Common use of Payment of Severance Benefits Clause in Contracts

Payment of Severance Benefits. The phrase “Executive’s employment is terminated” and similar or related terms and phrases used in this Agreement shall have the same meaning as or refer to Executive’s experiencing a “separation from service,” within the meaning of Section 409A of the Code and any final regulations and official guidance promulgated thereunder (“Section 409A Authority”). Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A Authority will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A Authority. In addition, if Executive is a “specified employee” within the meaning of Section 409A Authority at the time Executive’s employment is terminated (other than due to death), then any severance benefits payable to Executive under this Agreement, and any other severance payments or separation benefits payments that constitute a “deferral of compensation” under Section 409A Authority (together, the “Deferred Compensation Separation Benefits”) otherwise due to Executive on or within the six (6) month period following the date Executive’s employment is terminated will accrue during such six (6) month period and will become payable in a lump sum payment (less applicable withholding taxes) on the date six (6) months and one (1) day following the date of Executive’s “separation from service.” All subsequent payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following the date his employment is terminated but prior to the six (6) month anniversary of that date, then any payments delayed in accordance with this paragraph will be payable in a lump sum (less applicable withholding taxes) to Executive’s estate as soon as administratively practicable after the date of Executive’s death and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment of severance benefits to Executive under this Agreement that is made on or before March 14 of the calendar year following Executive’s employment is terminated and is intended to not constitute a “deferral of compensation” by virtue of the “short term deferral” rule of Treasury Regulations Section 1.409A-1(b)(4) shall constitute a “separate payment” for purposes of application of that rule.

Payment of Severance Benefits. The phrase “Executive’s employment is terminated” and similar or related terms and phrases used in this Agreement shall have the same meaning as or refer to Executive’s experiencing a “separation from service,” within the meaning of Section 409A of the Code and any final regulations and official guidance promulgated thereunder (“Section 409A Authority”). Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A Authority will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A Authority. In addition, if Executive is a “specified employee” within the meaning of Section 409A Authority and as applied according to procedures of the Company at the time of Executive’s termination of employment is terminated (other than due to death), then any the severance benefits payable to Executive under this Agreement, if any, and any other severance payments or separation benefits payments that constitute a “deferral of compensation” may be considered deferred compensation under Section 409A Authority (together, the “Deferred Compensation Separation Benefits”) otherwise due to Executive on or within the six (6) month period following the date Executive’s termination of employment is terminated will accrue during such six (6) month period and will become payable in a lump sum payment (less applicable withholding taxes) on the date six (6) months and one (1) day following the date of Executive’s “separation from service.” termination of employment. All subsequent payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following the date his or her termination of employment is terminated but prior to the six (6) month anniversary of that datehis or her date of termination, then any payments delayed in accordance with this paragraph will be payable in a lump sum (less applicable withholding taxes) to Executive’s estate as soon as administratively practicable after the date of Executive’s death and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment of severance benefits to Executive under this Agreement that is made on or before by March 14 15 of the calendar year following Executive’s termination of employment is terminated and is intended to not constitute a “deferral of compensation” by virtue of the “short term deferral” rule of Treasury Regulations Section 1.409A-1(b)(4) shall constitute a “separate payment” for purposes of application of that rule.

Payment of Severance Benefits. The phrase “Executive’s employment is terminated” and similar or related terms and phrases used in this Agreement shall have the same meaning as or refer to Executive’s experiencing a “separation from service,” within the meaning of Section 409A of the Code and any final regulations and official guidance promulgated thereunder (“Section 409A Authority”). Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A Authority will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A Authority. In addition, if Executive is a “specified employee” within the meaning of Section 409A Authority of the Internal Revenue Code of 1986, as amended, and the final regulations and any guidance promulgated thereunder (“Section 409A Authority”) at the time of Executive’s termination of employment is terminated (other than due to death), then any severance benefits payable to Executive under this Agreement, and any other severance payments or separation benefits payments that constitute a “deferral of compensation” under Section 409A Authority (together, the “Deferred Compensation Separation Benefits”) otherwise due to Executive on or within the six (6) month period following the date Executive’s termination of employment is terminated will accrue during such six (6) month period and will become payable in a lump sum payment (less applicable withholding taxes) on the date six (6) months and one (1) day following the date of Executive’s “separation from service.” termination of employment. All subsequent payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following the date his or her termination of employment is terminated but prior to the six (6) month anniversary of that datehis or her date of termination, then any payments delayed in accordance with this paragraph will be payable in a lump sum (less applicable withholding taxes) to Executive’s estate as soon as administratively practicable after the date of Executive’s death and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment of severance benefits to Executive under this Agreement that is made on or before March 14 of the calendar year following Executive’s termination of employment is terminated and is intended to not constitute a “deferral of compensation” by virtue of the “short term deferral” rule of Treasury Regulations Section 1.409A-1(b)(4) shall constitute a “separate payment” for purposes of application of that rule.

Payment of Severance Benefits. The phrase “Executive’s employment is terminated” and similar or related terms and phrases used in this Agreement shall have the same meaning as or refer to Executive’s experiencing a “separation from service,” within the meaning of Section 409A of the Code and any final regulations and official guidance promulgated thereunder (“Section 409A Authority”). Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A Authority will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A Authority. In addition, if Executive Employee is a “specified employee” within the meaning of Section 409A Authority and as applied according to procedures of the Company at the time Executiveof Employee’s termination of employment is terminated (other than due to death), then any the severance benefits payable to Executive Employee under this Agreement, if any, and any other severance payments or separation benefits payments that constitute a “deferral of compensation” may be considered deferred compensation under Section 409A Authority (together, the “Deferred Compensation Separation Benefits”) otherwise due to Executive Employee on or within the six (6) month period following the date ExecutiveEmployee’s termination of employment is terminated will accrue during such six (6) month period and will become payable in a lump sum payment (less applicable withholding taxes) on the date six (6) months and one (1) day following the date of ExecutiveEmployee’s “separation from service.” termination of employment. All subsequent payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive Employee dies following the date his or her termination of employment is terminated but prior to the six (6) month anniversary of that datehis or her date of termination, then any payments delayed in accordance with this paragraph will be payable in a lump sum (less applicable withholding taxes) to ExecutiveEmployee’s estate as soon as administratively practicable after the date of ExecutiveEmployee’s death and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment of severance benefits to Executive Employee under this Agreement that is made on or before by March 14 15 of the calendar year following ExecutiveEmployee’s termination of employment is terminated and is intended to not constitute a “deferral of compensation” by virtue of the “short term deferral” rule of Treasury Regulations Section 1.409A-1(b)(4) shall constitute a “separate payment” for purposes of application of that rule.