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.

  • 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.

  • 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").

  • 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.

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


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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