SALARY CONTINUATION BENEFIT Sample Clauses
The Salary Continuation Benefit clause provides for the ongoing payment of an employee's salary under specific circumstances, such as during periods of disability, illness, or after termination without cause. Typically, this clause outlines the duration and amount of salary payments, eligibility requirements, and any conditions that must be met for the benefit to apply. Its core practical function is to offer financial security to employees during times when they are unable to work, thereby addressing income gaps and supporting employee well-being.
SALARY CONTINUATION BENEFIT. 2.1 If a Compensable Termination occurs, then the Company shall pay the Salary Continuation Benefit to Executive on or before the tenth business day following the day on which Executive's employment terminates. The Salary Continuation Benefit shall be paid in one lump sum, net of all required federal and state withholding taxes.
2.2 The Salary Continuation Benefit shall be a sum equal to three times the Applicable Compensation of Executive.
SALARY CONTINUATION BENEFIT. If the Employee dies while employed by the Company, the Company shall pay to the Employee's Beneficiary a salary continuation benefit equal to the balance in the Employee's Deferred Compensation Account. Payment shall be made within ninety (90) days following the Employee's death. Notwithstanding the foregoing, if the Employer elects to purchase a life insurance policy on the life of the Employee as part of the Employee's Deferred Compensation Account, then the Salary Continuation Benefit shall be a lump sum benefit in the amount of the face value of the said life insurance policy minus the value of the premiums paid by the Employer plus 8% of the value of the premiums paid by the Employer.
SALARY CONTINUATION BENEFIT. 1. New Accepted Claim with Overlapping Previously Accepted Injury - Where an Employee sustains a subsequent industrial injury as part of a new accepted workers' compensation claim that includes a previously accepted body part in the same five (5) year period, Employee shall be entitled to a period of time not to exceed 183 days of Salary Continuation Benefits.
2. New Accepted Claim with No Overlapping Previously Accepted Injury - Where an Employee sustains another industrial injury resulting in a new accepted workers' compensation claim within the same five (5) year period that does not include a previously accepted body part, the Employee's new accepted claim shall be entitled to a period of time not to exceed 365 days of the Salary Continuation Benefit.
3. New Accepted Claim for Same Previously Accepted Injury after Five (5) Years - Where an Employee sustains an industrial injury to a previously claimed body part after five (5) years from the initial Date of Injury, the Employee shall be entitled to a new period of time not to exceed 365 days of the Salary Continuation Benefit. In effect, after five (5) years from the initial Date of Injury, the benefit resets with respect to a previously claimed body part.
SALARY CONTINUATION BENEFIT. You will receive continued payment of your current base salary of $270,000/year, less required deductions, which shall be paid to you on a bi-weekly basis in accordance with Key’s normal payroll procedures for a period of twelve (12) months, from June 1, 2015 through May 31, 2016 (“Salary Continuation”). All voluntary payroll deductions will cease as of your Retirement Date. In addition, your participation in Key’s 401(k) Plan and Deferred Savings Plan ends as of your Retirement Date.
SALARY CONTINUATION BENEFIT. If the Executive is employed by either of the Employers as of December 31, 2012, or, if earlier, immediately prior to the expiration of the Term, the Executive’s interest in and entitlement under the Salary Continuation Agreement to an annual benefit of $100,000 for twenty (20) years shall be fully vested, such annual benefit to be paid by the Employers to the Executive in 12 equal monthly installments commencing with the month following the Executive’s attaining age 65.
SALARY CONTINUATION BENEFIT. The parties believe that the benefit provided for under Section 2.2 of the Salary Continuation Agreement constitutes payments under a deferred compensation plan as such term is defined in 31 C.F.R. § 30.1 (relating to executive compensation restrictions under Section 111(b) of the EESA) ("TARP Exception"), and under a bona fide deferred compensation plan or arrangement as such term is defined in FDIC Regulation 12 C.F.R. § 359.1(d) (relating to prohibited "golden parachute" payments) ("359 Exception"). Accordingly, the Company, the Bank and ▇▇. ▇▇▇▇▇▇ acknowledge that, upon a determination by the appropriate regulatory authorities, the benefits available to ▇▇. ▇▇▇▇▇▇ under the Salary Continuation Agreement are permissible as provided in 31 C.F.R. § 30.1 and 12 C.F.R. § 359.1(d), the benefit provided for under Section 2.2 of the Salary Continuation Agreement will be paid at the time and in the form provided for under the terms of the Salary Continuation Plan, except that the amount of such benefit shall be limited to the amount accrued and vested under the Salary Continuation Plan as of December 31, 2010, and no additional benefits shall accrue after such date. Notwithstanding the foregoing, in the event an appropriate government agency determines that any such payments do not satisfy the TARP Exception or 359 Exception, or otherwise do not comply with TARP or 359 restrictions relating to executive compensation, then the parties agree to take whatever action is reasonably necessary to satisfy such restrictions including, but not limited to, discontinuing any future benefit payments and the return by ▇▇. ▇▇▇▇▇▇ of any payments received under the Salary Continuation Agreement which did not comply with TARP or 359 restrictions relating to executive compensation.
SALARY CONTINUATION BENEFIT. Executive will be eligible to receive a salary continuation benefit (the “Salary Continuation Benefit”) equal to twelve (12) months of Executive’s base salary following Executive’s Date of Termination (such number of months shall hereinafter be referred to as the “Severance Period”), minus any applicable deductions or withholdings or other reductions provided by this Agreement, the Plan or law, and which will be payable in a manner and on days that correspond to the Company’s regular paydays and payroll practices. The Salary Continuation Benefit will begin as soon as is administratively practical after Executive’s execution of the Release or, if applicable, the end of the revocation period described in paragraph 15(f) of this Agreement, whichever is later; provided, that if the maximum period for consideration and revocation of the Agreement as provided in paragraphs 15(e) and 15(f) would span two different taxable years of Executive, then no Salary Continuation Benefit payments may be made until the later of such two taxable years, regardless of when the Agreement is signed and the revocation period expires. Executive expressly authorizes the Company to make any necessary deductions, withholdings, or other reductions from the Salary Continuation Benefit. This Agreement and any and all obligations contained herein are subject to and conditioned upon Executive remaining an employee in good standing through Executive’s Date of Termination.