Common use of Salary Continuation Clause in Contracts

Salary Continuation. Salary continuation payments paid in accordance with the Company’s standard payroll practices at the same rate as the Executive’s then-current annual Base Salary for a period of 24 months measured from the day of the Executive’s Date of Separation from Service (such period, the “Severance Period” and such payments, the “Salary Continuation Payments”), provided that the initial Salary Continuation Payment shall be made on the first payroll date following the expiration of the Release Period (as defined below) and shall include the Salary Continuation Payments that would have been otherwise due prior thereto.

Appears in 5 contracts

Samples: S Employment Agreement (Overseas Shipholding Group Inc), S Employment Agreement (Overseas Shipholding Group Inc), S Employment Agreement (Overseas Shipholding Group Inc)

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Salary Continuation. Salary continuation payments paid in accordance with the Company’s standard payroll practices at the same rate as the Executive’s then-current annual Base Salary for a period of 24 12 months measured from the day of the Executive’s Date of Separation from Service (such period, the “Severance Period” and such payments, the “Salary Continuation Payments”), provided that the initial Salary Continuation Payment shall be made on the first payroll date following the expiration of the Release Period (as defined below) and shall include the Salary Continuation Payments that would have been otherwise due prior thereto.

Appears in 3 contracts

Samples: Employment Agreement (Overseas Shipholding Group Inc), Employment Agreement (Overseas Shipholding Group Inc), Employment Agreement (Overseas Shipholding Group Inc)

Salary Continuation. Salary continuation payments paid in accordance with the Company’s standard payroll practices at the same rate as the Executive’s then-current annual Base Salary for a period of 24 months measured from the day of the Executive’s Date of Separation from Service (such period, the “Severance Period” and such payments, the “Salary Continuation Payments”), provided that the initial Salary Continuation Payment shall be made on the first payroll date following the expiration of the Release Period (as defined below) and shall include the Salary Continuation Payments payments that would have been otherwise due prior thereto.

Appears in 3 contracts

Samples: Employment Agreement (Overseas Shipholding Group Inc), Employment Agreement (Overseas Shipholding Group Inc), Employment Agreement (Overseas Shipholding Group Inc)

Salary Continuation. Salary continuation payments paid in accordance with the Company’s standard payroll practices at the same rate as the Executive’s then-current annual Base Salary for a period of 24 18 months measured from the day of the Executive’s Date of Separation from Service (such period, the “Severance Period” and such payments, the “Salary Continuation Payments”), provided that the initial Salary Continuation Payment shall be made on the first payroll date following the expiration of the Release Period (as defined below) and shall include the Salary Continuation Payments payments that would have been otherwise due prior thereto.

Appears in 2 contracts

Samples: Employment Agreement (Overseas Shipholding Group Inc), Employment Agreement (Overseas Shipholding Group Inc)

Salary Continuation. Salary continuation payments paid in accordance with the Company’s standard payroll practices at the same rate as the Executive’s then-current annual Base Salary for a period of 24 months measured from the day of the Executive’s Date of Separation from Service (such period, the “Severance Period” and such payments, the “Salary Continuation Payments”), provided that the initial Salary Continuation Payment shall be made on the first payroll date following the expiration of the Release Period (as defined below) and shall include the Salary Continuation Payments payments that would have been otherwise due prior thereto.

Appears in 2 contracts

Samples: Employment Agreement (Overseas Shipholding Group Inc), Employment Agreement (Overseas Shipholding Group Inc)

Salary Continuation. Salary continuation payments paid in accordance with the Company’s standard payroll practices at the same rate as the Executive’s then-current annual Base Salary for a period of 24 12 months measured from the day of the Executive’s Date of Separation from Service (such period, the “Severance Period” and such payments, the “Salary Continuation Payments”)Service, provided that the initial Salary Continuation Payment salary continuation payment shall be made on the first payroll date following the expiration of the Release Period (as defined below) and shall include the Salary Continuation Payments that would have been otherwise due prior thereto).

Appears in 1 contract

Samples: Employment Agreement (Overseas Shipholding Group Inc)

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Salary Continuation. Salary continuation payments paid in accordance with the Company’s standard payroll practices at the same rate as the Executive’s then-current annual Base Salary for a period of 24 twelve (12) months measured from the day of the Executive’s Date of Separation from Service (such periodService; provided that, the “Severance Period” and such payments, the “Salary Continuation Payments”), provided that the initial Salary Continuation Payment salary continuation payment shall be made on the first payroll date following the expiration of the Release Period (as defined below) and shall include the Salary Continuation Payments that would have been otherwise due prior thereto).

Appears in 1 contract

Samples: Employment Agreement (Overseas Shipholding Group Inc)

Salary Continuation. Salary continuation payments paid in accordance with the Company’s standard payroll practices at the same rate as the Executive’s then-current annual Base Salary for a period of 24 12 months measured from the day of the Executive’s Date of Separation from Service (such period, the “Severance Period” and such payments, the “Salary Continuation Payments”), provided that the initial Salary Continuation Payment shall be made on the first payroll date following the expiration of the Release Period (as defined below) and shall include the Salary Continuation Payments payments that would have been otherwise due prior thereto.

Appears in 1 contract

Samples: Employment Agreement (Overseas Shipholding Group Inc)

Salary Continuation. Salary continuation payments shall be paid in accordance with the Company’s standard payroll practices at the same rate as the Executive’s then-current annual Base Salary for a period of 24 twelve (12) months measured from the day of the Executive’s Date of Separation from Service (such periodService; provided that, the “Severance Period” and such payments, the “Salary Continuation Payments”), provided that the initial Salary Continuation Payment salary continuation payment shall be made on the first payroll date following the expiration of the Release Period (as defined below) and shall include the Salary Continuation Payments that would have been otherwise due prior theretoPeriod.

Appears in 1 contract

Samples: Employment Agreement (Overseas Shipholding Group Inc)

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