Weekly Base Salary definition
Examples of Weekly Base Salary in a sentence
The Weekly Base Salary may not be decreased at any time during the term of Employee’s employment hereunder.
You will receive a payment equal to thirty-five (35) times your Weekly Base Salary determined on the business day immediately preceding the Closing.
In the event of (x) termination by Employer without Cause, or (y) termination by Employee for Good Reason, Employer shall also pay Employee, Employee’s then current Weekly Base Salary, for the remainder of the Term of this Agreement contingent upon Employee’s execution of a separation and release agreement on a form mutually agreed upon by Employer and Employee.
Any increase in Weekly Base Salary shall be in the sole discretion of Employer.
In the event of (i) termination by Employer for Cause, or (ii) termination by Employee without Good Reason, Employer shall pay Employee his accrued but unpaid Weekly Base Salary as of the date of termination, benefits through the date of termination, unpaid and properly documented expense reimbursements incurred in accordance with Employer’s policies prior to termination, and compensation for accrued, and unused vacation as of the date of termination (“Accrued Amounts”).
Employee may terminate his employment hereunder for Good Reason if Employer fails to pay Employee the Weekly Base Salary or provide the benefits in accordance with the terms of Section 4 herein.
In the event Employee’s employment hereunder is terminated pursuant to Section 6(a)(iii) or (iv) prior to the expiration of the term of this Agreement, Employer shall pay Employee, as consideration for the execution of a separation and release agreement and in lieu of any further compensation payable hereunder other than Accrued Amounts, a cash amount equal to fifty-two (52) times Employee’s then current Weekly Base Salary.
Employee’s Weekly Base Salary shall be subject to periodic reviews in accordance with the regular salary review practices of Employer for officers and executives (but not less than at the end of each year of the Term) in light of Employee’s performance of his duties and achievement of goals, but Employee agrees that any increase in Weekly Base Salary shall be in the sole discretion of Employer.
In the event of a Change in Control (as defined below), Employer shall pay Employee the Employee’s then current Weekly Base Salary for the remainder of the Term at the time of such Change in Control, in a lump sum within ten (10) business days of the Change of Control.
Payment made under this Section shall also satisfy Employer’s obligation, if any, to pay Employee’s Weekly Base Salary for the remainder of this Agreement pursuant to Section 7 above and shall be Employee’s sole remedy in connection with termination of his employment in connection with a Change of Control.