Common use of Continuation of Base Salary Clause in Contracts

Continuation of Base Salary. Employer shall pay Employee an amount equal to 36 months of Employee’s base annual salary (the “Consideration Amount”). Employee and Employer agree that the Consideration Amount shall be One Million One Hundred Twenty-five Thousand U.S. Dollars ($1,125,000.00), less all employment taxes and other deductions required to be withheld by Employer. It is expressly understood by and between the parties that payment of the Consideration Amount, whether by Employer or by a third party, shall inure to the benefit of Employer. The Consideration Amount shall be paid by check in equal semi-monthly installments on the standard pay dates of the Employer, beginning on July 20, 2002 and ending on July 5, 2005. The checks will be mailed to an address provided by the Employee to the Employer. The Employee is responsible for informing the Employer of any changes in address affecting this Agreement. Direct deposit is not an available option. Payments under this section (as well as other payments to Employee under this Agreement) are contingent on Employee’s continued compliance with all provisions of this Agreement.