SALARY CONTINUATION BENEFIT Sample Clauses

SALARY CONTINUATION BENEFIT. 2.1 If a Compensable Termination occurs, then the Company shall pay the Salary Continuation Benefit to Executive on or before the tenth business day following the day on which Executive's employment terminates. The Salary Continuation Benefit shall be paid in one lump sum, net of all required federal and state withholding taxes. 2.2 The Salary Continuation Benefit shall be a sum equal to three times the Applicable Compensation of Executive. 2.3
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SALARY CONTINUATION BENEFIT. 1. New Accepted Claim with Overlapping Previously Accepted Injury - Where an Employee sustains a subsequent industrial injury as part of a new accepted workers' compensation claim that includes a previously accepted body part in the same five (5) year period, Employee shall be entitled to a period of time not to exceed 183 days of Salary Continuation Benefits.
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SALARY CONTINUATION BENEFIT. If the Employee dies while employed by the Company, the Company shall pay to the Employee's Beneficiary a salary continuation benefit equal to the balance in the Employee's Deferred Compensation Account. Payment shall be made within ninety (90) days following the Employee's death. Notwithstanding the foregoing, if the Employer elects to purchase a life insurance policy on the life of the Employee as part of the Employee's Deferred Compensation Account, then the Salary Continuation Benefit shall be a lump sum benefit in the amount of the face value of the said life insurance policy minus the value of the premiums paid by the Employer plus 8% of the value of the premiums paid by the Employer.
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SALARY CONTINUATION BENEFIT. You will receive continued payment of your current base salary of $270,000/year, less required deductions, which shall be paid to you on a bi-weekly basis in accordance with Key’s normal payroll procedures for a period of twelve (12) months, from June 1, 2015 through May 31, 2016 (“Salary Continuation”). All voluntary payroll deductions will cease as of your Retirement Date. In addition, your participation in Key’s 401(k) Plan and Deferred Savings Plan ends as of your Retirement Date.
Sample 1
SALARY CONTINUATION BENEFIT. If the Executive is employed by either of the Employers as of December 31, 2012, or, if earlier, immediately prior to the expiration of the Term, the Executive’s interest in and entitlement under the Salary Continuation Agreement to an annual benefit of $100,000 for twenty (20) years shall be fully vested, such annual benefit to be paid by the Employers to the Executive in 12 equal monthly installments commencing with the month following the Executive’s attaining age 65.
Sample 1
SALARY CONTINUATION BENEFIT. Executive will be eligible to receive a salary continuation benefit (the “Salary Continuation Benefit”) equal to twelve (12) months of Executive’s base salary following Executive’s Date of Termination (such number of months shall hereinafter be referred to as the “Severance Period”), minus any applicable deductions or withholdings or other reductions provided by this Agreement, the Plan or law, and which will be payable in a manner and on days that correspond to the Company’s regular paydays and payroll practices. The Salary Continuation Benefit will begin as soon as is administratively practical after Executive’s execution of the Release or, if applicable, the end of the revocation period described in paragraph 15(f) of this Agreement, whichever is later; provided, that if the maximum period for consideration and revocation of the Agreement as provided in paragraphs 15(e) and 15(f) would span two different taxable years of Executive, then no Salary Continuation Benefit payments may be made until the later of such two taxable years, regardless of when the Agreement is signed and the revocation period expires. Executive expressly authorizes the Company to make any necessary deductions, withholdings, or other reductions from the Salary Continuation Benefit. This Agreement and any and all obligations contained herein are subject to and conditioned upon Executive remaining an employee in good standing through Executive’s Date of Termination. (b)
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SALARY CONTINUATION BENEFIT. The parties believe that the benefit provided for under Section 2.2 of the Salary Continuation Agreement constitutes payments under a deferred compensation plan as such term is defined in 31 C.F.R. § 30.1 (relating to executive compensation restrictions under Section 111(b) of the EESA) ("TARP Exception"), and under a bona fide deferred compensation plan or arrangement as such term is defined in FDIC Regulation 12 C.F.R. § 359.1(d) (relating to prohibited "golden parachute" payments) ("359 Exception"). Accordingly, the Company, the Bank and Xx. Xxxxxx acknowledge that, upon a determination by the appropriate regulatory authorities, the benefits available to Xx. Xxxxxx under the Salary Continuation Agreement are permissible as provided in 31 C.F.R. § 30.1 and 12 C.F.R. § 359.1(d), the benefit provided for under Section 2.2 of the Salary Continuation Agreement will be paid at the time and in the form provided for under the terms of the Salary Continuation Plan, except that the amount of such benefit shall be limited to the amount accrued and vested under the Salary Continuation Plan as of December 31, 2010, and no additional benefits shall accrue after such date. Notwithstanding the foregoing, in the event an appropriate government agency determines that any such payments do not satisfy the TARP Exception or 359 Exception, or otherwise do not comply with TARP or 359 restrictions relating to executive compensation, then the parties agree to take whatever action is reasonably necessary to satisfy such restrictions including, but not limited to, discontinuing any future benefit payments and the return by Xx. Xxxxxx of any payments received under the Salary Continuation Agreement which did not comply with TARP or 359 restrictions relating to executive compensation.
Sample 1
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Related to SALARY CONTINUATION BENEFIT

  • Salary Continuation Payments The Executive shall be eligible to receive his base salary for up to a total period of eighteen (18) months at the annualized rate in effect for him under Paragraph 3 at the time of his Involuntary Termination. The first such payment shall be made on the sixtieth (60th) day following the Executive’s Separation from Service due to such Involuntary Termination provided the requisite Release Condition is satisfied and subsequent salary continuation payments shall be made at periodic intervals in accordance with the Company’s payroll practices for salaried employees. The salary continuation payments to which the Executive becomes entitled in accordance with this Paragraph 4.4 shall be treated as a right to a series of separate payments for purposes of Section 409A of the Code.

  • Salary Continuation If the Executive becomes totally disabled during the term of this Agreement, his full salary shall be continued for 360 days from the date of the disabling injury or onset of the disability illness.

  • Benefit Continuation You and your then eligible dependents shall continue to be covered by and participate in the group health and dental care plans (collectively, “Health Plans”) of the Company (at the Company’s cost) in which you participated, or were eligible to participate, immediately prior to the Date of Termination through the end of the Benefit Continuation Period; provided, however, that any medical or dental welfare benefit otherwise receivable by you hereunder shall be reduced to the extent that you become covered under a group health or dental care plan providing comparable medical and health benefits. You shall be eligible to participate in such Health Plans on terms that are at least as favorable as those in effect immediately prior to the Date of Termination. However, in the event that the terms of the Company’s Health Plans do not permit you to participate in those plans (other than pursuant to an election under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”)), in lieu of your and your eligible dependent’s coverage and participation under the Company’s Health Plans, the Company shall pay to you within fifteen (15) calendar days after the effective date of the Waiver and Release a lump sum equal to two (2) times your monthly COBRA premium amount for the number of months remaining in the Benefit Continuation Period. In addition, for the purposes of coverage under COBRA, your COBRA event date will be the date of loss of coverage described in this paragraph above.

  • Vacation; Benefits During the Term, the Executive shall be eligible for 20 vacation days annually, which shall be accrued and used in accordance with the applicable policies of the Company. During the Term, the Executive shall be eligible to participate in such medical, dental and life insurance, retirement and other plans as the Company may have or establish from time to time on terms and conditions applicable to other senior executives of the Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established.

  • Termination Benefits (a) If Executive’s employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive:

  • Salary Severance A single, lump sum payment equal to twelve (12) months of the Executive’s Salary, less applicable withholdings.

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

  • Post-Termination Benefits If the Executive's employment shall be terminated for any reason following a Change in Control and during the Term, the Company shall pay to the Executive the Executive's normal post-termination compensation and benefits as such payments become due. Such post-termination compensation and benefits shall be determined under, and paid in accordance with, the Company's retirement, insurance and other compensation or benefit plans, programs and arrangements as in effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the occurrence of the first event or circumstance constituting Good Reason.

  • Severance Payments; Salary and Benefits The Company agrees to provide Employee with the severance payments and benefits described in Section 4(b) of the Employment Agreement, payable at the times set forth in, and subject to the terms and conditions of, the Employment Agreement. In addition, to the extent not already paid, and subject to the terms and conditions of the Employment Agreement, the Company shall pay or provide to Employee all other payments or benefits described in Section 3(c) of the Employment Agreement, subject to and in accordance with the terms thereof.

  • Compensation Benefits In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

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