: (1) moving and educational expenses, (2) income included under Section 79 of the IRC and (3) income imputed to Executive from personal use of employer-owned automobiles and employer paid club dues. Earnings shall not include any income attributable to grants of and dividends on shares awarded under any stock-based incentive compensation plan.
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Salary and Other Payments at Termination. The Executive shall be entitled to receive payment in cash in the amount of 2.99 times the Executive’s Earnings (as defined in this Section 4(a)) in effect at the time of Termination. Payment shall be made in a lump sum to the Executive within 30 days of Termination, subject to applicable withholding requirements. For purposes of this Agreement, “Earnings” shall mean the sum of (i) the Executive’s annual base salary as approved by the Parent Board, the Superior Bank Board or any committee or designee of either immediately preceding the Change in Control or at the time of Termination, whichever is higher, plus (ii) if established, any target bonus the Executive would have been entitled to receive for the calendar year in which the Change in Control occurs or the year in which the Termination occurs, whichever is higher, as if the performance targets had been achieved.
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Salary and Other Payments at Termination. Executive shall be entitled to receive payment in cash in the amount of two (2) times Executive's average Annual Earnings (as such term is defined in this Section 3(a)), which for purposes of this Agreement shall be deemed to be the "base amount" as that term is defined in Section 280G of the Internal Revenue Code of 1986, as amended during the most recent five-year fiscal periods (or the period during which the Executive has been employed by Equity or any of its subsidiaries if less than five years). However, if such amount exceeds limits provided in the then existing provisions of the Internal Revenue Code for the imposition of tax penalties on such payments, the amount shall be reduced to the highest amount allowed to avoid such penalties.
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Salary and Other Payments at Termination. Executive shall be entitled to receive payment in cash in the amount of 3 times Executive's Compensation (as such term is defined in this Section 3(a)).
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Salary and Other Payments at Termination. In the event of termination as provided herein, Executive shall be entitled to receive payment in cash in the amount of two (2) times the greater of (a) Executive’s then current annual salary, or (b) Employee’s salary plus bonus compensation for the year most recently ended as reportable on the applicable W-2. Payment of such amount shall be payable to the Executive on the first day of the seventh month following the date of termination of the Executive’s employment; provided, that such payment may be paid earlier in the event of the Executive’s death after termination hereunder.
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Related to Salary and Other Payments at Termination

  • Vacation and Other Benefits Each Contract Year, Executive shall be entitled to four (4) weeks of paid vacation in accordance with Employer’s applicable policies and procedures for executive-level employees. Executive shall also be eligible to participate in and receive the fringe benefits generally made available to other executive-level employees of Employer in accordance with and to the extent that Executive is eligible under the general provisions of Employer’s fringe benefit plans or programs; provided, however, that Executive understands that these benefits may be increased, changed, eliminated or added from time to time during the Term as determined in Employer’s sole and absolute discretion.

  • Compensation and Other Benefits Subject to the provisions of this Agreement, the Company shall pay and provide the following compensation and other benefits to the Executive during the Term as compensation for services rendered hereunder:

  • Expense Reimbursement and Other Benefits (a) During the term of Executive’s employment hereunder, pursuant to Applica’s Travel and Expense Policy and upon the submission of proper substantiation by the Executive, including copies of all relevant invoices, receipts or other evidence reasonably requested by Applica, Applica shall reimburse the Executive for all reasonable expenses actually paid or incurred by the Executive in the course of and pursuant to the business of Applica or any Affiliates.

  • Royalties and Other Payments A. For the rights, privileges and exclusive license granted hereunder, Licensee shall pay to CMCC the following amounts in the manner hereinafter provided. Unless expressly stated otherwise in this Agreement, periodic payment obligations listed below shall endure through the Term of this Agreement, unless this Agreement shall be sooner terminated as hereinafter provided.

  • Expenses and Other Benefits 6.1 The Company shall promptly reimburse to the Executive all reasonable travel and other out of pocket expenses properly incurred by him in the performance of his duties under the Employment. The Executive will submit claims for expenses reimbursement to the Company regularly with appropriate supporting documentation.

  • Fees, Expenses and Other Payments (a) Except as otherwise provided in this Section 7.3, whether or not the Merger is consummated, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby (including, without limitation, fees and disbursements of counsel, financial advisors and accountants) shall be borne solely and entirely by the party which has incurred such costs and expenses (with respect to such party, its "Expenses").

  • COMPENSATION AND OTHER FEES As compensation for the services provided by Xxxxxx xxxxxxxxx, the Company agrees to pay to Xxxxxx:

  • Vacation and Other Leave During the Period of Employment, the Executive shall accrue and be entitled to take paid vacation in accordance with the Company’s vacation policies in effect from time to time, including the Company’s policies regarding vacation accruals; provided that the Executive’s rate of vacation accrual during the Period of Employment shall be no less than three (3) weeks per year. The Executive shall also be entitled to all other holiday and leave pay generally available to other executives of the Company.

  • Expenses and Other Payments (a) Except as otherwise provided in this Section 8.3, each party shall pay its own expenses incident to preparing for, entering into and carrying out this Agreement and the consummation of the Transactions, whether or not the Merger shall be consummated.

  • Improper and Other Payments (a) Neither the Company, any director, officer, employee thereof, nor any agent or representative of the Company nor any person acting on behalf of any of them, has made, paid or received any unlawful bribes, kickbacks or other similar payments to or from any person or authority, (b) no contributions have been made, directly or indirectly, by the Company to a domestic or foreign political party or candidate; and (c) the internal accounting controls of the Company are believed by the Company’s management to be adequate to detect any of the foregoing under current circumstances.

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