Continued Base Salary. The Company will pay Executive a severance payment equal to eighteen (18) months of base salary at the rate in effect immediately prior to the Termination Date, less applicable tax withholding, which will be paid in equal bi-weekly installments beginning on the sixtieth (60th) day following the Termination Date and each payroll date thereafter until fully paid, in accordance with the Company’s regular payroll practices, provided that the first such installment payment will include any unpaid severance payments that would have been made on the normal payroll dates occurring during the first sixty (60) days following the Termination Date.
Continued Base Salary. You will receive continuing payments of severance pay at a rate equal to your base salary rate, as then in effect, for six (6) months from the date of such termination in accordance with the Company’s normal payroll policies; provided, however, that in the event that all of the continuing payments have not been paid as of the last payroll date prior to March 15 of the year following the year during which the termination occurs, the Company will pay all remaining amounts in a lump sum on such payroll date such that no payments to be made pursuant to this Section 2(a) will be made after March 15 of the year following the year during which the termination occurs.
Continued Base Salary. You will receive continuing payments of severance pay at a rate equal to your base salary for six (6) months from January 1, 2010 in accordance with the Company’s normal payroll policies, paid biweekly.
Continued Base Salary. During the period commencing on the Separation Date and ending on the 12-month anniversary of the Separation Date, the Company shall continue to pay Executive's base salary, at a rate of $600,000 per year for a total of $600,000, such amount to be paid, less required tax withholding and authorized deductions, in accordance with the Company's standard payroll procedures, with the first installment payable on the first payroll date that is at least five days following the Effective Date and inclusive of any installments that would have been paid prior thereto had the Effective Date been the Separation Date.
Continued Base Salary. The Company shall continue to pay Executive Executive’s base salary as in effect as of the Effective Date from the Planned Termination Date through June 30, 2020 (the “Severance Period” and such payments, the “Severance Payments”), with the first such payment to occur on the first payroll date after the Release of Claims becomes effective and irrevocable (with the first installment to include any payments that would have been made had the Release of Claims been effective and irrevocable on the Planned Termination Date). Notwithstanding the foregoing, the Severance Payments shall be reduced by any amounts earned by Executive during the Severance Period pursuant to the Consulting Agreement.
Continued Base Salary. You will receive continuing payments of severance pay at a rate equal to your base salary for six (6) months from the date of termination in accordance with the Company’s normal payroll policies; provided, however, that in the event that all of the continuing payments have not been paid as if the last payroll date prior to March 15 of the year following the year during which the termination occurs, the Company will pay all remaining amounts in a lump sum on such payroll date such that no payments to be made pursuant to this Section A(1) will be made after March 15 of the year following the year during which the termination occurs. From September 11, 2009 to February 26, 2010 you will be paid a total of One Hundred Twelve Thousand Five Hundred dollars ($112,500.00). The bi-weekly salary will be Eight Thousand Six hundred Fifty-Three Dollars and Eighty-Five Cents ($8,653.85).
Continued Base Salary. If NewMil Bancorp, Inc. terminates the Executive's employment without Cause or if the Executive terminates employment for Good Reason, the Executive's Base Salary and other benefits under Section 4.2 of this Agreement shall continue for a period of 36 months from the date of termination (other than continued participation in NewMil Bancorp, Inc.'s or subsidiary's 401(k) retirement plan(s) or any stock plans). The parties hereto acknowledge and agree that the compensation and benefits that may be payable to the Executive under this Section 6.4 shall not be payable if compensation and benefits are payable or shall have been previously paid to the Executive under Article 7 of this Agreement. That is, the parties acknowledge and agree that the Executive shall not be entitled to duplicate compensation and benefit payments under this Section 6.4 and under Article 7 if the Executive's employment is terminated without Cause or if the Executive terminates employment with Good Reason within 24 months after a Change in Control.
