Payment of Severance Payments. (A) Each payment provided for in Section 4.1 hereof is intended to constitute a separate payment within the meaning of Section 409A of the Code. The payments provided for in subsections (A) and (E) of Section 4.1 hereof shall be made on the sixtieth (60th) day following the Date of Termination subject to Section 4.3(B) below; and in the event the Executive becomes entitled to Severance Payments pursuant to the second sentence of Section 4.1, the payments provided for in subsections (A) and (E) of Section 4.1 hereof shall be made on the sixtieth (60th) day following the actual Change in Control that triggered the Severance Payments.
Payment of Severance Payments. In the absence of a Hostile Take-Over, your Severance Payments will be made at bi-weekly intervals following your Termination. However, these payments will immediately terminate in the event you fail to abide by the restrictive covenants set forth in Paragraph 2.4. Should your Termination occur in connection with a Hostile Take-Over, the Severance Payments will be made to you in a lump sum payment within thirty (30) days after your Termination and the provisions of Paragraph 2.4 will not apply. All Severance Payments will be subject to the Company's collection of all applicable federal and state income and employment withholding taxes.
Payment of Severance Payments. Pursuant to this Agreement, Employee is eligible for the following Severance Payments:
Payment of Severance Payments. The payment of any consideration provided under Section 4 shall be payable in accordance with the Company’s customary payment practices, less all applicable federal and state taxes and withholdings. Notwithstanding any provision in this Agreement to the contrary, the Company shall not have any obligation to pay any amount or provide any benefit, as the case may be, under this Agreement pursuant to Section 4, unless the Executive executes, delivers to the Company, and does not revoke (to the extent Executive is permitted to do so), a general release within sixty (60) days of the Executive’s termination of employment with the Company, which shall set forth a release of the Company and its affiliates, in a form acceptable to the Company, of all claims against the Company and its affiliates relating to the Executive’s employment and termination thereof, and which may also include an agreement to continue to comply with and be bound by, the provisions of Section 7. Subject to Section 8, the severance consideration payable under Section 4.c. shall be made in six (6) equal monthly installments, commencing with the first payroll date that occurs coincident with or following the sixty-first (61st) day after the Executive’s “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (provided, however, that any bonus due pursuant to clauses (B) and (C) of Section 4.c. shall be paid in a lump sum at the time and in the manner specified in Exhibit A). Subject to Section 8, each subsequent monthly installment shall thereafter be paid on a regularly scheduled payroll date of the Company. Notwithstanding anything to the contrary in the foregoing, a termination of the Executive’s employment for purposes of this Section 4, shall be deemed to have occurred only if such termination constitutes a “separation from service” within the meaning of Code Section 409A, determined by applying the default rules thereof
Payment of Severance Payments. If Severance Amounts become due and payable by the Subsidiary in connection with the termination or severance of any of the Persons listed on the Estimated Severance Amounts list that forms a part of Schedule 3.22 in respect of their employment arrangements and letter agreements listed in paragraphs 8 and 9 of Schedule 3.19 and in connection with the transactions contemplated by this Agreement, Buyer, and not Seller, shall be obligated to pay or cause the Subsidiary to pay, in each case, the amount of the Estimated Severance Amount so listed when and as such becomes due and payable. To the extent that such amount in any case exceeds the amount so listed, Seller hereby covenants and agrees to pay to the Subsidiary the following: 50% of the first $103,900 of the aggregate of all such excess amounts, if any, and 90% of the aggregate of all such excess amounts, if any, exceeding $103,900 when and as such Severance Amounts become due and payable.
Payment of Severance Payments. The cash severance payments under Section 1(d)(iii) shall be paid on a monthly basis beginning in December 2019. Each month’s payment shall be made no later than the 15th day of the applicable month. In the event that the Executive dies before the end of such twelve-month period, the payments for the remainder of such period shall be made to the Executive's estate. The payments under this subsection shall be made in compliance with Section 409A of the Code.
Payment of Severance Payments. (A) Each payment provided for in Section 6.1 hereof is intended to constitute a separate payment within the meaning of Section 409A of the Code. The payments provided for in subsections (A), (B), (C) and (F) of Section 6.1 hereof shall be made not later than the thirtieth (30th) day following the Date of Termination subject to Section 6.3(B) below; provided, however, that (i) if the amounts of such payments cannot be finally determined on or before such day, the Company shall pay to the Executive on such day an estimate, as determined in good faith by the Executive of the minimum amount of such payments to which the Executive is clearly entitled and shall pay the remainder of such payments (together with interest at 120% of the rate provided in Section 1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined; and (ii) in the event the Executive becomes entitled to Severance Payments pursuant to the second sentence of Section 6.1 (except for a termination occurring with respect to clause (iv) of such sentence, which shall be paid as set forth above) such payments shall be due and payable on the date of the actual Change in Control that triggered the Severance Payments or as soon as practicable thereafter but in no event later than 30 days following the Change in Control. In the event that the amount of the estimated payments exceeds the amount subsequently determined to have been due, such excess shall constitute a loan by the Company to the Executive, payable on the fifth (5th) business day after demand by the Company (together with interest at 120% of the rate provided in Section 1274(b)(2)(B) of the Code). In the event the Company should fail to pay when due the amounts described in subsections (A), (B), (C) and (F) of Section 6.1 hereof; the Executive shall also be entitled to receive from the Company an amount representing interest on any unpaid or untimely paid amounts from the due date, as determined under this Section 6.3 (without regard to any extension of the Date of Termination pursuant to Section 7.3 hereof), to the date of payment at a rate equal to 120% of the rate provided in Section 1274(b)(2)(B) of the Code.
Payment of Severance Payments. Immediately prior to the Closing, the Company shall pay all of the Required Severance Payments (set forth on Schedule 4.1(d) hereto); provided, however, that to the extent the Company will have a negative Net Cash Position after the payment of such Required Severance Payments, then the Company may defer the payment of an amount equal to the Permissible Shortfall (as defined in Section 5.1(r)) until after Closing and promptly, but in any event within seven calendar days after the Closing KLA-Tencor shall pay, or cause the Surviving Corporation to pay, any amount still owed under such Required Severance Payments to each respective recipient who has submitted to the Company a full settlement and release of any and all claims against the Company and KLA-Tencor (but in no event shall the aggregate amount paid by KLA-Tencor, or the Surviving Corporation, as the case may be, exceed the Permissible Shortfall amount). Each scheduled recipient of a Required Severance Payment who shall not provide a full settlement and release of any and all claims against the Company and KLA-Tencor shall receive payments according to the timing schedule which would otherwise apply under the terms of the applicable original agreement providing for such severance.
Payment of Severance Payments. The Executive shall have a period of 21 days following the Termination Date to consider whether to execute this General Release. If the Executive accepts the terms hereof and executes this General Release prior to the expiration of such 21-day period, he may thereafter, for a period of 7 days following (and not including) the date of execution, revoke this General Release. If no such revocation occurs, this General Release shall become irrevocable in its entirety, and binding and enforceable against the Executive, on the day next following the day on which the foregoing seven-day period has elapsed.
Payment of Severance Payments. The payment of any consideration provided under Section 4 shall be payable in accordance with the Company’s customary payment practices, less all applicable federal and state taxes and withholdings. Notwithstanding any provision in this Agreement to the contrary, the Company shall not have any obligation to pay any amount or provide any benefit, as the case may be, under this Agreement pursuant to Section 4 unless the Executive executes, delivers to the Company, and does not revoke (to the extent Executive is permitted to do so), a general release within sixty (60) days of the Executive’s termination of employment with the Company, which shall set forth a release of the Company and its affiliates, in a form acceptable to the Company, of all claims against the Company and its affiliates relating to the Executive’s employment and termination thereof, and which may also include an agreement to continue to comply with and be bound by, the provisions of Section 7. Subject to Section 8, the Company may elect to pay the severance consideration payable under Section 4.c. or Section 4.e. in twelve (12) equal monthly installments, commencing with the first payroll date that occurs coincident with or following the sixty-first (61st) day after the Executive’s “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Notwithstanding anything to the contrary in the foregoing, a termination of the Executive’s employment for purposes of this Section 4, shall be deemed to have occurred only if such termination constitutes a “separation from service” within the meaning of Code Section 409A, determined by applying the default rules thereof.
