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.

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.