Lump Sum Payment of Base Salary Sample Clauses

Lump Sum Payment of Base Salary. The Company shall pay to the Executive in a lump sum an amount equal to the Base Salary payable in accordance with and pursuant to Section 3 for the remaining Term or following 24 months, whichever shall be the longer, to which the Executive would have been entitled if the Executive had remained in the employ of the Company for the remainder of unexpired portion of the Term or the 24-month period. The lump sum payment pursuant to this Section 4.6.1 shall be paid to the Executive on or before the 15th day following Termination. For purposes of this agreement, all lump sum payments of Base Salary are for Involuntary Terminations only. The Executive, at the Executive’s sole discretion, shall have the right to elect to receive the lump sum Termination payment on a bi-weekly basis over the remaining Term, or up to a period of 24 months following Termination, whichever shall be the longer, as if the Executive remained employed during the remaining term, although the Executive’s employment shall have terminated on the date of Termination. The bi-weekly Termination payment represents the Executive’s Base Salary immediately prior to the Termination , divided by the number of bi-weekly payroll periods remaining in the Term immediately following the date of Termination, or 48 bi-weekly payroll periods, whichever shall be the longer.
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Lump Sum Payment of Base Salary. The Company shall pay to the Executive in a lump sum an amount equal to the Base Salary payable in accordance with and pursuant to Section 3 for the remaining Term or following 24 months, whichever shall be the longer, to which the Executive would have been entitled if the Executive had remained in the employ of the Company for the remainder of unexpired portion of the Term or the 24-month period. The lump sum payment pursuant to this Section 4.6.1 shall be paid to the Executive on or before the 15th day following Termination.
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Lump Sum Payment of Base Salary. (as adjusted) 3 — 5 12 months 6 and over 24 months
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Related to Lump Sum Payment of Base Salary

  • Lump Sum Payment NewMil Bancorp shall make a lump sum payment to the Executive in an amount in cash equal to one times the Executive’s annual compensation. For purposes of this Agreement, annual compensation means (a) the Executive’s annual base salary on the date of the Change in Control or the Executive’s termination of employment, whichever amount is greater, plus (b) any bonuses or incentive compensation earned for the calendar year immediately before the year in which the Change in Control occurred or immediately before the year in which termination of employment occurred, whichever amount is greater, regardless of when the bonus or incentive compensation is or was paid. NewMil Bancorp recognizes that the bonus and incentive compensation earned by the Executive for a particular year’s service might be paid in the year after the calendar year in which the bonus or incentive compensation is earned. The amount payable to the Executive hereunder shall not be reduced to account for the time value of money or discounted to present value. The payment required under this Section 2(a)(1) is payable no later than 5 business days after the date the Executive’s employment terminates. If the Executive terminates employment for Good Reason, the date of termination shall be the date specified by the Executive in his notice of termination.

  • Basic Salary (a) During the Employment the Company shall pay the Executive a Basic Salary of not less than £415,000 per annum. The Basic Salary shall accrue from day to day and be payable by credit transfer in equal monthly instalments in arrears on or around the 25th day of each calendar month or otherwise as arranged from time to time.

  • Payment of Bonus Within fifteen (15) days of such termination, the Company shall pay to the Executive his Target Bonus pursuant to Section 3(b), prorated for the number of days of employment completed by the Executive during the year in which his employment terminated.

  • Annual Base Salary During the Term, the Executive shall receive a base salary at an initial rate of $550,000 per annum, which shall be paid in accordance with the customary payroll practices of the Company, subject to review annually for possible increase, but not decrease, in the Board’s discretion (the “Annual Base Salary”).

  • Lump Sum Payments If, during the Employment Period, the Company terminates the Executive's employment other than for Cause, or the Executive terminates employment for Good Reason, the Company shall pay to the Executive the following amounts:

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

  • Annual Salary Executive's compensation shall consist of an annual base salary (the "Annual Salary") of one hundred fifty thousand dollars ($150,000), before all customary payroll deductions. The Annual Salary shall be reviewed, and shall be subject to change, by the Board of Directors of Employer (or the Compensation Committee thereof) at least annually while Executive is employed hereunder.

  • Annual Base Compensation The Company agrees to pay the Executive during the term of this Agreement a salary at the rate of $335,000 per annum, payable in cash not less frequently than monthly.

  • 1Base Salary During the Period of Employment, the Company shall pay the Executive a base salary (the “Base Salary”), which shall be paid biweekly or in such other installments as shall be consistent with the Company’s regular payroll practices in effect from time to time. The Executive’s Base Salary shall be at an annualized rate of Seven Hundred Thousand dollars ($700,000.00). The Compensation Committee of the Board (the “Compensation Committee”) will review the Executive’s rate of Base Salary on an annual basis and may, in its sole discretion, increase (but not decrease) the rate then in effect.

  • Annual Compensation The Executive’s “Annual Compensation” for purposes of determining severance payable under this Agreement shall be deemed to mean the sum of (i) the annual rate of Base Salary as of the Date of Termination, and (ii) the cash bonus, if any, earned by the Executive for the calendar year immediately preceding the year in which the Date of Termination occurs.

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