Payment of Salary Continuation Clause Samples
The Payment of Salary Continuation clause establishes an employer’s obligation to continue paying an employee’s salary for a specified period under certain circumstances, such as during a leave of absence, illness, or following termination without cause. Typically, this clause outlines the duration of continued payments, any conditions or limitations, and the calculation method for the salary amount. Its core practical function is to provide financial security to employees during periods when they are unable to work or after their employment ends, thereby offering stability and mitigating the impact of income loss.
Payment of Salary Continuation. Payment of Base Salary following ------------------------------ termination of this Agreement as required by this Section 3 shall be made in accordance with Associates' normal payroll practices; provided, however, that in the event of a breach by ▇▇▇▇ of the provisions of Sections 4 through 7, Vail shall be entitled to cease all such payments. No termination of this Agreement shall affect any of the rights and obligations of the parties hereto under Sections 4 through 7, but such rights and obligations shall survive such termination in accordance with the terms of such Sections.
Payment of Salary Continuation. Payment of Base Salary following termination of this Agreement as required by this Section 3 shall be made in accordance with VA' normal payroll practices; provided, however, that in the event of a breach by Executive of the provisions of Sections 4, 5, 6 or 7 hereof, VA shall be entitled to cease all such payments. No termination of this Agreement shall affect any of the rights and obligations of the parties hereto under Sections 4, 5, 6 and 7, but such rights and obligations shall survive such termination in accordance with the terms of such sections.
Payment of Salary Continuation. (i) Subject to the terms of this subsection, Company shall pay Executive’s Salary Continuation due under Section 9(a)(i) in substantially equal installments on each regular salary payroll date for the Salary Continuation Period, except as otherwise provided in this Agreement. Salary Continuation payments shall be subject to withholdings for federal and state income taxes, FICA, Medicare and other legally required or authorized deductions. For the avoidance of doubt, Executive shall not be obligated to seek affirmatively or accept an employment, contractor, consulting or other arrangement to mitigate Salary Continuation and any other amounts received for such activities shall not reduce the amounts due hereunder. Further, to the extent Executive does not execute and timely submit the General Release and Waiver (in accordance with Section 9(c)) by the deadline specified therein, or revokes such General Release and Waiver, Salary Continuation, COBRA Reimbursement and/or CiC Vesting Acceleration shall terminate and not ever be applicable.
(ii) If at the time of Separation from Service, Executive is a Specified Employee, payment of any nonqualified deferred compensation due during the six (6) month period referenced in Section 409A of the Code shall be deferred until the earlier of six (6) months and one (1) day after Executive’s Separation from Service or Executive’s death and then paid in a lump sum; provided that, if Executive’s Separation from Service qualifies under Code 409A for the application of the Section 409A Threshold, such Section 409A Threshold shall be applied, after application of any short term deferral period that applies to payments, such that full payment of the nonqualified deferred compensation shall be made until the Section 409A Threshold is reached and then any remaining payments during such six (6) months period shall be deferred until the end of the period or Executive’s earlier death.
(iii) If any of the payments or benefits received or to be received by Executive (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement, or otherwise) constitute “parachute payments” within the meaning of Section 280G of the Code and would, but for this paragraph, be subject to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then such payments shall be reduced by the minimum possible amounts until no amount payable to Executive will be subject to the Excise Tax; provided, however, that no s...
Payment of Salary Continuation. The payment described in Section 2(a) hereof shall be paid to Employee as a lump sum paid no later than the last business day of the calendar month following the calendar month in which the Effective Date, as defined in Paragraph 17 below, occurs.
Payment of Salary Continuation. Payment of Base Salary following termination of this Agreement as required by this Section 3 shall be made in accordance with Heavenly’s normal payroll practices; provided, however, that in the event of a breach by Executive of the provisions of Sections 4, 5,6 or 7 hereof, Heavenly shall be entitled to cease all such payments. No termination of this Agreement shall affect any of the rights and obligations of the parties hereto under Sections 4, 5, 6 and 7, but such rights and obligations shall survive such termination in accordance with the terms of such sections.
Payment of Salary Continuation. Payment of Base Salary following termination of this Agreement as required by this Section 3 shall be made in accordance with VRI's normal payroll practices; provided, however, that in the event of a breach by Executive of the provisions of Sections 4, 5, 6 or 7 hereof, VRI shall be entitled to cease all such payments. No termination of this Agreement shall affect any of the rights and obligations of the parties hereto under Sections 4, 5, 6 and 7, but such rights and obligations shall survive such termination in accordance with the terms of such sections.