Common use of First Payment Period Clause in Contracts

First Payment Period. The First Payment Period shall begin on the first bi-weekly payroll date following the Separation from Service and shall end on the last bi-weekly payroll date of the sixth (6th) calendar month following the calendar month in which the Separation from Service occurs. The Company shall pay a Payment to Executive on each bi-weekly payroll date during the First Payment Period; provided, however, in no event shall the aggregate amount paid to Executive during the First Payment Period exceed two (2) times the lesser of: (A) the Executive’s annualized compensation based upon the annual rate of pay paid to Executive for services to the Company for the calendar year preceding the calendar year in which the Separation from Service occurs (adjusted for any increase during that year that was expected to continue indefinitely but for the Separation from Service), or (B) the maximum amount that may be taken into account under Section 401(a)(17) of the Internal Revenue Code for the calendar year in which the Separation from Service occurs. In the event any amount that would have been paid during the First Payment Period cannot be paid because it would exceed the limitation provided in the preceding paragraph, such excess amount shall be paid in a lump sum on the first bi-weekly payroll date of the Second Payment Period (in addition to any amount that would be paid on such bi-weekly payroll date in the Second Payment Period as provided in Section 1(a)(ii) below).

First Payment Period. The First Payment Period shall begin on the first bi-weekly payroll date following the Separation from Service and shall end on the last bi-weekly payroll date of the sixth (6th) calendar month following the calendar month in which the Separation from Service occurs. The Company shall pay a Payment to Executive on each bi-weekly payroll date during the First Payment Period; provided, however, in no event shall the aggregate amount paid to Executive during the First Payment Period exceed two (2) times the lesser of: (A) the Executive’s annualized compensation based upon the annual rate of pay paid to Executive for services to the Company for the calendar year preceding the calendar year in which the Separation from Service occurs (adjusted for any increase during that year that was expected to continue indefinitely but for the Separation from Service), or (B) the maximum amount that may be taken into account under Section 401(a)(17) of the Internal Revenue Code for the calendar year in which the Separation from Service occurs. In the event any amount that would have been paid during the First Payment Period cannot be paid because it would exceed the limitation provided in the preceding paragraph, such excess amount shall be paid in a lump sum on the first bi-weekly payroll date of the Second Payment Period (in addition to any amount that Hxxxxxxxx, Xxx November 19, 2007 would be paid on such bi-weekly payroll date in the Second Payment Period as provided in Section 1(a)(ii) below).