Common use of Salary Continuance Benefit Clause in Contracts

Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination;

Appears in 9 contracts

Samples: Management Continuity Agreement (Union Bankshares Corp), Management Continuity Agreement (Union First Market Bankshares Corp), Management Continuity Agreement (Union Bankshares Corp)

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Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 2.99 times the Executive’s 's Final Compensation. For purposes of this Agreement, "Final Compensation" means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination;

Appears in 4 contracts

Samples: Employment Agreement (Virginia Financial Corp), Employment Agreement (Virginia Financial Corp), Management Continuity Agreement (Shore Financial Corp)

Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 2.99 times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination;

Appears in 4 contracts

Samples: Employment Agreement (Virginia Financial Group Inc), Employment Agreement (Virginia Financial Group Inc), Management Continuity Agreement (Union Bankshares Corp)

Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 2 times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest average Annual Bonus paid or payable for the two most recently completed years and (both of which shall include any amount contributed therefrom by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals). The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination;

Appears in 2 contracts

Samples: Employment Agreement (Virginia Financial Group Inc), Employment Agreement (Virginia Financial Group Inc)

Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 1.0 times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination;; and

Appears in 2 contracts

Samples: Management Continuity Agreement (Bay Banks of Virginia Inc), Management Continuity Agreement (Bay Banks of Virginia Inc)

Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 2.99 times the ExecutiveEmployee’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years Termination and any amount contributed by the Executive Employee during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive Employee in a lump sum cash payment not later than the 45th day following the Date of Termination;

Appears in 2 contracts

Samples: Change in Control Agreement (Monarch Financial Holdings, Inc.), Change in Control Agreement (Monarch Financial Holdings, Inc.)

Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 one and one-half times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination;.

Appears in 1 contract

Samples: Management Continuity Agreement (Citizens Bancorp of Virginia Inc)

Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 2.99 times the ExecutiveOfficer’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive Officer during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive Officer in a lump sum cash payment not later than the 45th day following the Date of Termination;

Appears in 1 contract

Samples: Change in Control Employment Agreement (Virginia Savings Bancorp)

Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 one times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination;.

Appears in 1 contract

Samples: Management Continuity Agreement (Citizens Bancorp of Virginia Inc)

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Salary Continuance Benefit. The Salary Continuance Benefit -------------------------- is an amount equal to 2.0 times the Executive’s 's Final Compensation. For purposes of this Agreement, "Final Compensation" means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th 45/th/ day following the Date of Termination;

Appears in 1 contract

Samples: Management Continuity Agreement (Union Bankshares Corp)

Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 2.99 times the Executive’s 's Final Compensation. For purposes of this Agreement, "Final Compensation" means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two (2) most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th forty-fifth (45th) day following the Date of Termination;.

Appears in 1 contract

Samples: Employment Agreement (Carmax Inc)

Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 1 times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination;

Appears in 1 contract

Samples: Management Continuity Agreement (Citizens Bancorp of Virginia Inc)

Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 one-half times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination;

Appears in 1 contract

Samples: Management Continuity Agreement (Citizens Bancorp of Virginia Inc)

Salary Continuance Benefit. The Salary Continuance Benefit is an amount equal to 2.0 2.99 times the Executive’s 's Final Compensation. For purposes of this Agreement, "Final Compensation" means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus or value of Stock Options paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of Termination;

Appears in 1 contract

Samples: Employment Agreement (Virginia Financial Corp)

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