Salary and Benefit Continuation. The Company will pay Executive severance in the form of Base Salary continuation for a six (6) month period following Executive’s last day of employment. These salary continuation payments will be paid on the Company’s regular payroll schedule and subject to standard deductions and withholdings over the applicable period following termination; provided, however, that no payments will be made prior to the 60th day following Executive’s termination. On the 60th day following Executive’s termination date, the Company will pay Executive in a lump sum the salary continuation payments that Executive would have received on or prior to such date under the original schedule but for the delay while waiting for the release deadline, with the balance of the cash severance being paid as originally scheduled. Each such installment will be deemed a separate “payment” for purposes of Section 409A of the Code. In addition, Executive shall have the right to continue his health insurance benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) or successor statute and any analogous provisions of applicable state law. Provided that Executive makes a timely and accurate election for continued health insurance coverage (including medical, dental, vision and prescription) under COBRA (or any state law of similar effect), the Company will pay the premiums for such continued coverage for Executive and his eligible dependents for the first six (6) months of such coverage, or such earlier date as Executive (or his dependents, as applicable) ceases to be eligible for such continuation coverage.
Salary and Benefit Continuation. If Employee’s employment by Company is terminated pursuant to clause (a), (b), (d) or (e) of Section 3.1, Company shall continue to pay to Employee the Base Salary (less any payments received by Employee from any disability income insurance policy provided to Employee by Company) and shall continue to provide health insurance benefits for Employee (such continued Base Salary and health insurance benefits, together, the “Continued Benefits”) for three (3) months from the date of the termination. If this Agreement is terminated pursuant to clauses (c) or (f) of Section 3.1, Employee’s right to Base Salary and any benefits shall immediately terminate, except as may otherwise be required by applicable law. Notwithstanding the foregoing provisions of this Section 3.6, Employee shall only be entitled to receive the Continued Benefits if Employee signs a release of all other claims arising out of this Agreement in a form reasonably acceptable to both Company and Employee (the “Release”). If Employee does not sign the Release, or Employee signs the Release and then revokes or rescinds, Employee shall not be entitled to receive any Continued Benefits under the provisions of this Section 3.6 from the date of termination of Employee’s employment with Company. If, after termination and while any Continued Benefits are being paid, Employee violates any of the provisions of ARTICLE 2 or Section 3.5, any obligation of Company under this Section 3.6 (which can only arise if Employee signs, and does not revoke or rescind, an effective Release) shall cease on the date of such violation.
Salary and Benefit Continuation. The Company shall continue to pay to Employee all compensation and all benefits set forth in Sections 3(a), 3(c)(i), (ii), (iv), and (v) and (vi), from the date Employee is declared permanently and totally disabled and unable to perform the duties required under the Agreement, until the date on which Employee commences to receive benefits under the long-term disability plan provided pursuant to Section 3(c)(iii). Following commencement of the payment of benefits under Section 3(c)(iii), the Company will pay to Employee fifty percent (50%) of Employee s annual base salary as set forth in Section 3(a) for an additional thirty-six (36) consecutive months, regardless of the then-remaining term of Employee s employment under the Agreement. Furthermore, in the event of such disability:
Salary and Benefit Continuation. (i) For the period from the Resignation Date through the Separation Date, the Company shall continue to pay Executive's base salary. Medical/health insurance, dental insurance and vision insurance as currently provided will continue through December 31, 2019 subject to the terms of this Agreement.
Salary and Benefit Continuation. The Company will continue to pay to Employee compensation as provided in Section 3.1 hereunder at the full rate for a period of six months after Employee is declared permanently and totally disabled and unable to perform the duties of Chief Executive Officer or Secretary of the Company. Thereafter, the Company will pay to Employee 25% of Employee's annual salary as provided in Section 3.1 hereunder for an additional 12 consecutive months or until the regular expiration (without regard to any automatic extension) of this Agreement, whichever is earlier. Furthermore, in the event of such permanent and total disability, the benefits described in Section 3.3.1 will continue as if Employee had continued to render services pursuant to this Agreement throughout its term, and the benefits described in Section 3.3.4 will continue in accordance with the terms of this Agreement. For purposes of this Section, the determination of whether or not Employee is declared permanently and totally disabled shall be made by Employee's physician, by written notice to the Board of Directors. In the event the Board of Directors disagrees with the determination by Employees' physician, the Board of Directors will appoint, at the Company's expense, another physician to make such determination. If the physician so appointed by the Board of Directors disagrees with the determination made by Employee's physician, then the two physicians shall appoint a mutually acceptable third physician, at the Company's expense, to make the final determination of whether Employee is permanently and totally disabled, which determination will be binding upon all parties hereto.
Salary and Benefit Continuation. After the Termination Date and seven (7) days following your acceptance and execution of this Agreement (within which you have not revoked that acceptance), and after confirmation that you have returned any and all WWE-owned property to Human Resources, you will be paid eighteen (18) months of your base salary (on a bi-weekly basis) as of the Termination Date, less applicable withholdings and deductions, in accordance with WWE’s regular payroll procedures and dates (“Salary Continuation Period”). During that portion of the Salary Continuation Period you remain eligible for, and on the condition that you timely elect, group health insurance coverage continuation pursuant to COBRA, WWE shall pay the portion of your COBRA premium in the same percentage as it paid toward your health insurance premium during your employment. All other employee benefits shall cease immediately as of your Termination Date.
Salary and Benefit Continuation. During the Transition Period, You will receive continuation of your current base salary payments in accordance with the Company’s standard payroll policies and will continue to participate on an active employee basis in all Company sponsored welfare and benefit plans. You will also be entitled to use personal time and vacation benefits during the Transition Period at the same level and in the same manner that You used such time prior to the date of this Term Sheet and Transition Agreement so long as you continue to comply with your performance obligations under this Term Sheet and Transition Agreement. In the event that the Company terminates Your employment without Cause more than 30 days after the effective date of this Term Sheet, you will still be paid or provided the substantial equivalent of such salary and benefits through December 31, 2016.
Salary and Benefit Continuation. The Company will continue Employee's compensation (base salary and cash incentive compensation) at the full rate and in bi-monthly installments for a period of twelve (12) months after Employee is declared permanently and totally disabled (including by reason of Employee's death) and unable to perform the duties of Chairman of the Board of the Company. Thereafter the Company will pay to Employee seventy-five percent (75%) of Employee's annual salary, payable in
Salary and Benefit Continuation. In exchange for Xxxxxxxx'x resignation and the releases and waivers given pursuant to this Agreement, the Company agrees to provide Xxxxxxxx with the benefits specified in paragraph 7 of Xxxxxxxx'x employment letter agreement dated April 17, 1998, a copy of which is annexed to this Agreement as Exhibit A, consisting of continuation of Xxxxxxxx'x base salary, less standard deductions and withholdings, paid twice monthly on the fifteenth (15th) day of each month and on the final day of each month for one year following the Separation Date (the "Salary Continuation Period") and continuation of standard Company benefits of group health insurance coverage for Xxxxxxxx and Xxxxxxxx'x family, travel accident insurance coverage during the Salary Continuation Period, payment of four weeks of vacation which is the sum of $18,569.00, less standard deductions and withholdings, within fifteen (15) days following the Separation Date, and the continuation of Xxxxxxxx'x and Xxxxxxxx'x family's right to participate in the Company's group dental plan and the Company's Section 125 Flexible Spending Plan (provided that Xxxxxxxx agrees to contribute the same amount he contributed to the dental plan and 125 Flexible Spending Plans during his employment), and the Company's 401k plan during the Salary Continuation Period, subject to the terms of the applicable plans and COBRA where applicable. In addition, pursuant to paragraph 7 of Xxxxxxxx'x employment letter, the Company will pay Xxxxxxxx a bonus payment equal to sixty thousand three hundred fifty-three dollars ($60,353.00), less standard deductions and withholdings, within ninety (90) days following the Separation Date. The Company also agrees to continue Xxxxxxxx'x base salary, less standard deductions and withholdings, and continue Xxxxxxxx'x standard Company benefits of group health insurance coverage for Xxxxxxxx and Xxxxxxxx'x family and Xxxxxxxx'x travel accident insurance
Salary and Benefit Continuation. In the event that the Executive's employment with the Corporation is involuntarily terminated, other than for cause, during the first two years of the Executive's employment, the Executive's salary and benefits will continue for a period of one year.
