Common use of SALARY CONTINUATION BENEFIT Clause in Contracts

SALARY CONTINUATION BENEFIT. If the Employee dies while employed by the Company, the Company shall pay to the Employee's Beneficiary a salary continuation benefit equal to the balance in the Employee's Deferred Compensation Account. Payment shall be made within ninety (90) days following the Employee's death. Notwithstanding the foregoing, if the Employer elects to purchase a life insurance policy on the life of the Employee as part of the Employee's Deferred Compensation Account, then the Salary Continuation Benefit shall be a lump sum benefit in the amount of the face value of the said life insurance policy minus the value of the premiums paid by the Employer plus 8% of the value of the premiums paid by the Employer.