Common use of Salary Continuation Payments Clause in Contracts

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. 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 Death, Disability, 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 aboveabove such that the Employment Period will terminate prior to the tenth (10th) anniversary of its commencement, 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 twenty-four (1224) 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 Company terminates the Executive’s employment for Cause, (ii) a Voluntary Termination by the due to Executive’s Disability, or (iii) the automatic termination by giving written notice of non-renewal of the Employment Period when the Executive attains the age of sixty-five (65) as provided in paragraph 1 aboveabove such that the Employment Period will terminate on or after the tenth (10th) anniversary of its commencement, or (ii) the Executive gives notice of his or her Voluntary Termination, then 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, payable as provided therein, plus (y) the sum of $50,000 50,000, payable (a) in equal monthly installments the event of $4,166.67 a termination by the Company under clause (i) of this sentence, over a 12twelve-month period following the Date of Termination, in eleven (11) equal monthly installments of $1,000.00, followed by a twelfth and final monthly payment in the amount of $39,000, or (b) in the event of a termination by the Executive under clause (ii) of this sentence, over a six-month period beginning on the first day of the seventh month following the Date of Termination, in five (5) equal monthly installments of $2,000, followed by a sixth and final monthly payment in the amount of $40,000. If the Executive breaches this Agreement at any time during the twelve (12) month period following the Date of Terminationin which payments are being made hereunder, the Company’s obligation to continue make any additional Salary Continuation Payments shall immediately cease, and the Executive shall immediately return to the Company all Salary Continuation Payments paid up to that timetime to the extent they exceeded $1,000.00. 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. 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 Death, Disability, 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 aboveabove such that the Employment Period will terminate prior to the fourteenth (14th) anniversary of its commencement, 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 twenty-four (1224) 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 Company terminates the Executive’s employment for Cause, (ii) a Voluntary Termination by the due to Executive’s Disability, or (iii) the automatic termination by giving written notice of non-renewal of the Employment Period when the Executive attains the age of sixty-five (65) as provided in paragraph 1 aboveabove such that the Employment Period will terminate on or after the fourteenth (14th) anniversary of its commencement, or (ii) the Executive gives notice of his or her Voluntary Termination, then 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, payable as provided therein, plus (y) the sum of $50,000 50,000, payable (a) in equal monthly installments the event of $4,166.67 a termination by the Company under clause (i) of this sentence, over a 12twelve-month period following the Date of Termination, in eleven (11) equal monthly installments of $1,000.00, followed by a twelfth and final monthly payment in the amount of $39,000, or (b) in the event of a termination by the Executive under clause (ii) of this sentence, over a six-month period beginning on the first day of the seventh month following the Date of Termination, in five (5) equal monthly installments of $2,000, followed by a sixth and final monthly payment in the amount of $40,000. If the Executive breaches this Agreement at any time during the twelve (12) month period following the Date of Terminationin which payments are being made hereunder, the Company’s obligation to continue make any additional Salary Continuation Payments shall immediately cease, and the Executive shall immediately return to the Company all Salary Continuation Payments paid up to that timetime to the extent they exceeded $1,000.00. 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. 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 Death, Disability, 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 aboveabove such that the Employment Period will terminate prior to the twenty-first (21st) anniversary of its commencement, 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 twenty-four (1224) 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 Company terminates the Executive’s employment for Cause, (ii) a Voluntary Termination by the due to Executive’s Disability, or (iii) the automatic termination by giving written notice of non-renewal of the Employment Period when the Executive attains the age of sixty-five (65) as provided in paragraph 1 aboveabove such that the Employment Period will terminate on or after the twenty-first (21st) anniversary of its commencement, or (ii) the Executive gives notice of his or her Voluntary Termination, then 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, payable as provided therein, plus (y) the sum of $50,000 50,000, payable (a) in equal monthly installments the event of $4,166.67 a termination by the Company under clause (i) of this sentence, over a 12twelve-month period following the Date of Termination, in eleven (11) equal monthly installments of $1,000.00, followed by a twelfth and final monthly payment in the amount of $39,000, or (b) in the event of a termination by the Executive under clause (ii) of this sentence, over a six-month period beginning on the first day of the seventh month following the Date of Termination, in five (5) equal monthly installments of $2,000, followed by a sixth and final monthly payment in the amount of $40,000. If the Executive breaches this Agreement at any time during the twelve (12) month period following the Date of Terminationin which payments are being made hereunder, the Company’s obligation to continue make any additional Salary Continuation Payments shall immediately cease, and the Executive shall immediately return to the Company all Salary Continuation Payments paid up to that timetime to the extent they exceeded $1,000.00. 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. 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 Death, Disability, 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 aboveabove such that the Employment Period will terminate prior to the twentieth (20th) anniversary of its commencement, 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 twenty-four (1224) 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 If (i) the Company’s termination of Company terminates the Executive’s employment for Cause, (ii) a Voluntary Termination by the due to Executive’s Disability, or (iii) the automatic termination by giving written notice of non-renewal of the Employment Period when the Executive attains the age of sixty-five (65) as provided in paragraph 1 aboveabove such that the Employment Period will terminate on or after the twentieth (20th) anniversary of its commencement, or (ii) the Executive gives notice of his or her Voluntary Termination, then 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, payable as provided therein, plus (y) the sum of $50,000 50,000, payable (a) in equal monthly installments the event of $4,166.67 a termination by the Company under clause (i) of this sentence, over a 12twelve-month period following the Date of Termination, in eleven (11) equal monthly installments of $1,000.00, followed by a twelfth and final monthly payment in the amount of $39,000, or (b) in the event of a termination by the Executive under clause (ii) of this sentence, over a six-month period beginning on the first day of the seventh month following the Date of Termination, in five (5) equal monthly installments of $2,000, followed by a sixth and final monthly payment in the amount of $40,000. If the Executive breaches this Agreement at any time during the twelve (12) month period following the Date of Terminationin which payments are being made hereunder, the Company’s obligation to continue make any additional Salary Continuation Payments shall immediately cease, and the Executive shall immediately return to the Company all Salary Continuation Payments paid up to that timetime to the extent they exceeded $1,000.00. 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. As additional consideration Commencing on the Transition Date and continuing for a duration of twenty-four (24) months (such period, the representation “Salary Continuation Period”), provided that the Executive’s employment with the Company was not terminated as a result of a Disqualifying Termination, and restrictions contained in subject to the Executive’s continued compliance with the terms of this paragraph 6Agreement, if including, without limitation, the execution of the Initial Release pursuant to Section 7 hereof, the Executive shall be entitled to: (i) Salary continuation payments at the termination rate in effect immediately prior to the Transition Date (i.e., an annualized rate of Executive$904,203) payable in accordance with the Company’s employment regular payroll practices; (ii) continued provision of health, life and disability benefits at the same levels as provided to active employees of the Company; provided, however, in the event the Company determines that it cannot provide continuation of such benefits or providing such benefits is not reasonably practicable, the Company may, in lieu of such benefit continuation, pay the Executive a monthly cash payment in an amount equal to the Company’s normal monthly cost of coverage for an active employee; and provided further, that the provision of such benefits (or cash payments in lieu thereof) shall terminate if the Executive becomes eligible for comparable benefits from a subsequent employer; and (iii) a Pro-Rated Bonus (as defined in Section 7.2(iv) of the Employment Agreement) in respect of the calendar year during which the Employment Period ends; provided, however, that such bonus, if any, will be payable only after delivery of final audited financial statements for the ARH Group for the fiscal year to which such bonus relates. Notwithstanding the foregoing, if any regular scheduled payroll date for any payments due under Section 4(a) hereof occurs prior to the expiration completion of the Employment Revocation Period for (as defined in the Initial Release), 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 amount that would otherwise have been payable by the Company pursuant to either clause under subclauses (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 and (iii) hereof shall be deferred and paid together with the automatic termination applicable payment installment otherwise to be made on the first regular payroll date following the completion of the Employment Period when Revocation Period; and provided further, that in the event the period during which the Executive attains is permitted to sign the age of sixty-five (65) as provided in paragraph 1 aboveInitial Release straddles two calendar years, the Salary Continuation Payments any such payments shall be deferred until the total second 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 deathsuch calendar years.

Salary Continuation Payments. As additional consideration for the representation and restrictions contained in this paragraph Section 6, if Executive’s termination occurs for any reason (i) including without limitation the Company’s effective termination of Executive’s employment occurs at the end of any Employment Period expiring prior to the expiration March 26, 2015 by reason of the Employment Period for any reason Company’s election to give a Notice of Nonrenewal pursuant to Section 1) other than for Cause or the by reason of Executive’s Voluntary Termination, or (ii) the Company gives a written notice of non-renewal of the Employment Period voluntary termination as provided in paragraph 1 aboveSection 4(c) (“Voluntary Termination”), then in addition to any amounts payable by the Company to the Date of Termination as provided in Section 4(d) and without in any manner releasing, impairing or altering to any extent any of Executive’s rights pursuant to any other provisions of this Agreement, the Company agrees to pay Executive amounts (the “Salary Continuation Payments”) which, when combined with all any and all amounts that may be payable to Executive by the Company pursuant to either clause (i) of paragraph Section 5(a) above or clauses (i) and (ii) of paragraph 5(c) aboveSection 5(e), will total Executive’s Annual Base Salary and Annual Target Annual Bonus as in effect immediately preceding the Date of Termination for a period of twelve twenty-four (1224) months following (i) the Date of Termination Termination, or (ii) the last day of the Employment Period if the Company gives a Notice of Nonrenewal (the “Salary Continuation Payments”). The Salary Continuation Payments shall be payable as and when such amounts would be paid in accordance with paragraph Section 3(a) and (b) above. In the event of (i) a Voluntary Termination, or if Executive is terminated for Cause, or if the Company’s termination of the Company terminates Executive’s employment for Cause, (ii) a Voluntary Termination by at the Executive, or (iii) the automatic termination end of the any Employment Period when the Executive attains the age expiring on or after March 26, 2015 by reason of sixty-five (65) as provided in paragraph 1 aboveany Notice of Nonrenewal given pursuant to Section 1, the Salary Continuation Payments shall be reduced to the agreed 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 amount of $50,000 50,000, payable in equal monthly installments of $4,166.67 over a 12-month period following the Date of TerminationTermination in equal monthly installments. If In the event Executive breaches this Agreement at any time during the twelve (12) 24-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.