Salary Continuation Benefits. The Company will pay, so long as the Employee's Employment Agreement, as amended, is in full force and effect on the date of his death, a monthly salary continuation amount to the Employee's estate or his designee, for twelve months beginning on the date of his death. The annual salary continuation amount will equal the Employee's base salary at his date of death plus an average of the bonuses paid to the Employee by the Company for the three calendar years preceding the year of his death."
Salary Continuation Benefits. If the Employee dies during the period of his employment as an officer of the Company, then the Company shall pay to the Employee’s Beneficiary the following:
(i) 100% of the Employee’s monthly salary at the time of his death shall be paid each month for 12 months; and then
(ii) 50% of the Employee’s monthly salary at the time of his death shall be paid each month for the next 108 months or until the first day of the month in which the Employee would have attained age 65, whichever is later. Such monthly salary continuation payments shall commence in the month following the month in which the Employee’s death occurs and shall be made by the Company to the Employee’s Beneficiary, who shall be designated in writing or otherwise determined as provided in Paragraph 10 below.
Salary Continuation Benefits. If the Employee dies during the period of his employment as an officer of the Company, or dies during a period of disability as described in (a) above, which disability had commenced while Employee was employed as an officer of the Company, then the Company shall pay to the Employee’s Beneficiary the following:
(i) 100% of the Employee’s monthly salary at the time of his death shall be paid each month for 12 months; and then
(ii) 50% of the Employee’s monthly salary at the time of his death shall be paid each month for the next 108 months or until the first day of the month in which the Employee would have attained age 65, whichever is later. Such monthly salary continuation payments shall be made by the Company to the Employee’s Beneficiary, who shall be designated in writing or otherwise determined as provided in Paragraph 10 below. These monthly salary continuation benefits, however, shall not become payable if the Employee’s death is by suicide, while sane or insane, within two years from the effective date of the Prior Agreement.
Salary Continuation Benefits. Executive shall be eligible to receive Executive’s base salary for a total period of twenty-four (24) months at the annualized rate in effect for him at the time of his Involuntary Termination; provided, however, that if Executive’s Involuntary Termination is due to an event set forth in clause (C)(i) of the “Involuntary Termination” definition, then such salary continuation payments shall be based on the annualized rate of base salary in effect for Executive immediately prior to the applicable reduction. The salary continuation payments shall be made at periodic intervals in accordance with the Corporation’s payroll practices for salaried employees, beginning with the first pay date within the sixty (60)-day period measured from the date of Executive’s Separation from Service due to such Involuntary Termination on which the requisite Release is effective. In no event shall the first such payment be made later than the last day of such sixty (60)-day period on which the Release is so effective, unless a further deferral is required pursuant to Part Five - 3 of this Agreement. The salary continuation payments to which Executive becomes entitled in accordance with Part Three - 2.A or this Part Four - 2.A, if applicable) shall be treated as a right to a series of separate payments for purposes of Section 409A.
Salary Continuation Benefits. (i) A Participant’s salary continuation benefits will be equal to a pro-rata portion of the Participant’s Base Salary paid over the applicable Severance Period.
(ii) Subject to Section 7.2(b) below (relating to certain payment subject to Section 409A of the Code) and except as otherwise provided in the Participant’s Notice of Eligibility, salary continuation benefits will be paid for the duration of the Severance Period in substantially-equal semi-monthly installments in accordance with the Company’s standard payroll procedures, commencing on the second payroll date following the date on which the Participant’s Release becomes effective and irrevocable. Notwithstanding the foregoing, any remaining salary continuation benefits that are outstanding at the time of a Participant’s death will be paid to his or her designated Beneficiary in a single lump-sum payment within sixty (60) days following the delivery of satisfactory evidence of the Participant’s death to the Plan Administrator.
Salary Continuation Benefits. Your cash Severance Benefits will be paid in the form of salary continuation, at the time and the manner provided in Section 4.3(a) of the Plan. The Severance Period used to determine the amount and duration of your salary continuation benefits will be twelve (12) months. Your salary continuation benefits will be determined based on your Base Salary, as provided in Section 4.3(a) of the Plan.
Salary Continuation Benefits. A Participant’s salary continuation benefits will be equal to a pro-rata portion of the Participant’s Base Salary paid over the applicable Benefit Period. Subject to Section 7.2(b) below (relating to certain payment subject to Section 409A of the Code) and except as otherwise provided in the Participant’s Notice of Eligibility, salary continuation benefits will be paid for the duration of the Benefit Period in substantially-equal semi-monthly installments in accordance with the Company’s standard payroll procedures, commencing on the second payroll date following the date on which the Participant’s Release becomes effective and irrevocable. Notwithstanding the foregoing, any remaining salary continuation benefits that are outstanding at the time of a Participant’s death will be paid to his or her designated Beneficiary in a single lump-sum payment within sixty (60) days following the delivery of satisfactory evidence of the Participant’s death to the Plan Administrator.
Salary Continuation Benefits. Your cash Retention Benefits will be paid in the form of salary continuation, at the time and the manner provided in Section 4.3(a) of the Plan. The Benefit Period used to determine the amount and duration of your salary continuation benefits will be six (6) months. Your salary continuation benefits will be determined based on your Base Salary, as provided in Section 4.3(a) of the Plan.
Salary Continuation Benefits. As soon as is administratively practical after the Date of Resignation or, if applicable, the end of the revocation period provided in this Agreement, whichever is later, Executive will begin receiving fifty-two (52) weeks of Executive’s weekly base pay (such number of weeks shall hereinafter be referred to as the “Salary Continuation Period”), minus any applicable deductions or withholdings or other reductions provided by this Agreement or law, which will be payable in a manner and on days that correspond to the Company’s regular paydays and payroll practices. Executive expressly authorizes the Company to make any necessary deductions, withholdings, or other reductions from the Salary Continuation Benefits. 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 Resignation. If Executive begins employment with a competing business as defined in Paragraph 8 of this Agreement during the period in which Executive is receiving Salary Continuation Benefits or the period in which the non-competition provision is in effect, whichever is longer, Executive will cease receiving Salary Continuation Benefits, and Executive will be required to repay any Salary Continuation Benefits paid previous to the respective hire date.
Salary Continuation Benefits. The Company will pay, so long as the Employee's Employment Agreement, as amended, is in full force and effect on the date of his death, a monthly salary continuation amount to the Employee's estate or his designee, for twelve months beginning on the date of his death. The annual salary continuation amount will equal the Employee's base salary at his date of death plus the average of all Pre-Tax Profits Bonus payments that would have been paid to Employee for the three calendar years preceding the year of his death as calculated under Section 3 of this Agreement as amended by Amendment No. 2 to this Agreement."
