Salary Continuation Payment definition

Salary Continuation Payment has the meaning assigned in Section 4 of this Agreement.
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Salary Continuation Payment means an amount equal to the product of: (i) one (1); and (ii) Employee’s annualized Base Salary in effect immediately prior to the date of termination of Employee’s employment with Employer.
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Salary Continuation Payment means an amount equal to the product of: (i) one and one-half (1.5); and (ii) the sum of (a) Employee’s annualized Base Salary in effect immediately prior to the date of termination of Employee’s employment, and (b) the greater of (x) the Annual Bonus that Employee received attributable to performance during the full fiscal year immediately prior to the date of Employee’s termination of employment with Employer, or (y) Employee’s target Annual Bonus for the fiscal year in which the date of termination of Employee’s employment occurred
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Examples of Salary Continuation Payment in a sentence

  • Further, as a condition to receipt of the Salary Continuation Payment described below, Executive will not resign Executive's position with the Company during the period beginning when the Company receives a Change in Control Proposal and ending when the transaction contemplated by the Proposal is either consummated or abandoned.

  • The Company will pay this Salary Continuation Payment to Executive on the later of (i) the date Executive's employment terminates or (ii) the date the Change in Control occurs.

  • The Company may not through assignment avoid an obligation to pay a Salary Continuation Payment once the obligation is triggered under this Agreement, although it may assign to assignee the obligation to pay, as long as assignee agrees to pay in accordance with this Agreement.

  • Unless limited below, the Salary Continuation Payment will equal the Regular Salary Continuation Payment plus the Bonus Continuation Payment.

  • If a Termination Event After a Change in Control (as defined in Section 4) occurs, Executive will receive a salary continuation payment ("Salary Continuation Payment").

  • Accordingly, other than providing for the Salary Continuation Payment, this Agreement will not affect the determination of any compensation payable by the Company to Executive, nor will it affect the other terms of Executive's employment with the Company.

  • The Salary Continuation Payment will not exceed an amount equal to $1.00 less than the amount which would cause the payment, together with any other payments received from the Company, to be a "parachute payment" as defined in Section 280G(b)(2)(A) of the Internal Revenue Code.

  • In the event you miss a regular payroll period between the Date of Termination and first Salary Continuation Payment date, the first Salary Continuation Payment shall include a “catch up” payment.

  • If Executive dies after becoming eligible for the Salary Continuation Payment and other benefits under this Agreement, but before the end of the Salary Continuation Period, the remaining benefits shall be paid to Executive’s lawful spouse, or estate if Executive has no surviving lawful spouse.

  • Further, subject to the additional terms and conditions of this Agreement, in order to receive the Salary Continuation Payment, Executive cannot resign from the Company or the Bank during any period from the receipt of a specific Change in Control proposal up to the consummation or abandonment of the transaction contemplated by such proposal.


More Definitions of Salary Continuation Payment

Salary Continuation Payment as described in Sections 2(c) and (d) of the Salary Continuation Agreement will be a total of $2,500,000, payable at the rate of $250,000 per annum for a period of 10 years -- i.e., a total of one hundred twenty (120) equal monthly installments of $20,833.33.
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Related to Salary Continuation Payment

  • Benefit Continuation Period means the period beginning on the Date of Termination and ending on the last day of the month in which occurs the earlier of (i) the 24-month anniversary of the Date of Termination and (ii) the date on which you elect coverage for you and your covered dependents under substantially comparable benefit plans of a subsequent employer.

  • Termination Payments has the meaning specified in Section 10(a).

  • Benefits Continuation Period has the meaning set forth in Section 6.01(b).

  • Termination Payment has the meaning set forth in Section 6.03.

  • Compensation Payment means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of an insurer to a complainant to compensate the complainant for a proven or estimated financial loss incurred as a result of the insurer’s contravention, non-compliance, action, failure to act, or unfair treatment forming the basis of the complaint, where the insurer accepts liability for having caused the loss concerned, but excludes any –

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • Termination Benefit means the benefit set forth in Article 7.

  • Compensation Accrued at Termination means the following:

  • Severance Amount means:

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Termination Payment Date means the earlier of the first Distribution Date following the liquidation or sale of the Receivables as a result of an Insolvency Event and the occurrence of the Scheduled Series 1995-1 Termination Date.

  • COBRA Continuation Period means the continuation period for medical and dental insurance to be provided under the terms of this Agreement which shall commence on the first day of the calendar month following the month in which the date of termination falls and generally shall continue for an 18 month period.

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Conversion/Continuation Date means the effective date of a continuation or conversion, as the case may be, as set forth in the applicable Conversion/Continuation Notice.

  • Lump Sum Payment means, collectively, the lump-sum payments that may be payable to Executive pursuant to the first sentence of Subsection 6(b)(iii) and pursuant to Subsection 6(c)(ii)(B).

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Monthly salary means the portion of a member’s annual compensation which is paid to him or her per month.

  • Continuation Period shall have the meaning set forth in Section 6.9(a).

  • Capitation Payment means a payment the STATE makes periodically to the MCO for each Enrollee covered under the Contract for the provision of services as defined in Article 6 regardless of whether the Enrollee receives these services during the period covered by the payment.

  • Accrued Amount has the meaning set forth in Section 3.1(b) of this Agreement.

  • Contingent Compensation Payment means any payment (or benefit) in the nature of compensation that is made or made available (under this Agreement or otherwise) to a “disqualified individual” (as defined in Section 280G(c) of the Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control of the Company.

  • Swap Termination Payment Upon the designation of an “Early Termination Date” as defined in the Swap Agreement, the payment to be made by the Swap Administrator to the Swap Provider from payments from the Trust Fund, or by the Swap Provider to the Swap Administrator for payment to the Trust Fund, as applicable, pursuant to the terms of the Swap Agreement.

  • Early Termination Payment is defined in Section 4.3(b) of this Agreement.

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.