Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination;
Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination; however, (1) if the Executive is a Key Employee on the Date of Termination, the Salary Continuation Benefit shall not be paid until the first day of the seventh month following the Date of Termination; or (2) if the Date of Termination occurs more than two years after the Change in Control Date, the Salary Continuation Benefit will be paid in the form of periodic salary payments as if the Executive had not been terminated.
Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to TWO times Officer’s Final Compensation. For purposes of this agreement, “Final Compensation” means the annual base salary disclosed in section 4(b), plus the highest annual bonus paid or payable for the two most recently completed years and any amount contributed by Officer during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. For annual bonus calculations, the combined bonus paid under a Profit Sharing Plan for Mortgage Officers and a Spread Bonus Plan for Mortgage Officers will be limited, for calculation purposes of the highest annual bonus, to the lesser of $75,000 or the highest combined bonus paid under those bonus plans. The Salary Continuance Benefit will be paid to Employee in a lump sum cash payment not later than the 45th day following the termination date; and
Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.99 times the Executive's average annual compensation includable in the Executive's annual gross income for federal income tax purposes for the five (5) most recent taxable years ending before the date on which the Change in Control occurs. If the Change in Control is considered a change in ownership or effective control of the Company or is considered a sale of substantially all of the assets of the Company under Section 409A of the Code and the Executive's Date of Termination is within two (2) years of such Change in Control, then the Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination. Otherwise, the Salary Continuation Benefit will be paid in equal monthly installments over a twenty-four (24) month period.
Salary Continuance Benefit. The “Salary Continuance Benefit” is an amount equal to 2.99 times Employee’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Base Salary in effect at the date of termination, plus the average of the annual bonus paid or payable for the two most recently completed years (both of which shall include any amount contributed therefrom by Employee to any salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals). The Salary Continuance Benefit will be paid to Employee in a lump sum cash payment as soon as administratively feasible following the date of termination.
Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.99 times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the average Annual Bonus paid or payable for the two most recently completed years (both of which shall include any amount contributed therefrom by the Executive to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals). The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment as soon as administratively feasible following the Date of Termination;
Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to the lesser of 2.00 or the balance of the Term (expressed in year(s) and/or a fractional part of a year, as applicable) times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the average Annual Bonus paid or payable for the two most recently completed years (both of which shall include any amount contributed therefrom by the Executive to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals). The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment within thirty (30) days following the Date of Termination;
Salary Continuance Benefit. The “Salary Continuance Benefit” is an amount equal to 2.99 times the sum of (x) (a) the Base Salary in effect on the date of termination or, (b) if greater, the highest base salary in effect in the three months immediately prior to the Change in Control, plus (y) the highest annual bonus paid or payable, including by reason of any deferral, for the two years immediately preceding the year in which the Executive’s employment terminates, subject to compliance with Section 13 of this Agreement regarding the requirements of Section 409A and the Executive’s continuing compliance with the covenants under Section 5 of this Agreement. If the Change in Control is considered a change in ownership or effective control of the Company or is considered a sale of substantially all of the assets of the Company under Section 409A of the Code and the Executive’s Date of Termination is within two (2) years of such Change in Control, then the Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the forty-fifth (45th) day following the Date of Termination. Otherwise, the Executive shall receive the Salary Continuance Benefit over a period of twenty-four (24) months payable in equal monthly installments from the Date of Termination.
Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.99 times the Executive’s Highest Annual Compensation. For purposes of this Agreement, “Highest Annual Compensation” means the highest annual compensation consisting only of base salary and cash bonuses paid to the Executive by the Company and its affiliated companies for any six months ending with the Executive’s termination. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination, provided that, at the option of the Executive, the amount required to be paid hereby shall be paid in equal monthly installments over the six months succeeding the Date of Termination, payable on the first day of each such month;
Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.99 times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the base salary in effect at the Date of Termination, plus the highest annual bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment within ten days after the Date of Termination, unless the Executive makes an irrevocable election prior to the date on which a Change in Control occurs to receive the Salary Continuance Benefit in equal monthly installments beginning on the first business day of the month immediately following the Date of Termination and continuing for such period of time as the Executive elects, but in no event may such period exceed thirty-six months.
