Common use of Form and Time of Payment Clause in Contracts

Form and Time of Payment. The cash amounts provided for in paragraph 4 above shall be paid in a single lump sum payment on the regularly scheduled payroll day immediately following the 30th day after Executive’s termination date (but in no event later than March 15th following the calendar year in which occurs the later of the time the legally binding right to the payment arises or the time such right first ceases to be subject to a substantial risk of forfeiture). It is intended that these payments constitute short-term deferred compensation within the meaning of the applicable Treasury regulations Executive’s Initials: 7 pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Notwithstanding the preceding two sentences, if Executive is a “specified employee” at the time Executive separates from service with the Company and any payment or benefit under paragraph 4 is determined to constitute non-qualified deferred compensation, such payment shall be made or such benefit shall be provided on the date that is six months after Executive’s separation from service with the Company, all as determined in accordance with Section 409A of the Code.

Form and Time of Payment. The cash amounts provided for in paragraph 4 above shall be paid in a single lump sum payment on the regularly scheduled payroll day immediately following the 30th day after Executive’s termination date (but in no event later than March 15th following the calendar year in which occurs the later of the time the legally binding right to the payment arises or the time such right first ceases to be subject to a substantial risk of forfeiture). It is intended that Executive’s Initials: __________ these payments constitute short-term deferred compensation within the meaning of the applicable Treasury regulations Executive’s Initials: 7 pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Notwithstanding the preceding two sentences, if Executive is a “specified employee” at the time Executive separates from service with the Company and any payment or benefit under paragraph 4 is determined to constitute non-qualified deferred compensation, such payment shall be made or such benefit shall be provided on the date that is six months after Executive’s separation from service with the Company, all as determined in accordance with Section 409A of the Code.

Form and Time of Payment. The cash amounts provided for in paragraph 4 above shall be paid in a single lump lump-sum payment on the regularly scheduled payroll day immediately following the 30th day after Executive’s termination date (but in no event later than March 15th following the calendar year in which occurs the later of the time the legally binding right to the payment arises or the time such right first ceases to be subject to a substantial risk of forfeiture). It is intended that these payments constitute short-term Executive’s Initials: deferred compensation within the meaning of the applicable Treasury regulations Executive’s Initials: 7 pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Notwithstanding the preceding two sentences, if Executive is a “specified employee” at the time Executive separates from service with the Company and any payment or benefit under paragraph 4 is determined to constitute non-qualified deferred compensation, such payment shall be made or such benefit shall be provided on the date that is six months after Executive’s separation from service with the Company, all as determined in accordance with Section 409A of the Code.