Common use of Commencement of Severance Payments Clause in Contracts

Commencement of Severance Payments. Payment of the severance pay provided for under this Agreement will be made on the first regularly scheduled payroll date that occurs on or after 45 days after the Executive’s Separation, but only if the Executive has complied with the release and other preconditions set forth in Subsection (a) (to the extent applicable). If the Company determines that the Executive is a “specified employee” under Section 409A(a)(2)(B)(i) of the Code and the regulations thereunder at the time of his Separation, then (i) the severance payments under Section 6, to the extent not exempt from Section 409A of the Code, shall be paid during the seventh month after the Executive’s Separation and (ii) the amounts that otherwise would have been paid during the first six months following the Executive’s Separation shall be paid in a lump sum when such payments commence.