Payment in Lieu of Salary and Bonus Clause Samples

The 'Payment in Lieu of Salary and Bonus' clause allows an employer to terminate an employee's contract by providing a lump sum payment instead of continuing regular salary and bonus payments through the notice period. Typically, this payment covers the base salary and may include a pro-rated bonus or other contractual benefits that the employee would have earned during the notice period. This clause streamlines the termination process by enabling immediate separation while compensating the employee, thereby reducing administrative burdens and potential disputes over ongoing pay.
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Payment in Lieu of Salary and Bonus. The Executive shall be entitled to receive a payment from the Company, equal to (i) two and one-half (2.5) times his Salary at the highest annualized rate in effect during the one (1) year immediately preceding the date of the Trigger Event, payable in a single lump sum fifteen (15) days after the termination or, if the Executive is a Specified Employee, six (6) months and one (1) day after the termination, plus (ii) two and one-half (2.5) times his maximum annual bonus, payable in a single lump sum fifteen (15) days after the termination or, if the Executive is a Specified Employee, six (6) months and one (1) day after the termination, plus (iii) any earned but unpaid bonuses, payable in a single lump sum within thirty (30) days of termination;
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Payment in Lieu of Salary and Bonus. The Executive shall be entitled to receive a payment from the Company, equal to (i) one (1.0) time his Salary at the highest annualized rate in effect during the one (1) year immediately preceding the date of the Trigger Event, payable in a single lump sum fifteen (15) days after the termination or, if the Executive is a Specified Employee, six (6) months and one (1) day after the termination, plus (ii) one (1.0) time his annual target bonus, payable in a single lump sum fifteen (15) days after the termination or, if the Executive is a Specified Employee six (6) months and one (1) day after the termination, plus (iii) any earned but unpaid bonuses, payable in a single lump sum within thirty (30) days of termination; plus (iv) the amount equal to the Executive’s total Retention Bonus described in Section 4(h) above less any portion of the Retention Bonus paid to the Executive prior to his termination, payable in a single lump sum within thirty (30) days of termination.
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Related to Payment in Lieu of Salary and Bonus

  • Base Salary and Bonus As compensation for the Executive's services under this Agreement, the Executive shall receive and the Company shall pay a weekly base salary set forth on Exhibit A. Such base salary may be increased but not decreased during the Term or Renewal Period in the Company's discretion based upon the Executive's performance and any other factors the Company deems relevant. Such base salary shall be payable in accordance with the policy then prevailing for the Company's executives. In addition to such base salary, the Executive shall be entitled during the Term or Renewal Period to a performance bonus set forth on Exhibit A and to participate in and receive payments from, at the Company's election, other bonus and other incentive compensation plans, if any, as may be adopted by the Company.

  • Salary and Bonus Awards of stock, stock options, and stock appreciation rights. Use the dollar amount recognized for financial statement reporting purposes with respect to the fiscal year in accordance with the Statement of Financial Accounting Standards No. 123 (Revised 2004) (FAS 123R), Shared Based Payments.

  • Base Compensation During the time that Executive is an employee of the Company, the Company shall pay to Executive a base salary (the “Base Salary”) of $333,000 per annum, payable in regular installments in accordance with the Company’s usual payment practices. The Base Salary shall be reviewed by the Board of Directors’ Compensation Committee during the term of this Agreement and adjusted accordingly at the discretion of the Compensation Committee.

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Basic Salary For all your services rendered under this Agreement, UO shall pay you a salary at an annual rate of no less than $450,000, or at such higher salary as may be determined by your performance review and the Executive Vice President, Human Resources, Legal & Business Affairs, UPR. Such higher salary shall subsequently be deemed the annual rate, commencing on such date as the Executive Vice President, Human Resources, Legal & Business Affairs, UPR may determine, for purposes of this Agreement.