COMPENSATION CONTINUATION Sample Clauses

COMPENSATION CONTINUATION. Each of VLH, VLI and/or Showco, as the case may be, shall, for a period of 60 days after the date of the death of Xxxxx, continue to pay to Xxxxx'x estate cash compensation (including without limitation salary, bonus and consulting fees) in a monthly amount equal to one-twelfth of all cash compensation (including without limitation salary, bonus and consulting fees) paid or payable to Xxxxx on an annualized basis immediately preceding his death. Notwithstanding the foregoing, if the proceeds from any life insurance policy purchased by VLH, VLI and/or Showco, as the case may be, for the benefit of Xxxxx and in effect upon the date of his death have not been paid within 60 days after the date of his death, VLH, VLI and/or Showco, as the case may be, shall continue to make such compensation payments as herein provided until the date such life insurance proceeds are paid in full (provided that in no event shall such payments continue for more than one year after the date of his death). Any payments required under this Agreement shall be made in accordance with the general payroll practices of VLH, VLI and/or Showco, as the case may be, in effect at the time such payment is made, but in no event less frequently than monthly.
Sample 1
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COMPENSATION CONTINUATION. Pursuant to Section 1 of the Employment Agreement, in full payment of his base salary for the period March 1, 2000 through and including February 28, 2001, Xx. Xxxxxxxx shall receive a lump sum payment of $947,200, which Xx. Xxxxxxxx acknowledges and agrees is equivalent to $975,000 payable over one year, discounted at the rate of 6% to reflect its payment in a lump sum.
Sample 1
COMPENSATION CONTINUATION. The Company will continue to pay Mx. Xxxxxxxxx his current base salary through the Effective Date, at intervals in accordance with the Company's current pay practices. On January 5, 2000, the Company will pay Mx. Xxxxxxxxx a lump sum amount of Three Hundred Fifty-Nine Thousand Six Hundred Twenty-Five and No/100 Dollars ($359,625.00). All amounts paid to Mx. Xxxxxxxxx will be subject to withholding of federal and state income and employment taxes, in accordance with United States and Florida laws. Unless otherwise determined by the Company, Mx. Xxxxxxxxx will be entitled to no cash compensation from the Company in addition to the sums provided in this section.
Sample 1
COMPENSATION CONTINUATION. After the termination of the Employment Period, on a semi-monthly basis in accordance with Angelica's normal and customary payroll practices, Xxxxxxxx shall pay Hubble the "Monthly Continuation Compensation" (as defined in this Section 4.1(b) for each month (or partial month on a prorated basis) remaining in the Term of this Agreement after the termination of the Employment Period. Xxxxxxxx may at any time elect to pay the balance of such payments then remaining in a lump sum, in which the total of such lump-sum payment is discounted to its present value on the basis of the applicable Federal short-term monthly rate for the month in which such lump-sum payment is to be made as determined in accordance with Section 1274(d) of the Internal Revenue Code of 1986, as amended. For purposes of this Agreement, "Monthly Continuation Compensation" shall mean the sum of Hubble's Annual Base Salary and Termination Year Maximum Bonus as of the last day of the Employment Period divided by 12.
Sample 1
COMPENSATION CONTINUATION. The Company will continue to pay Mr. Neville his current base salary through the Effective Date, at inxxxxxxx xx accordance with the Company's current pay practices. All amounts paid to Mr. Neville will be subject to withholding of federal and state incomx xxx xxxxxyment taxes, in accordance with United States and North Carolina laws. Unless otherwise determined by the Company, Mr. Neville will be entitled to no cash compensation from the Company xx xxxxxxxn to the sums provided in this section and in Section 6.
Sample 1
COMPENSATION CONTINUATION. The Employee is authorized to take up-to twenty (20) good faith sick days during the Term of this Agreement. The Corporation shall have the right to terminate this Agreement in the event the Employee is unable, because of any illness or physical incapacity, to perform the duties set forth herein for a period of time in excess of the allowable sick days and vacation days.
Sample 1
COMPENSATION CONTINUATION. In the event that (i) the Company terminates your employment without your consent for any reason other than Cause or Disability or(ii) you voluntarily resign your employment for Good Reason, the Company will continue to pay to you your Base Compensation and to vest your stock options until the end of the term of this Agreement, subject to subsection (g) below. The payments under this subsection (f) will cease in the event of your death. In order to receive your compensation continuation, you will be required to sign a release in a form acceptable to the Company, of any and all claims that you may have against the Company. In the event of the termination of this Agreement, with or without Cause, following a Change in Control prior to May 1, 2004, you will be entitled to receive, without regard to the provisions of subsection (g) below, payment in full of any remaining Base Compensation to May 1, 2004 and all of your unvested stock options described in Section 5 above shall immediately vest and become exercisable in full.
Sample 1
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COMPENSATION CONTINUATION. (i) The Employer shall pay the Executive all salary, incentive, vacation pay, and other benefits which the Executive has earned and is entitled to as of the Date of Termination but which remain unpaid as of the Date of Termination.
Sample 1
COMPENSATION CONTINUATION. From January 1, 2007 through April 28, 2008 (the “Continuation Period”), Executive shall receive Salary Continuation Payments, paid on the Company’s customary payroll pay dates. The “Salary Continuation Payments” shall be $46,875 per month for the first six (6) months of the Continuation Period, and $50,500 per month for the remainder of the Continuation Period, subject to applicable payroll deductions and withholdings. Of the foregoing payments, $46,875 per month payable for the first twelve (12) months in 2007 represents the severance benefit under the 2004 Employment Agreement that was not subject to Section 409A of the Code and was carried forward under the Employment Agreement (the “Grandfathered Benefit”). The balance of the foregoing payments represents the amount that is subject to Section 409A of the Code (the “Non-Grandfathered Benefit”) and does not commence until after the first six (6) months of the Continuation Period. Accordingly, the Grandfathered Benefit will be payable without delay following the effectiveness of this Amendment, while the Non-Grandfathered Benefit will be payable, at the earliest, commencing on the date that is six (6) months following the Termination Date.
Sample 1

Related to COMPENSATION CONTINUATION

  • Benefits Continuation In addition, Executive shall be entitled to health and dental insurance benefits for a period of eighteen (18) months following the termination of this Agreement. These benefits will be provided at Employer’s expense, but such period shall count towards the Employer’s continuation of coverage obligation under Section 4980B of the Internal Revenue Code (commonly referred to as “COBRA”).

  • Salary Continuation If the Executive becomes totally disabled during the term of this Agreement, his full salary shall be continued for 360 days from the date of the disabling injury or onset of the disability illness.

  • Benefit Continuation You and your then eligible dependents shall continue to be covered by and participate in the group health and dental care plans (collectively, “Health Plans”) of the Company (at the Company’s cost) in which you participated, or were eligible to participate, immediately prior to the Date of Termination through the end of the Benefit Continuation Period; provided, however, that any medical or dental welfare benefit otherwise receivable by you hereunder shall be reduced to the extent that you become covered under a group health or dental care plan providing comparable medical and health benefits. You shall be eligible to participate in such Health Plans on terms that are at least as favorable as those in effect immediately prior to the Date of Termination. However, in the event that the terms of the Company’s Health Plans do not permit you to participate in those plans (other than pursuant to an election under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”)), in lieu of your and your eligible dependent’s coverage and participation under the Company’s Health Plans, the Company shall pay to you within fifteen (15) calendar days after the effective date of the Waiver and Release a lump sum equal to two (2) times your monthly COBRA premium amount for the number of months remaining in the Benefit Continuation Period. In addition, for the purposes of coverage under COBRA, your COBRA event date will be the date of loss of coverage described in this paragraph above.

  • Salary Continuation Payments The Executive shall be eligible to receive his base salary for up to a total period of eighteen (18) months at the annualized rate in effect for him under Paragraph 3 at the time of his Involuntary Termination. The first such payment shall be made on the sixtieth (60th) day following the Executive’s Separation from Service due to such Involuntary Termination provided the requisite Release Condition is satisfied and subsequent salary continuation payments shall be made at periodic intervals in accordance with the Company’s payroll practices for salaried employees. The salary continuation payments to which the Executive becomes entitled in accordance with this Paragraph 4.4 shall be treated as a right to a series of separate payments for purposes of Section 409A of the Code.

  • Payment of Continued Group Health Plan Benefits If you are eligible for and timely elect continued group health plan coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 or any state law of similar effect (“COBRA”) following your Involuntary Termination, the Company will pay your COBRA group health insurance premiums for you and your eligible dependents directly to the insurer until the earliest of (A) the end of the period immediately following your Involuntary Termination that is equal to the Severance Period (the “COBRA Payment Period”), (B) the expiration of your eligibility for continuation coverage under COBRA, or (C) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. For purposes of this Section, references to COBRA premiums shall not include any amounts payable by you under a Section 125 health care reimbursement plan under the Code. Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that it cannot pay the COBRA premiums without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then regardless of whether you elect continued health coverage under COBRA, and in lieu of providing the COBRA premiums, the Company will instead pay you on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), which payments shall continue until the earlier of expiration of the COBRA Payment Period or the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. On the first payroll date following the effectiveness of the Release, the Company will make the first payment to the insurer under this clause (and, in the case of the Special Severance Payment, such payment will be to you, in a lump sum) equal to the aggregate amount of payments that the Company would have paid through such date had such payments instead commenced on the date of your Involuntary Termination, with the balance of the payments paid thereafter on the schedule described above. If you become eligible for coverage under another employer’s group health plan, you must immediately notify the Company of such event, and all payments and obligations under this subsection shall cease.

  • Health Continuation Coverage a) Provided that Executive is eligible and has made the necessary elections for continuation coverage pursuant to COBRA under a health, dental or vision plan sponsored by the Company, the Company shall pay the applicable premiums (inclusive of premiums for Executive’s dependents for such health, dental or vision plan coverage as in effect immediately prior to the date of the Change in Control Termination) for such continued health, dental or vision plan coverage following the date of the Change in Control Termination for up to the number of months equal to the Change in Control Benefits Period (but in no event after such time as Executive is eligible for coverage under a health, dental or vision insurance plan of a subsequent employer or as Executive and Executive’s dependents are no longer eligible for COBRA coverage); provided that if continued payment by the Company of the applicable premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Internal Revenue Code of 1986, as amended, or any statute or regulation of similar effect (including, without limitation, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing such continued payment, the Company will instead pay Executive on the first day of each month a fully taxable cash payment equal to the applicable premiums for that month, subject to applicable tax withholdings, for the remainder of the Change in Control Benefits Period. Such coverage shall be counted as coverage pursuant to COBRA. The Company shall have no obligation in respect of any premium payments (or any other payments in respect of health, dental or vision coverage from the Company) following the effective date of Executive’s coverage by a health, dental or vision insurance plan of a subsequent employer. Executive shall be required to notify the Company immediately if Executive becomes covered by a health, dental or vision insurance plan of a subsequent employer. If Executive and Executive’s dependents continue coverage pursuant to COBRA following the conclusion of the Change in Control Benefits Period, Executive will be responsible for the entire payment of such premiums required under COBRA for the duration of the COBRA period.

  • Term and Continuation This Agreement shall take effect as of the date hereof, and shall remain in effect, unless sooner terminated as provided herein, until September 30, 2003, and shall continue thereafter on an annual basis with respect to each Series, provided that such continuance is specifically approved at least annually (a) by the vote of a majority of the Board, or (b) by vote of a majority of the outstanding voting securities of the Series, and provided continuance is also approved by the vote of a majority of the Board who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of the Fund, cast in person at a meeting called for the xxxxxxx of voting on such approval. This Agreement may be terminated at any time, without the payment of any penalty with respect to the entire Fund or only with respect to one or more Series thereof: (a) by the Fund at any time with respect to the services provided by the Administrator by vote of (1) a majority of the Board members who are not "interested persons" (as such term is defined in the 1940 Act) of the Fund, or (2) a majority of the outstanding voting shares of the Fund or, with respect to a particular Series, by vote of a majority of the outstanding voting shares of such Series, on 60 days' written notice to the Administrator; and (b) by the Administrator on or after September 30, 2003, without the payment of any penalty, upon 60 days' written notice to the Fund.

  • Conversion/Continuation (a) Subject to Section 2.18 and so long as no Default or Event of Default shall have occurred and then be continuing, Borrower shall have the option:

  • Continuation of Services This Option Agreement shall not be construed to confer upon the Optionee any right to continue providing services as a Company Director and shall not limit the right of the Company, in its sole discretion, to terminate the services of the Optionee at any time.

  • Continuation of Welfare Benefits For the twenty-four (24) month period immediately following the Date of Termination, the Company shall arrange to provide the Executive and his dependents life, disability, accident and health insurance benefits and other benefits and perquisites (including employee stay rates) substantially similar to those provided to the Executive and his dependents immediately prior to the Date of Termination or, if more favorable to the Executive, those provided to the Executive and his dependents immediately prior to the first occurrence of an event or circumstance constituting Good Reason, at no greater cost to the Executive than the cost to the Executive immediately prior to such date or occurrence. Benefits otherwise receivable by the Executive pursuant to this Section 6(a)(2) shall be reduced to the extent benefits of the same type are received by the Executive from another employer during the twenty-four (24) month period following the Executive's termination of employment; provided, however, that the Company shall reimburse the Executive for the excess, if any, of the cost of such benefits to the Executive over such cost immediately prior to the Date of Termination or, if more favorable to the Executive, the first occurrence of an event or circumstance constituting Good Reason.

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