Common use of Payment of Benefits under Sections 8 and 9 Clause in Contracts

Payment of Benefits under Sections 8 and 9. (a) Subject to the deferral provisions of subsection (b) below, payment of benefits under Sections 8 or 9 above shall be made by lump sum within 90 days following Executive’s Separation from Service; provided, however, if such 90-day period spans two taxable years, then payment shall be made in the portion of that 90-day period that occurs during the second taxable year. (b) Notwithstanding any provision to the contrary in this Agreement, no payments or benefits to which Executive becomes entitled under Sections 8 and 9 of this Agreement shall be made or paid to Executive prior to the earlier of (i) the expiration of the 6 month period measured from the date of his Separation from Service or (ii) the date of Executive’s death, if Executive is deemed at the time of such Separation from Service a “key employee” within the meaning of that term under Section 416(i) of the Code, and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Code Section 409A(a)(2). Upon the expiration of the applicable Code Section 409A(a)(2) deferral period, all payments deferred pursuant to this Section 10 shall be paid in a lump sum to Executive, and any remaining payments due under this Agreement shall be paid in accordance with the normal payment dates specified for them herein.

Payment of Benefits under Sections 8 and 9. (a) Subject to the deferral provisions of subsection (b) below, payment of benefits under Sections 8 or 9 above shall be made by lump sum within 90 days following Executive’s Separation from Service; provided, however, if such 90-day period spans two taxable years, then payment shall be made in the portion of that 90-day period that occurs during the second taxable year. (b) Notwithstanding any provision to the contrary in this Agreement, no payments or benefits to which Executive becomes entitled under Sections 8 and 9 of this Agreement shall be made or paid to Executive prior to the earlier of (i) the expiration of the 6 month period measured from the date of his Separation from Service or (ii) the date of Executive’s death, if the Executive is deemed at the time of such Separation from Service a “key employee” within the meaning of that term under Section 416(i) of the Internal Revenue Code of 1986, as amended (the “Code”), and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Code Section 409A(a)(2). Upon the expiration of the applicable Code Section 409A(a)(2) deferral period, all payments deferred pursuant to this Section 10 shall be paid in a lump sum to Executive, and any remaining payments due under this Agreement shall be paid in accordance with the normal payment dates specified for them herein.

Payment of Benefits under Sections 8 and 9. (a) Subject to the deferral provisions of subsection (b) belowbelow and other conditions set forth in this Agreement, payment of benefits under Sections 8 or 9 above shall be made by lump sum within 90 days following Executive’s Separation from Service; provided, however, if such 90-day period spans two taxable years, then payment shall be made in the portion of that 90-day period that occurs during the second taxable year. (b) Notwithstanding any provision to the contrary in this Agreement, no payments or benefits to which Executive becomes entitled under Sections 8 and 9 of this Agreement shall be made or paid to Executive prior to the earlier of (i) the expiration of the 6 month period measured from the date of his Separation from Service or (ii) the date of Executive’s death, if the Executive is deemed at the time of such Separation from Service a “key employee” within the meaning of that term under Section 416(i) of the Internal Revenue Code of 1986, as amended (the “Code”), and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Code Section 409A(a)(2). Upon the expiration of the applicable Code Section 409A(a)(2) deferral period, all payments deferred pursuant to this Section 10 shall be paid in a lump sum to Executive, and any remaining payments due under this Agreement shall be paid in accordance with the normal payment dates specified for them herein.