Salary and Bonus Continuation Sample Clauses

The Salary and Bonus Continuation clause outlines the employer's obligation to continue paying an employee's base salary and, in some cases, bonuses for a specified period following certain events, such as termination without cause or during a leave of absence. Typically, this clause details the duration of continued payments, eligibility criteria, and any conditions that must be met, such as the employee not breaching confidentiality or non-compete agreements. Its core practical function is to provide financial security to employees during transitional periods, while also protecting the employer by attaching conditions to the continued compensation.
Salary and Bonus Continuation. For a period of 12 months after your Separation, you will receive severance payments equal to 1.0 times the sum of (A) your base salary at the rate in effect at the time of your Separation and (b) your target annual bonus in effect at the time of your Separation, payable in accordance with the Company’s standard payroll procedures. The salary and bonus continuation payments will commence on the first payroll date after the effective date (without revocation) of the release, and, once they commence, will include any unpaid amounts accrued from the date of your Separation. However, if the 50-day period described in the preceding subsection spans two calendar years, then the payments will in any event begin in the second calendar year.
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Salary and Bonus Continuation. Following a termination of the Executive's employment by the Company for Cause or by the Executive other than for Good Reason, the Company may elect, by written notice given to the Executive within 7 days of such notice of termination, to require the Executive to perform the covenant provided in subsection (b)(iii) of this Section 11 during the six-month period following the effectiveness of such termination. As additional consideration for the Executive's performance of such covenant during such period, but only for so long as the Executive shall continue to perform such covenant, the Company shall pay the Executive for each month during such six-month period an amount equal to one-twelfth (1/12th) of the Executive's Base Salary and Minimum Bonus. It is agreed and understood that such payment constitutes full and fair consideration to the Executive for observance of such covenant.
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Salary and Bonus Continuation. Executive shall be entitled to receive continuing payments of salary (less applicable withholding taxes) at the rate equal to Executive’s Base Salary rate, as then in effect, for a period of twelve (12) months from the date of such termination in accordance with the Company’s normal payroll policies. In addition, Executive shall be entitled to receive one hundred percent (100%) of Executive’s maximum potential annual bonus (less applicable withholding taxes) as in effect for the fiscal year in which Executive’s termination occurs, payable in equal monthly installments over a period of twelve (12) months from the date of such termination in accordance with the Company’s normal payroll practices. If the Company reasonably determines that Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), will result in the imposition of additional tax to an earlier payment of the severance payments, the first six (6) months of the severance payments will accrue during the six (6)-month period following the Executive’s termination and will become payable in a lump sum payment on the date that is six (6) months and one (1) day following the date of the Executive’s termination of employment. The remaining severance payments will be paid in accordance with the Company’s normal payroll practices until all the severance payments have been made.
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Salary and Bonus Continuation. Executive shall be entitled to receive continuing payments of severance pay (less applicable withholding taxes) at the rate equal to Executive's Base Salary rate, as then in effect, for a period of twenty-four (24) months from the date of such termination in accordance with the Company's normal payroll policies. In addition, Executive shall be entitled to receive one hundred percent (100%) of Executive's Core Bonus (less applicable withholding taxes) as in effect for the fiscal year in which Executive's termination occurs, payable in equal installments over a period of twelve (12) months from the date of such termination in accordance with the Company's normal payroll practices. Executive shall not be entitled to any Stretch Bonus as severance under this Section 8(b). If the Company reasonably determines that Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), will result in the imposition of additional tax to an earlier payment of the severance payments, the first six (6) months of the severance payments will accrue during the six (6)-month period following the Executive's termination and will become payable in a lump sum payment on the date that is six (6) months and one (1) day following the date of the Executive's termination of employment. The remaining severance payments will be paid in accordance with the Company's normal payroll practices until all the severance payments have been made. Notwithstanding the terms of this Agreement, the continuation of Executive's Base Salary, the payment of the Core Bonus and the provision of other benefits as provided in this Section 8(b) shall be in lieu of any and all other benefits which Executive may be entitled to receive on the date of Executive's termination of employment pursuant to any Company severance and benefit plans and practices or pursuant to other agreements with the Company, other than the Deferred Compensation Plans, the benefits of which will be provided to Executive in accordance with the terms of such plans.
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Salary and Bonus Continuation. Following a termination of the Executive's employment by the Venture for Cause or by the Executive other than either for Good Reason or pursuant to an Early Termination, the Company may elect, by written notice given to the Executive within 7 days of such notice of termination, to require the Executive to perform the covenants provided in subsection (b) of this Section 5 during the six-month period following the effectiveness of such termination. As additional consideration for the Executive's performance of such covenants during such period, but only for so long as the Executive shall continue to perform such covenants, the Company shall pay or cause to be paid the Executive for each month during such six-month period an amount equal to one-twelfth (1/12th) of the Executive's base salary with the Venture immediately prior to such termination. It is agreed and understood that such payment, together with the other benefits under this Agreement, constitutes full and fair consideration to the Executive for observance of such covenants.
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Salary and Bonus Continuation. Executive shall be entitled to receive continuing payments of salary (less applicable withholding taxes) at the rate equal to Executive’s Base Salary rate, as then in effect, for a period of twelve (12) months from the date of such termination in accordance with the Company’s normal payroll policies. In addition, Executive shall be entitled to receive one hundred percent (100%) of Executive’s maximum potential annual bonus (less applicable withholding taxes) as in effect for the fiscal year in which Executive’s termination occurs, payable in equal monthly installments over a period of twelve (12) months from the date of such termination in accordance with the Company’s normal payroll practices.
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Salary and Bonus Continuation. The Company will provide you with ----------------------------- continuation of your base salary and certain bonus amounts paid over time, totaling $170,000.00, less all applicable state and federal taxes (the "Severance Pay"). The Severance Pay will be paid in equal installments over a period of six months, in accordance with the Company's normal payroll procedures, but will in no event commence earlier than the eighth (8th) day after execution of this letter agreement.
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Salary and Bonus Continuation. Executive shall be entitled to receive continuing payments of severance pay (less applicable withholding taxes) at the rate equal to Executive's Base Salary rate, as then in effect, for a period of 24 months from the date of such termination in accordance with the Company's normal payroll policies. In addition, Executive shall be entitled to receive 100% of Executive's Core Bonus (less applicable withholding taxes) as in effect for the fiscal year in which Executive's termination occurs; provided, however, payments of the Core Bonus will be paid over a period of 12 months from the date of such termination in accordance with the Company's normal payroll practices. Executive shall not be entitled to any Stretch Bonus as severance under this Section 8(b). Notwithstanding the term of this Agreement, such continuation of Executive's Base Salary, the payment of the Core Bonus and the provision of other benefits as provided in this Section 8(b) shall be in lieu of any and all other benefits which Executive may be entitled to receive on the date of Executive's termination of employment pursuant to any Company severance and benefit plans and practices or pursuant to other agreements with the Company, other than the Deferred Compensation Plans, the benefits of which will be provided to Executive in accordance with the terms of such plans.
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Related to Salary and Bonus Continuation

  • 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 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 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.

  • Salary Continuation An employee who suffers a compensable workers’ compensation injury, including being assaulted by a student, and who is temporarily and totally disabled as a result of the injury may be eligible to receive compensation from the Bureau of Workers’ Compensation (BWC). This section does not affect or replace the employees’ need to file claims with the BWC for medical treatment.

  • Salary, Bonus and Benefits For services rendered by the Employee on behalf of the Company during the Employment Term, the following salary, bonus and benefits shall be provided to the Employee by the Company: (a) The Company shall pay to the Employee, in equal installments, according to the Company’s then current practice for paying its executive officers in effect from time to time during the Employment Term, the Annual Base Salary. (b) The Employee shall participate in the Sealy Corporation Annual Bonus Plan (the “Bonus Plan”) in accordance with the provisions of that Plan as in effect as of the date of this Agreement based on the Target Annual Bonus Percentage. (c) The Employee shall be eligible for participation in such other benefit plans, including, but not limited to, the Company’s Profit Sharing Plan and Trust, Executive Severance Benefit Plan, Benefit Equalization Plan, Short-Term and Long Term Disability Plans, Group Term Life Insurance Plan, Medical Plan or PPO, Dental Plan, the 401(k) feature of the Profit Sharing Plan and the 1998 Stock Option Plan, as the Board may adopt from time to time and in which the Company’s executive officers are eligible to participate. Such participation shall be subject to the terms and conditions set forth in the applicable plan documents. As is more fully set forth in Section 6 hereof, the Employee shall not be entitled to duplicative payments under this Agreement and the Executive Severance Benefit Plan. (d) Without limiting the generality of Subsection 3(c) above, for so long as such coverage shall be available to the executive officers of the Company, the Employee shall be eligible to participate in the Company’s Group Term Life Insurance Plan with a death benefit to be provided at the level of one and one half (1 ½) times annual base salary at Company expense, plus extended coverage with a death benefit to be provided of at least the level in effect on the date of this Agreement for the Employee under such Plan at the Employee’s discretion and expense. (e) The Employee shall be entitled to take, during each calendar year period during the Employment Term, vacation time equal to four (4) weeks per year. (f) In addition, the Parties do hereby further confirm that any shares of Class A Common Stock of the Company (“Class A Shares”), and any options to purchase additional Class A Shares previously granted to Employee are in addition to, and not in lieu of, any shares or options which may be granted under any other plan or arrangement of the Company after the date of this Agreement, and (b) the various stock agreements and stock option agreements, and any related Stockholder Agreement (the “Stockholder Agreement”) between the Parties (such agreements being hereinafter referred to collectively as the “Pre-existing Agreements”), all remain in full force and effect except as otherwise provided herein. Notwithstanding the foregoing, to the extent that any provision contained herein is inconsistent with the terms of any of the Pre-existing Agreements, the terms of this Agreement shall be controlling.