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 Payments. (a) In the event Employee’s employment was terminated by the Company without “cause” (as defined below), then: (i) for a period of 12 months following termination of employment, the Company shall pay to Employee every two weeks 1/26th of the base salary paid to Employee by the Company during the 12 month period immediately preceding termination of Employee’s employment, or for an Employee who was employed by the Company for a period less than 12 months, the annualized base salary paid to Employee by the Company for the period of employment preceding the Employee’s termination; (ii) for a period of 12 months following termination of employment, the Company shall provide Company-paid medical and dental coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), provided that Employee makes a timely COBRA election to continue such medical and dental coverage; and (iii) the Company shall vest a prorata portion (based upon the percentage of time that Employee remained employed from the grant date to the scheduled vesting date) of any Restricted Stock Units (“RSUs”) which were granted to Employee upon his hire pursuant to separate agreements (all other aspects of the RSUs shall be governed in accordance with and subject to the provisions of the applicable RSU agreements and plans). All payments, Company-paid benefits and RSU vesting to Employee provided in this Section 3.1(a) are conditioned upon Employee’s execution of a separation agreement and general release, in such form as the Company in its sole discretion determines. In the event Employee fails to execute the aforementioned separation agreement and general release, or Employee at any time breaches any of the terms of this Agreement, all provisions of this Agreement shall remain in effect for the full terms specified herein, but the Company shall not be obligated to, or shall no longer be obligated to, provide to Employee the payments, Company-paid benefits or RSU vesting described in this Section 3.1(a).
(b) As used in Section 3.1(a), “cause” shall mean the occurrence of any of the following events as solely determined by the Company: (i) the Employee has misappropriated any funds or property of the Company, or has willfully or negligently destroyed property of the Company; (ii) the Employee has been convicted of any crime that impairs the Employee’s ability to perform his or her duties and responsibilities with the Company, or that causes or may cause damage to the Company or its operat...
Salary Continuation Payments. The Executive shall be eligible to receive the Executive’s base salary for up to a total period of twenty-four (24) months at the annualized rate in effect under Paragraph 3 at the time of the Executive’s 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.
Salary Continuation Payments. The Executive shall be eligible to receive continued payment of the Executive’s then-current base salary for a period of six (6)- month. The first such payment shall be made on the sixtieth (60th) day following the date of the Executive’s Separation from Service provided the Release is effective, and subsequent payments will be made in accordance with the Company’s normal payroll schedule for salaried employees. Such cash payments shall be treated as a right to a series of separate payments for purposes of Section 409A of the Code. B. Health
Salary Continuation Payments. As additional consideration for the representation and restrictions contained in this paragraph 6, if (i) the termination of Executive’s employment occurs prior to the expiration of the Employment Period for any reason other than Cause or the Executive’s Voluntary Termination, or (ii) the Company gives a written notice of non-renewal of the Employment Period as provided in paragraph 1 above, then the Company agrees to pay Executive amounts which, when combined with all amounts payable by the Company pursuant to either clause (i) of paragraph 5(a) above or clauses (i) and (ii) of paragraph 5(c) above, will total Executive’s Annual Base Salary and Target Annual Bonus as in effect immediately preceding the Date of Termination for a period of twelve (12) months following the Date of Termination (the “Salary Continuation Payments”). The Salary Continuation Payments shall be payable as and when such amounts would be paid in accordance with paragraph 3(a) and (b) above. In the event of (i) the Company’s termination of the Executive’s employment for Cause, (ii) a Voluntary Termination by the Executive, or (iii) the automatic termination of the Employment Period when the Executive attains the age of sixty-five (65) as provided in paragraph 1 above, the Salary Continuation Payments shall be the total of (x) any and all amounts due the Executive by reason of and in accordance with the provisions of paragraph 5(d) above, plus (y) the sum of $50,000 payable in equal monthly installments of $4,166.67 over a 12-month period following the Date of Termination. If the Executive breaches this Agreement at any time during the twelve (12) month period following the Date of Termination, the Company’s obligation to continue any Salary Continuation Payments shall immediately cease, and the Executive shall immediately return to the Company all Salary Continuation Payments paid up to that time. The termination of Salary Continuation Payments shall not waive any other rights at law or equity which the Company may have against Executive by virtue of his breach of this Agreement. The Company’s obligation to make Salary Continuation Payments shall also cease with respect to periods after Executive’s death.
Salary Continuation Payments. Continuation of your base salary for a period of twelve (12) months after the date of termination (the “Severance Period”) at the salary rate then in effect.
Salary Continuation Payments. Executive will be entitled to receive an amount equal to two (2) times (or in the event that Executive’s Termination Date occurs during the period that begins immediately prior to a Sale of Xxxxx Corporation and ends on the twelve (12) month anniversary of such Sale of Xxxxx Corporation (a “Qualifying Termination”), three (3) times) the sum of (i) the amount equal to Executive’s Base Salary as of the date immediately preceding the Termination Date (or, if Executive terminates for Good Reason under Section 8.3(a), the amount equal to Executive’s Base Salary before the reduction giving rise to Good Reason under Section 8.3(a)), and (ii) the amount equal to Executive’s Target Bonus Amount for the year in which such termination occurs. Such amount shall be paid by the Company to Executive in twenty four (24) (or, in the case of a Qualifying Termination, thirty six (36)) substantially equal monthly installments beginning on or promptly following the sixtieth (60th) day following the Termination Date (the “Payment Date”).
Salary Continuation Payments. The Executive shall be entitled to receive his base salary equal to four weeks of his then current salary for each year of continuous employment by the Company for a total period not to exceed seventy-eight (78) weeks at the annualized rate then in effect for him under Paragraph 3 at the time of his termination. The first such payment shall be made on the thirtieth (30th) day following the Executive's Separation from Service due to such 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.
Salary Continuation Payments. In case of a Disability Absence an employee will be paid for not longer than the Maximum Period salary payments which, together with Disability Benefits, will equal the full salary that the employee would have received if the Disability Absence had not occurred. Determination of the amount of these salary payments will be made upon a pay period basis.
Salary Continuation Payments. Executive shall be eligible to receive Executive’s base salary for a total period of eighteen (18) 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 this Part Three - 2.A or Part Four - 2.A, if applicable) shall be treated as a right to a series of separate payments for purposes of Section 409A.
