Common use of Monetary Payments Clause in Contracts

Monetary Payments. Commencing on the first regular payroll date following the Resignation Date and continuing for twenty four (24) months ending August 4, 2006 Employer shall pay Employee severance pay in the form of Salary Continuation and in the amount of $6,250 per weekly payroll period, less all customary and required withholdings. Employer shall also pay Employee accrued vacation hours through August 6, 2004 within three days of the Resignation Date. Employer shall pay Employee a one time payment of an amount equal to the actual annual Executive Committee Short-term Incentive Plan paid for the year immediately proceeding the Resignation Date amounting to $373,750 to be paid on January 7, 2005.