Salary Continuation Payment. To the extent Executive is eligible for payments and benefits under this Agreement, Employer shall make a single lump sum payment (“Salary Continuation Payment”) to Executive equal to the then current base salary that Executive would have otherwise received during the period described below (the “Salary Continuation Period”). If Executive dies after becoming eligible for the Salary Continuation Payment and other benefits under this Agreement, but before the end of the Salary Continuation Period, the remaining benefits shall be paid to Executive’s lawful spouse, or estate if Executive has no surviving lawful spouse.
Salary Continuation Payment. “Salary Continuation Payment” has the meaning assigned in Section 4 of this Agreement.
Salary Continuation Payment. As soon as is administratively possible after the later of the Termination Date or the end of any applicable revocation period for this Agreement, Executive will begin receiving eighteen (18) months of salary continuation payments (the period during which this will be paid shall hereinafter be referred to as the “Severance Period”) at a bi-weekly gross rate of $12,741.83 (with total payments equaling $496,931.37), minus any applicable deductions or withholdings or other reductions provided for under the Plan or required by applicable law, which will be payable in a manner and on days that correspond to the Company’s regular paydays and payroll practices. The first payment made pursuant to this paragraph may exceed a full pay period if it covers the period from the Termination Date through the date of the first payment. In this case, any subsequent payments made during the Severance Period will cover full pay periods and only include a partial pay period if necessary to pay any remaining salary continuation payments. Executive expressly authorizes the Company to make any necessary deductions, withholdings, or other reductions from amounts paid pursuant to this paragraph.
Salary Continuation Payment. The Executive shall receive her base salary, at the monthly rate in effect for her under Paragraph 3.A. at the time of her Involuntary Termination, for a period of 12 months in equal installments in accordance with BMP’s normal payroll practices, Subject to the deferral restrictions of Paragraph 19, the first such payment shall be made not later than the first pay day following the Executive’s Involuntary Termination. Each such salary continuation payment shall be subject to all applicable withholding requirements as set forth in Paragraph 3.C.
Salary Continuation Payment. Upon Termination on Change in Control Executive will receive cash payments for a period of 24 months equal to the highest monthly base salary he has received in any of the 24 months prior to termination.
Salary Continuation Payment. The Company agrees to provide the Employee with six (6) months of salary continuation for a total of One Hundred Thousand Dollars and 00/100 Cents ($100,000), less applicable withholding, which shall begin on the first regular payroll date following the Effective Date, in accordance with the Company’s regular payroll practices. Employee understands and acknowledges that no salary continuation payments will be made until after the Effective Date.
Salary Continuation Payment. In the event that: (i) a Change in Control and Change in Duties or Salary occur during the term of this Agreement, but before the Officer reaches the age of 65, or (ii) the Officer's employment is terminated except for cause at any time within twenty-four (24) months following a Change in Control, but before the Officer reaches the age of 65, then the Officer shall be entitled to receive, in addition to any other benefits payable to the Officer under any other agreements or arrangements (or any other provisions of this Agreement), an aggregate amount equal to two (2) times the Officer's average annual taxable compensation from the Company and the Bank (and their affiliates determined pursuant to Section 280G(d)(5) of the Internal Revenue Code of 1986, as amended (the "Code")) for the most recent five taxable years ending before the Change in Duties or Salary or the termination of the Officer's employment (or for the period during which the Employee was employed by the Bank if the Officer has been employed by the Bank for less than five (5) years) less one dollar ($1.00) (such amount is hereinafter referred to as the "Salary Continuation Payment"). The Salary Continuation Payment shall be payable either in a lump sum or, at the Officer's written election filed with the Company on or before 30 days following the effective date of this Agreement (the "Election") in monthly or quarterly installments, the aggregate amount of which has a total present value (determined by using a discount rate equal to 120% of the "applicable federal rate" determined under section 1274(d) of the Code, compounded semi-annually) equal to the aggregate amount calculated for determining a lump sum payment. The Officer may modify the Election at any time prior to the Salary Continuation Payment becoming due and payable, provided that any such modification is consistent with the terms of this Agreement and provided further that any such modification shall not become effective and binding on the Company until the calendar year following the year in which such modified Election is delivered to the Company. Some or all of the Salary Continuation Payment may, at the Officer's election, be applied to the cost of group-term life insurance and long-term disability benefits for the Officer on the basis that such benefits are being provided by the Bank and the Company for the Officer immediately prior to any Change in Control, and any balance of the Salary Continuation Payment shall be paid to...
Salary Continuation Payment. To the extent Executive is eligible for payments and benefits under this Agreement, Employer shall continue to pay Executive the then current base salary that Executive would have otherwise received during the period described below (the “Salary Continuation Period”). If Executive dies after becoming eligible for the Salary Continuation Payment and other benefits under this Agreement, but before the end of the Salary Continuation Period, the remaining benefits shall be paid to Executive’s lawful spouse, or estate if Executive has no surviving lawful spouse.
Salary Continuation Payment. The Executive shall receive his base salary, at the monthly rate in effect for him under Paragraph 3.A. at the time of his Involuntary Termination, for a period of twelve (12) months in equal installments in accordance with BMP’s normal payroll practices. The first such payment shall be made within sixty (60) days following the Executive’s Involuntary Termination, subject to the Executive’s execution and non-revocation of the Release. Each such salary continuation payment shall be subject to all applicable withholding requirements as set forth in Paragraph 3.C. Notwithstanding any provision of this Agreement to the contrary, in no event shall the timing of the Employee’s execution of the Release, directly or indirectly result in the Employee designating the calendar year of payment and to the extent payment could be made in more than one taxable year, payment shall be made in the later taxable year.
Salary Continuation Payment. Provided the Executive is employed with Bank and EU on the Closing Date and the Executive has executed the release attached as Exhibit A hereto, dated as of the Closing Date (and any revocation period has lapsed), Bank shall, or shall cause an affiliate to, pay to the Executive an amount equal to $600,000, in full satisfaction of the payment obligations of Bank and Exchange Underwriters, Inc. under the Employment Agreement, (the total of such sum, the “Employment Agreement Amount”) with such amount to be further reduced pursuant to Section 6 hereof as may be needed. The Employment Agreement Amount shall be paid to the Executive in equal installments in accordance with the Bank’s regular payroll practices through May 1, 2026, with the first payment commencing on the first day of the seventh month following the Closing Date, and the payments which would otherwise be paid to the Executive during the first six months following the Closing Date shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Closing Date. For example, if the Closing Date occurs on December 1, 2023, the first payment will be made on June 1, 2024 in the amount of $233,333.33 (assuming a total of 18 payments in the amount of $33,333.33 each, with the first payment calculated by multiplying $33,333.33 by seven). Payments will be reported on a Form W-2.
