Common use of Salary Continuation Payments Clause in Contracts

Salary Continuation Payments. Executive will be entitled to receive an amount equal to two (2) times (or in the event that Executive’s Termination Date occurs during the period that begins immediately prior to a Sale of Xxxxx Corporation and ends on the twelve (12) month anniversary of such Sale of Xxxxx Corporation (a “Qualifying Termination”), three (3) times) the sum of (i) the amount equal to Executive’s Base Salary as of the date immediately preceding the Termination Date (or, if Executive terminates for Good Reason under Section 8.3(a), the amount equal to Executive’s Base Salary before the reduction giving rise to Good Reason under Section 8.3(a)), and (ii) the amount equal to Executive’s Target Bonus Amount for the year in which such termination occurs. Such amount shall be paid by the Company to Executive in twenty four (24) (or, in the case of a Qualifying Termination, thirty six (36)) substantially equal monthly installments beginning on or promptly following the sixtieth (60th) day following the Termination Date (the “Payment Date”).

Salary Continuation Payments. Executive will be entitled to receive an amount equal to two (2) times (or in the event that Executive’s Termination Date occurs during the period that begins immediately prior to a Sale of Xxxxx Corporation and ends on the twelve (12) -month anniversary of such Sale of Xxxxx Corporation (a “Qualifying Termination”), three (3) times) the sum of (i) the amount equal to Executive’s Base Salary as of the date immediately preceding the Termination Date (or, if Executive terminates for Good Reason under Section 8.3(a), the amount equal to Executive’s Base Salary before the reduction giving rise to Good Reason under Section 8.3(a)), and (ii) the amount equal to Executive’s Target Bonus Amount for the year in which such termination occurs. Such amount shall be paid by the Company to Executive in twenty four (24) (or, in the case of a Qualifying Termination, thirty six (36)) substantially equal monthly installments beginning on or promptly following the sixtieth (60th) day following the Termination Date (the “Payment Date”).

Salary Continuation Payments. Executive will be entitled to receive an amount equal to two (2) times (or in the event that Executive’s Termination Date occurs during the period that begins immediately prior to a Sale of Xxxxx Corporation and ends on the twelve (12) -month anniversary of such Sale of Xxxxx Corporation (a “Qualifying Termination”), three (3) times) the sum of (i) the amount equal to Executive’s Base Salary as of the date immediately preceding the Termination Date (or, if Executive terminates for Good Reason under Section 8.3(a‎8.3(a), the amount equal to Executive’s Base Salary before the reduction giving rise to Good Reason under Section 8.3(a‎8.3(a)), and (ii) the amount equal to Executive’s Target Bonus Amount for the year in which such termination occurs. Such amount shall be paid by the Company to Executive in twenty four (24) (or, in the case of a Qualifying Termination, thirty six (36)) substantially equal monthly installments beginning on or promptly following the sixtieth (60th) day following the Termination Date (the “Payment Date”).

Salary Continuation Payments. Executive will be entitled to receive an amount equal to two (2) times (or in the event that Executive’s Termination Date occurs during the period that begins immediately prior to a Sale of Xxxxx Corporation and ends on the twelve (12) month anniversary of such Sale of Xxxxx Corporation (a “Qualifying Termination”), three (3) times) the sum of (i) the amount equal to Executive’s Base Salary as of the date immediately preceding the Termination Date (or, if Executive terminates for Good Reason under Section 8.3(a), the amount equal to Executive’s Base Salary before the reduction giving rise to Good Reason under Section 8.3(a)), and (ii) the amount equal to Executive’s Target Bonus Amount for the year in which such termination occurs. Such amount shall be paid by the Company to Executive in twenty twenty-four (24) (or, in the case of a Qualifying Termination, thirty thirty-six (36)) substantially equal monthly installments beginning on or promptly following the sixtieth (60th) day following the Termination Date (the “Payment Date”).