Common use of Continued Compensation Clause in Contracts

Continued Compensation. During the period beginning on the Retirement Date and continuing until the Termination Date (the "Severance Period"), ▇▇▇▇▇ will continue as a non-executive, non-officer, non-policymaking employee of the Company, at an annual salary of $60,000. In addition, ▇▇▇▇▇ shall receive payments in an annual amount of $220,000 as consideration for his obligations under Paragraph 5, and $220,000 for his obligation under Paragraphs 6, 7, and 8. All of the payments under this Paragraph 4.a shall be made in accordance with the Company's normal payroll practices and subject to applicable payroll tax deductions. ▇▇▇▇▇ acknowledges and agrees that he shall not receive any additional compensation beyond that provided in this Paragraph 4 for his services to the Company, including without limitation, his service as Chairman.