Common use of Payment of Severance Benefit Clause in Contracts

Payment of Severance Benefit. The Severance Benefit shall be paid to the Executive in a lump sum payment as soon as practicable following the Executive’s Termination of Employment; provided, however, that if the Executive is a Specified Employee at the time payment is due hereunder, then the lump sum payment shall be deferred and paid as soon as practicable following the expiration of six (6) months from the effective date of the Executive’s Termination of Employment. The Company shall be entitled to withhold appropriate employment and income taxes, if required by applicable law, if the Severance Benefit becomes payable.