Common use of Payment of Severance Compensation Clause in Contracts

Payment of Severance Compensation. (a) The severance compensation set forth in Section 3 (a) will be payable in 36 equal monthly installments commencing on the first day of the month following the month in which Executive's employment terminates. However, Executive may elect in writing, in accordance with the provisions of this Section, to receive Executive's severance compensation in a lump sum at a later time or in installments in amounts and at times elected by Executive, but Executive's election will not entitle Executive to receive severance compensation sooner than permitted by the preceding sentence. (b) Executive must elect to receive amounts in installments or to defer payments by filing a written election with the Company, which specifies the time at which payments are to be made and the amounts of such payments. Executive's election to receive installment payments or to defer payments will not be valid unless it is made prior to the time Executive is entitled to receive any payments under this Agreement. The last such election in effect on the day before a termination of employment will be controlling. No election may be made on or after termination of employment. (c) The payment of deferred amounts must commence no earlier than the first business day of the calendar year following the termination of Executive's employment and no later than the third calendar year following the attainment of normal retirement age under the Retirement Plan.

Payment of Severance Compensation. (a) The severance compensation set forth in Section 3 (a) will shall be payable in 36 equal monthly installments commencing on the first day of the month following the month in which Executive's ’s employment terminates. However, Executive may elect in writing, in accordance with the provisions of this Section, to receive Executive's ’s severance compensation in a lump sum at a later time or in installments in amounts and at times elected by Executive, but Executive's ’s election will not entitle Executive to receive severance compensation sooner than permitted by the preceding sentence. (b) Executive must elect to receive amounts in installments or to defer payments by filing a written election with the Company, which specifies the time at which payments are to be made and the amounts of such payments. Executive's ’s election to receive installment payments or to defer payments will not be valid unless it is made prior to the time Executive is entitled to receive any payments under this Agreement. The last such election in effect on the day before a termination of employment will be controlling. No election may be made on or after termination of employment. (c) The payment of deferred amounts must commence no earlier than the first business day of the calendar year following the termination of Executive's ’s employment and no later than the third calendar year following the attainment of normal retirement age under the Retirement Plan.

Payment of Severance Compensation. (a) The severance compensation set forth in Section 3 (a3(a) will shall be payable in 36 equal monthly installments commencing on the first day of the month following the month in which Executive's ’s employment terminates. However, Executive may elect in writing, in accordance with the provisions of this Section, to receive Executive's ’s severance compensation in a lump sum at a later time or in installments in amounts and at times elected by Executive, but Executive's ’s election will not entitle Executive to receive severance compensation sooner than permitted by the preceding sentence. (b) Executive must elect to receive amounts in installments or to defer payments by filing a written election with the Company, which specifies the time at which payments are to be made and the amounts of such payments. Executive's ’s election to receive installment payments or to defer payments will not be valid unless it is made prior to the time Executive is entitled to receive any payments under this Agreement. The last such election in effect on the day before a termination of employment will be controlling. No election may be made on or after termination of employment. (c) The payment of deferred amounts must commence no earlier than the first business day of the calendar year following the termination of Executive's ’s employment and no later than the third calendar year following the attainment of normal retirement age under the Retirement Plan.

Payment of Severance Compensation. (a) The severance compensation set forth in Section 3 (a) will be payable in 36 equal monthly installments commencing on the first day of the month following the month in which Executive's employment terminates. However, Executive may elect in writing, in accordance with the provisions of this Section, to receive Executive's severance compensation in a lump sum at a later time or in installments in amounts and at times elected by Executive, but ExecutiveExecutiv's election will not entitle Executive to receive severance compensation sooner than permitted by the preceding sentence. (b) Executive must elect to receive amounts in installments or to defer payments by filing a written election with the Company, which specifies the time at which payments are to be made and the amounts of such payments. Executive's election to receive installment payments or to defer payments will not be valid unless it is made prior to the time Executive is entitled to receive any payments under this Agreement. The last such election in effect on the day before a termination of employment will be controlling. No election may be made on or after termination of employment. (c) The payment of deferred amounts must commence no earlier than the first business day of the calendar year following the termination of Executive's employment and no later than the third calendar year following the attainment of normal retirement age under the Retirement Plan.