Continuation of Compensation Sample Clauses

Continuation of Compensation. In the event that Executive’s employment is terminated by each Sears entity by which the Executive is employed for any reason other than “Cause”, death or “Disability” (as such terms are defined in Section 2 below) or by Executive for Good Reason (as defined in Section 2 below), subject to the provisions of subsection 4(e), Section 5 and Section 10 herein, Executive shall be placed on a severance-related leave of absence (“Leave”) and Sears shall: • Continue to pay Executive’s base salary, at the rate in effect immediately prior to the first day of the Leave, for a period of one (1) year (“Salary Continuation Period”), which amount shall be paid on each regular salary payroll period with respect to the Salary Continuation Period. Notwithstanding anything in this subsection (a) to the contrary, if as of the first day of the Leave Executive is a “key employee” or “specified employee” within the meaning of Internal Revenue Code (“Code”) Section 409A and regulations issued thereunder, then, if necessary to comply with Code Section 409A, payment to Executive shall not be made to Executive until six (6) months after the first day of Executive’s Leave and payment of the first six (6) months of salary continuation shall be made in a lump sum and the remaining six (6) months shall be paid on each regular salary payroll period. In addition to the foregoing, a lump sum payment will be made to Executive within ten (10) business days following the first day of the Leave in an amount equal to the sum of any accrued base salary through the first day of the Leave to the extent not already paid and any vacation benefits that accrued prior to the Leave. No vacation will accrue during the Leave. All salary continuation payments and benefits will terminate and forever lapse if Executive is employed by a “Sears Competitor” as defined in subsection 4(b)(ii) herein.

Continuation of Compensation. 1. In the event that Executive incurs a Separation from Service (as defined in Section 2 below) from each Sears Affiliate by which Executive is employed for any reason other than “Cause”, death or “Disability” (as defined in Section 2 below) or by Executive for “Good Reason” (as defined in Section 2 below), subject to the provisions of subsection 4(e), Section 5 and Section 10 herein, Executive shall be placed on a severance-related leave of absence (“Leave”) and Sears or the appropriate Sears Affiliate shall continue to pay Executive’s base salary, at the rate in effect immediately prior to the first day of the Leave, for a period of one (1) year (“Salary Continuation Period”), which amount shall be paid on each regular salary payroll period within the Salary Continuation Period and without interruption between active employment and the Salary Continuation Period (subject to subsection (a)(i)(2) below) (“Salary Continuation”). Notwithstanding the foregoing, the Sears or Sears Affiliate obligations under this subsection (a)(i) shall be reduced on a dollar-for-dollar basis (but not below zero), by the amount, if any, of fees, salary or wages that Executive earns during the same payroll period from a subsequent employer (including those arising from self-employment) during the Salary Continuation Period. For avoidance of doubt, Executive shall not be obligated to seek affirmatively or accept an employment, contractor, consulting or other arrangement in order to mitigate Salary Continuation. In all events, Executive’s Salary Continuation Period shall end on the date that is twelve (12) months after the date of your “Separation from Service” (as such terms are defined in Section 2 below), and no additional Salary Continuation or benefits (described under subsections (a)(ii) and (iii) below) shall be paid hereunder. Further, to the extent Executive does not execute and timely submit the General Release and Waiver (in accordance with subsection 4(e) below) by the deadline specified therein, Salary Continuation payments shall terminate and forever lapse, and Executive shall be obligated to reimburse Sears for any portion of the Salary Continuation paid during the Salary Continuation Period. 2. Notwithstanding anything in this subsection (a)(ii) to the contrary, if the Salary Continuation payable to Executive in accordance with subsection (a)(i)(1) above during the first six (6) months after Executive’s Separation from Service would exceed the “Section 409A Thresh...

Continuation of Compensation. If Executive becomes entitled to payments under Sections 8, 9 or 10 but dies before receipt thereof, the Company agrees to pay to the Executive’s spouse or his estate, as the case may be, pursuant to such designation as Executive shall deliver to the Company in a form reasonably satisfactory to the Company, any amounts to which Executive, at the time of his death, was so entitled.

Continuation of Compensation. In the event that (x) Executive’s employment is terminated by any Sears entity by which he is employed (the “Company”) for any reason other than Cause (as defined below), death or Disability (as defined below) or (y) Executive’s employment is terminated by Executive for Good Reason (as defined below), subject to the provisions of Sections 6(e) and (f) and 10 herein, the Company shall pay to Executive his annual base salary as in effect immediately prior to the date of termination for a period of one (1) year and Executive’s target bonus for the year in which the date of termination has occurred or, if no target bonus has been set for the year in which the date of termination has occurred, Executive’s target bonus for the year immediately preceding the year in which the date of termination has occurred (the “Target Bonus”). The amount described in Section 1(a) shall be paid in 12 equal annual installments commencing on the date of termination (the “Salary Continuation Period”) except that no payment will be made to Executive prior to the first date that such payment can be made without imposition of tax under Section 409A of the Internal Revenue Code. In addition to the foregoing, a lump sum payment will be made to Executive within ten (10) days following the date of termination in an amount equal to the sum of any accrued base salary through the date of termination to the extent not theretofore paid and any vacation benefits that accrued prior to the date of termination. No vacation will accrue after the date active employment ends. All salary continuation payments and benefits will terminate and forever lapse if Executive is employed by a “Sears Competitor” as defined in Section 6(b) herein.

Continuation of Compensation. All compensation, as well as any other employment benefits which Executive may otherwise receive from Company during the Term of this Agreement, shall be paid less income tax withholding and other normal employee deductions. Except as set forth herein, Company shall have no continuing obligation to make any compensation payments after the termination of Executive's employment with Company.

Continuation of Compensation. Subject to Section 7.

Continuation of Compensation. So long as he remains employed by the Company, the Company shall continue to pay ▇▇. ▇▇▇▇▇ his base salary and shall continue to provide to ▇▇. ▇▇▇▇▇ his regular employee benefits, in each case as in effect on the date of this Agreement, through the Retirement Date. At the Retirement Date, ▇▇. ▇▇▇▇▇ shall be paid his accrued paid time off (“PTO”), if any, consistent with the Company’s standard practices with respect to terminating employees. The foregoing shall be without regard for the fact that ▇▇. ▇▇▇▇▇ shall be deemed to have resigned as an officer or director of the Company and its subsidiaries prior to the Retirement Date. The Company may terminate the employment of ▇▇. ▇▇▇▇▇ after the date of this Agreement and prior to the Retirement Date only for “Cause” as such term is defined in the Change in Control Severance Agreement between ▇▇. ▇▇▇▇▇ and the Company dated February 12, 2014 (the “Change in Control Agreement”).

Continuation of Compensation. Although it is not obligated to do so, as consideration for execution of this Agreement, the Company will pay Executive a severance payment of $27,500 per month, due on the 15th and last day of each month but payable within twenty (20) days after each due date, through March 17, 2002 (the “Continuing Salary”); provided, however, that the first payment due on October 15 and payable no later than November 4, 2001 shall cover the period from September 18, 2001 to October 15, 2001 and provided further that if Executive obtains new employment, enters into an employment or consulting relationship with any competitor of the Company, as reasonably determined by the Company, or breaches any term of this Agreement during this period (each, a “Continuing Salary Termination Event”), the Continuing Salary will immediately cease. Notwithstanding the foregoing, all Continuing Salary due Executive and unpaid as of the date of the Continuing Salary Termination Event shall continue to be due and owing to Executive.

Continuation of Compensation. The Employee shall receive his current salary, benefits and all other elements of his current compensation (the “Compensation Continuation”) from the Effective Date hereof through the Separation Date, provided the Employee remains employed by the Company through the Separation Date (the “Continuation Period”). Following the Separation Date, the Company will pay to Employee a lump sum amount of $125,000 on or before January 25, 2008. Except as otherwise contemplated herein, following completion of such payments, the Employee shall not be entitled to receive any further compensation, benefits or other payments from the Company.