Continuation of Compensation. 13.9.1 In the event a successor Agreement is not entered into before June 30, 2017 employees shall continue to be compensated at the rate in effect on June 30, 2017 until a successor Agreement is fully ratified.
Continuation of Compensation. In the event that Executive’s employment is terminated by each Sears entity by which the Executive is employed for any reason other than “Cause”, death or “Disability” (as such terms are defined in Section 2 below) or by Executive for Good Reason (as defined in Section 2 below), subject to the provisions of subsection 4(e), Section 5 and Section 10 herein, Executive shall be placed on a severance-related leave of absence (“Leave”) and Sears shall: • Continue to pay Executive’s base salary, at the rate in effect immediately prior to the first day of the Leave, for a period of one (1) year (“Salary Continuation Period”), which amount shall be paid on each regular salary payroll period with respect to the Salary Continuation Period. Notwithstanding anything in this subsection (a) to the contrary, if as of the first day of the Leave Executive is a “key employee” or “specified employee” within the meaning of Internal Revenue Code (“Code”) Section 409A and regulations issued thereunder, then, if necessary to comply with Code Section 409A, payment to Executive shall not be made to Executive until six (6) months after the first day of Executive’s Leave and payment of the first six (6) months of salary continuation shall be made in a lump sum and the remaining six (6) months shall be paid on each regular salary payroll period. In addition to the foregoing, a lump sum payment will be made to Executive within ten (10) business days following the first day of the Leave in an amount equal to the sum of any accrued base salary through the first day of the Leave to the extent not already paid and any vacation benefits that accrued prior to the Leave. No vacation will accrue during the Leave. All salary continuation payments and benefits will terminate and forever lapse if Executive is employed by a “Sears Competitor” as defined in subsection 4(b)(ii) herein.
Continuation of Compensation. 1. In the event that Executive incurs a Separation from Service (as defined in Section 2 below) from each OSH Affiliate by which Executive is employed for any reason other than “Cause”, death or “Disability” (as defined in Section 2 below) or by Executive for “Good Reason” (as defined in Section 2 below), subject to the provisions of subsection 4(d), Section 5 and Section 10 herein, Executive shall be placed on a severance-related leave of absence (“Leave”) and OSH or the appropriate OSH Affiliate shall continue to pay Executive’s base salary, at the rate in effect immediately prior to the first day of the Leave, for a period of six (6) months (“Salary Continuation Period”), which amount shall be paid on each regular salary payroll period within the Salary Continuation Period and without interruption between active employment and the Salary Continuation Period (subject to subsection (a)(i)(2) below) (“Salary Continuation”). Notwithstanding the foregoing, the OSH or OSH Affiliate obligations under this subsection (a)(i) shall be reduced on a dollar-for-dollar basis (but not below zero), by the amount, if any, of fees, salary or wages that Executive earns during the same payroll period from a subsequent employer (including those arising from self-employment) during the Salary Continuation Period. For avoidance of doubt, Executive shall not be obligated to seek affirmatively or accept an employment, contractor, consulting or other arrangement in order to mitigate Salary Continuation. In all events, Executive’s Salary Continuation Period shall end on the date that is six (6) months after the date of your “Separation from Service” (as such terms are defined in Section 2 below), and no additional Salary Continuation or benefits (described under subsections (a)(ii) and (iii) below) shall be paid hereunder. Further, to the extent Executive does not execute and timely submit the General Release and Waiver (in accordance with subsection 4(d) below) by the deadline specified therein, Salary Continuation payments shall terminate and forever lapse, and Executive shall be obligated to reimburse OSH for any portion of the Salary Continuation paid during the Salary Continuation Period.
Continuation of Compensation. If Executive becomes entitled to payments under Sections 8, 9 or 10 but dies before receipt thereof, the Company agrees to pay to the Executive’s spouse or his estate, as the case may be, pursuant to such designation as Executive shall deliver to the Company in a form reasonably satisfactory to the Company, any amounts to which Executive, at the time of his death, was so entitled.
Continuation of Compensation. In the event that Executive’s employment is terminated by each Sears entity by which the Executive is employed for any reason other than “Cause”, death or “Disability” (as such terms are defined in Section 2 below) or by Executive for Good Reason (as defined in Section 2 below), subject to the provisions of subsection 4(e), Section 5 and Section 10 herein, Executive shall be placed on a severance-related leave of absence (“Leave”) and Sears shall:
Continuation of Compensation. In the event that (x) Executive’s employment is terminated by any Sears entity by which he is employed (the “Company”) for any reason other than Cause (as defined below), death or Disability (as defined below) or (y) Executive’s employment is terminated by Executive for Good Reason (as defined below), subject to the provisions of Sections 6(e) and (f) and 10 herein, the Company shall pay to Executive his annual base salary as in effect immediately prior to the date of termination for a period of one (1) year and Executive’s target bonus for the year in which the date of termination has occurred or, if no target bonus has been set for the year in which the date of termination has occurred, Executive’s target bonus for the year immediately preceding the year in which the date of termination has occurred (the “Target Bonus”). The amount described in Section 1(a) shall be paid in 12 equal annual installments commencing on the date of termination (the “Salary Continuation Period”) except that no payment will be made to Executive prior to the first date that such payment can be made without imposition of tax under Section 409A of the Internal Revenue Code. In addition to the foregoing, a lump sum payment will be made to Executive within ten (10) days following the date of termination in an amount equal to the sum of any accrued base salary through the date of termination to the extent not theretofore paid and any vacation benefits that accrued prior to the date of termination. No vacation will accrue after the date active employment ends. All salary continuation payments and benefits will terminate and forever lapse if Executive is employed by a “Sears Competitor” as defined in Section 6(b) herein.
Continuation of Compensation. All compensation, as well as any other employment benefits which Executive may otherwise receive from Company during Term of this Agreement, shall be paid less income tax withholding and other normal employee deductions. Except as set forth herein, Company shall have no continuing obligation to make any compensation payments after the termination of Executive's employment with Company.
Continuation of Compensation. The Employee shall receive his current salary, benefits and all other elements of his current compensation (the “Compensation Continuation”) from the Effective Date hereof through the Separation Date, provided the Employee remains employed by the Company through the Separation Date (the “Continuation Period”). Following the Separation Date, the Company will pay to Employee a lump sum amount of $125,000 on or before January 25, 2008. Except as otherwise contemplated herein, following completion of such payments, the Employee shall not be entitled to receive any further compensation, benefits or other payments from the Company.
Continuation of Compensation. In addition to the benefits of Section 6.04, upon Involuntary Termination of Employment Executive shall continue to receive Monthly Payments for that number of months set forth in the table below, based upon the Years of Service of Executive with Company. YEARS OF SERVICE MONTHS OF More Than Less Than COMPENSATION CONTINUATION 0 10 years 12 months 10 11 years 13 months 11 12 years 14 months 12 13 years 15 months 13 14 years 16 months 14 15 years 17 months 15 16 years 18 months 16 17 years 19 months 17 18 years 20 months 18 19 years 21 months 19 20 years 22 months 20 21 years 24 months 21 22 years 25 months 22 23 years 26 months 23 24 years 27 months 24 25 years 28 months 25 26 years 30 months 26 27 years 31 months 27 28 years 32 months 28 29 years 33 months 29 30 years 34 months more than 30 years 36 months
Continuation of Compensation. So long as he remains employed by the Company, the Company shall continue to pay Xx. Xxxxx his base salary and shall continue to provide to Xx. Xxxxx his regular employee benefits, in each case as in effect on the date of this Agreement, through the Retirement Date. At the Retirement Date, Xx. Xxxxx shall be paid his accrued paid time off (“PTO”), if any, consistent with the Company’s standard practices with respect to terminating employees. The foregoing shall be without regard for the fact that Xx. Xxxxx shall be deemed to have resigned as an officer or director of the Company and its subsidiaries prior to the Retirement Date. The Company may terminate the employment of Xx. Xxxxx after the date of this Agreement and prior to the Retirement Date only for “Cause” as such term is defined in the Change in Control Severance Agreement between Xx. Xxxxx and the Company dated February 12, 2014 (the “Change in Control Agreement”). 4.
