Common use of Payment of Retention Bonus Clause in Contracts

Payment of Retention Bonus. Subject to the requirements of Section 2 above, the Retention Bonus shall be payable as soon as administratively practicable after the Release Effective Date, but no later than the first regularly scheduled payroll date following such date; provided, however, that to the extent required by Section 409A of the Internal Revenue Code of 1986, as amended, and the corresponding regulations and guidance promulgated thereunder (the “Code”), if the period between the date of the applicable payment triggering event and the deadline for execution of the Release set forth in Section 2 spans two calendar years, the Retention Bonus shall not be paid until the second calendar year. The Employee agrees that the Company may withhold from the Retention Bonus, to the extent permitted by law, any amounts that the Employee owes the Company at the time of payment of such Retention Bonus.

Payment of Retention Bonus. Subject to the requirements of Section 2 above, the each Retention Bonus (if any) shall be payable as soon as administratively practicable after the Release Effective DateDate applicable to such Retention Bonus, but no later than the first regularly scheduled payroll date following such date; provided, however, that to the extent required by Section 409A of the Internal Revenue Code of 1986, as amended, and the corresponding regulations and guidance promulgated thereunder (the “Code”), if the period between the date of the applicable payment triggering event and the deadline for execution of the Release set forth in Section 2 spans two calendar years, the such Retention Bonus shall not be paid until the second calendar year. The Employee agrees that the Company may withhold from the each Retention BonusBonus payable hereunder, to the extent permitted by law, any amounts that the Employee owes the Company at the time of payment of such Retention Bonus.