Salary Component. Payment, promptly after termination and in any event within 30 days after the Date of Termination, of a lump sum amount equal to the product of (A) two (2) and (B) the Executive’s Annual Base Salary on the Date of Termination.
Salary Component. Continuation of salary, at a monthly rate equal to the highest monthly base salary rate in effect during the twelve month period preceding the termination of employment for a period equal to the longer of (x) two years or (y) what would be the remaining term of this Agreement as determined in Section 1(a) had the termination not occurred, or until the Executive's death if that occurs first (the "Severance Payment Period"). Such payments will be made on the Company's regular semimonthly payroll dates.
Salary Component. Payment, promptly after termination and in any event within 30 days after the Date of Termination, of a lump sum amount equal to salary, at a monthly rate equal to the highest monthly base salary rate in effect during the twelve month period preceding the termination of employment times twenty-four (24) months; provided that if the Company had previously notified the Executive in accordance with Section 1(b) that the automatic extension had ceased, the highest monthly base salary set forth above shall be multiplied by the number of months remaining until the Term Date as if the termination had occurred or, if shorter, the number of months remaining until the first month immediately following the Executive’s 65th birthday (the “Severance Payment Period”).
Salary Component. Company shall pay $245,000, less applicable taxes and deductions, which payment is equal to six (6) months’ worth of Employee’s base salary as in effect immediately prior to the Separation Date (such payment, the “Salary Severance Payment”). The Salary Severance Payment will be paid in 12 substantially equal installments, with the first installment being paid on the Company’s first regularly scheduled payday that comes on or after the date that is thirty (30) days after the Separation Date (such date, the “First Payment Date”), which first installment shall include (without interest) a number of installments of the Salary Severance Payments equal to the number of such installments that would have been paid during the period beginning on the Separation Date and ending on the First Payment Date had the installments been paid on a bi-weekly basis commencing on the Company’s first regularly scheduled pay date coincident with or next following the Separation Date, and each of the remaining installments of the Salary Severance Payment shall be paid on a bi-weekly basis thereafter.
Salary Component. If termination occurs for reasons qualifying Executive for Severance, under this Section 8, within the first two (2) years of Executive’s employment (from Commencement Date), Executive shall receive three (3) months of Executive’s base salary; if termination occurs for reasons qualifying Executive for Severance, under this Section 8, after two (2) years of Executive’s employment (from Commencement Date), Executive shall receive six (6) months of Executive’s base salary.
Salary Component. Payment, promptly after termination, of a lump sum amount equal to salary, at a monthly rate equal to the highest monthly base salary rate in effect during the twelve (12) month period preceding the termination of employment times the number of months in the remaining term of this Agreement as determined in Sections 1(a)(i) or (iii) had the termination not occurred, or until the Executive’s death if that occurs first (the “Severance Payment Period”); provided, however, that in the event the Company appoints a Chief Executive Officer (other than an Interim Chief Executive Officer) to succeed Gxxxxx X. Xxxxxxxx during the term of this Agreement and the Executive’s termination of employment occurs during the period commencing on May 16, 2006 and ending eighteen (18) months after the date on which the new Chief Executive Officer commences employment with the Company (the “CEO Window Period”), for purposes of the above formula, “Severance Payment Period” shall be replaced with the number of months in the remaining term of this Agreement as determined in Sections 1(a)(i) or (iii) had the termination not occurred plus twelve (12) months (the “Enhanced Severance Multiple”).”
Salary Component. Payment, promptly after termination, of a lump sum amount equal to salary, at a monthly rate equal to the highest monthly base salary rate in effect during the twelve month period preceding the termination of employment times the number of months in the remaining term of this Agreement as determined in Sections 1(a)(i) or (iii) had the termination not occurred, or until the Executive's death if that occurs first (the "Severance Payment Period").
