Document ID: 11680

Text:
(a) Salary Continuation. The Company shall continue to pay Executive (or in the case of his death, to his heirs) his salary, at the rate in effect on the date of such termination of employment, for the then remaining original term of his employment as set forth in Section3 above, but in no event for more than six(6) months following the effective date of such termination of employment (the Salary Continuation Period), with such payments (salary continuation payments) to be made by the Company to Executive (or his estate or heirs, as the case may be) in twice-monthly equal installments, less required taxes and withholdings, on the Companys regular payroll dates and in accordance with the Companys customary payroll procedures as then in effect. Each salary continuation payment shall be considered a separate payment for purposes of Section409A of the IRC, including for purposes of Treasury Regulation Section1.409A-2(b)(2)(iii) promulgated under the IRC.

Named Entities:

Tokenized Text:
(
a
)
Salary
Continuation
.
The
Company
shall
continue
to
pay
Executive
(
or
in
the
case
of
his
death
,
to
his
heirs
)
his
salary
,
at
the
rate
in
effect
on
the
date
of
such
termination
of
employment
,
for
the
then
remaining
original
term
of
his
employment
as
set
forth
in
Section3
above
,
but
in
no
event
for
more
than
six
(
6
)
months
following
the
effective
date
of
such
termination
of
employment
(
the
Salary
Continuation
Period
)
,
with
such
payments
(
salary
continuation
payments
)
to
be
made
by
the
Company
to
Executive
(
or
his
estate
or
heirs
,
as
the
case
may
be
)
in
twice-monthly
equal
installments
,
less
required
taxes
and
withholdings
,
on
the
Companys
regular
payroll
dates
and
in
accordance
with
the
Companys
customary
payroll
procedures
as
then
in
effect
.
Each
salary
continuation
payment
shall
be
considered
a
separate
payment
for
purposes
of
Section409A
of
the
IRC
,
including
for
purposes
of
Treasury
Regulation
Section1
.
409A-2
(
b
)
(
2
)
(
iii
)
promulgated
under
the
IRC
.