Common use of Salary Continuance Benefit Clause in Contracts

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 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 82,500 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 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 $75,000 175,000 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