Reduction in Base Salary upon Acceptance of Other Employment Sample Clauses

Reduction in Base Salary upon Acceptance of Other Employment. The Company shall continue to pay Employee a base salary at the annual rate of $265,000, less applicable withholdings, in accordance with the Company’s regular payroll practices, until Employee accepts full-time employment elsewhere, at which time the Company shall reduce Employee’s base salary to the annual rate of $53,000, less applicable withholdings. The Company shall pay Employee his base salary, either at the initial rate or at the reduced rate, as applicable, until the first of the following events occurs: (i) the twelve-month anniversary of the appointment of the new Chief Financial Officer or Interim Chief Financial Officer; (ii) Employee resigns from his employment with the Company; or (iii) the Company terminates Employee’s employment for “Cause”, as that term is defined below.
Sample 1
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Reduction in Base Salary upon Acceptance of Other Employment. The Company shall continue to pay Employee a base salary at the annual rate of $265,000, less applicable withholdings, in accordance with the Company’s regular payroll practices, until Employee accepts full-time employment elsewhere, at which time the Company shall reduce Employee’s base salary to the annual rate of $53,000, less applicable withholdings. The Company shall pay Employee his base salary, either at the initial rate or at the reduced rate, as applicable, until the first of the following events occurs: (i) the twelve-month anniversary of any of the Change of Position Events (as defined in this Agreement); (ii) Employee resigns from his employment with the Company; or (iii) the Company terminates Employee’s employment for “Cause”, as that term is defined below.
Sample 1

Related to Reduction in Base Salary upon Acceptance of Other Employment

  • Salary Rate Upon Employment The hiring rate of pay for a new employee shall not be higher than the rate of pay for an existing employee in the same classification with similar work experience, training and education.

  • SALARY DETERMINATION FOR EMPLOYEES IN ADULT EDUCATION PCA Article B.3 does not apply in School District No. 34 (Abbotsford).

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Annual Salary Review In December of each year throughout the TERM, the annual salary of the EMPLOYEE shall be reviewed by the Boards of Directors of the EMPLOYERS and shall be set, effective January l of the following year, at an amount not less than $106,500, based upon the EMPLOYEE'S individual performance and the overall profitability and financial condition of the EMPLOYERS (hereinafter referred to as the "ANNUAL REVIEW"). The results of the ANNUAL REVIEW shall be reflected in the minutes of the Boards of Directors of the EMPLOYERS.

  • Vacation Pay Upon Termination When an employee in the bargaining unit is terminated for any reason, he/she shall be entitled to all vacation pay earned and accumulated up to and including the effective date of the termination.

  • Effective Period Termination This Agreement shall become effective as of the date of its execution and shall continue in full force and effect until terminated as hereinafter provided. This Agreement may be terminated by each Investment Company, on behalf of a Fund, or by the Custodian by 90 days notice in Writing to the other provided that any termination by an Investment Company shall be authorized by a resolution of the Board, a certified copy of which shall accompany such notice of termination, and provided further, that such resolution shall specify the names of the persons to whom the Custodian shall deliver the assets of the affected Funds held by the Custodian. If notice of termination is given by the Custodian, the affected Investment Companies shall, within 90 days following the giving of such notice, deliver to the Custodian a certified copy of a resolution of the Boards specifying the names of the persons to whom the Custodian shall deliver assets of the affected Funds held by the Custodian. In either case the Custodian will deliver such assets to the persons so specified, after deducting therefrom any amounts which the Custodian determines to be owed to it hereunder (including all costs and expenses of delivery or transfer of Fund assets to the persons so specified). If within 90 days following the giving of a notice of termination by the Custodian, the Custodian does not receive from the affected Investment Companies certified copies of resolutions of the Boards specifying the names of the persons to whom the Custodian shall deliver the assets of the Funds held by the Custodian, the Custodian, at its election, may deliver such assets to a bank or trust company doing business in the State of California to be held and disposed of pursuant to the provisions of this Agreement or may continue to hold such assets until a certified copy of one or more resolutions as aforesaid is delivered to the Custodian. The obligations of the parties hereto regarding the use of reasonable care, indemnities and payment of fees and expenses shall survive the termination of this Agreement.

  • Term Termination 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.

  • Payments Upon Termination of Employment (a) If Executive's employment with the Company is terminated by reason of:

  • Involuntary Termination in Connection with a Change in Control Notwithstanding anything contained herein, in the event of an Involuntary Termination prior to a Change in Control, if the Involuntary Termination (1) was at the request of a third party who has taken steps reasonably calculated to effect such Change in Control or (2) otherwise arose in connection with or in anticipation of such Change in Control, then the Executive shall, in lieu of the payments described in Section 4 hereof, be entitled to the Post-Change in Control Severance Payment and the additional benefits described in this Section 5 as if such Involuntary Termination had occurred within two (2) years following the Change in Control. The amounts specified in Section 5 that are to be paid under this Section 5(h) shall be reduced by any amount previously paid under Section 4. The amounts to be paid under this Section 5(h) shall be paid within sixty (60) days after the Change in Control Date of such Change in Control.

  • Compensation Upon Termination or During Disability In the event Executive is disabled or his employment terminates during the Employment Period, the Company shall provide Executive with the payments and benefits set forth below. Executive acknowledges and agrees that the payments set forth in this Section 8 constitute liquidated damages for termination of his employment during the Employment Period.

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