Common use of Payment of the benefit Clause in Contracts

Payment of the benefit. If when employment termination occurs the Executive is a specified employee within the meaning of section 409A of the Internal Revenue Code of 1986, as amended, and applicable guidance thereunder (“Code Section 409A”), if the cash severance benefit under section 1(a) would be considered deferred compensation under Code Section 409A, and finally if an exemption from the six-month delay requirement of Code Section 409A(a)(2)(B)(i) is not available, payment of the benefit under section 1(a) shall be delayed and shall be made to the Executive in a single lump sum without interest on the first day of the seventh month after the month in which the Executive’s employment terminates.

Payment of the benefit. If when employment termination occurs the Executive is a “specified employee employee” within the meaning of section Section 409A of the Internal Revenue Code of 1986, as amended, and applicable guidance thereunder amended (the “Code Section 409ACode”), if the cash severance benefit under section Section 1(a) would be considered deferred compensation under Code Section 409A409A of the Code, and finally if an exemption from the six-month delay requirement of Code Section 409A(a)(2)(B)(i) of the Code is not available, payment of the benefit under section Section 1(a) shall be delayed and shall be made to the Executive in a single lump sum without interest on the first business day of the seventh (7th) month after the month in which the Executive’s employment terminates.

Payment of the benefit. If when employment termination occurs the Executive is a “specified employee employee” within the meaning of section Section 409A of the Internal Revenue Code of 1986, as amended, and applicable guidance thereunder amended (the “Code Section 409ACode”), if the cash severance benefit under section Section 1(a) would be considered deferred compensation under Code Section 409A409A of the Code, and finally if an exemption from the six-month delay requirement of Code Section 409A(a)(2)(B)(i) of the Code is not available, payment of the benefit under section Section 1(a) shall be delayed and shall be made to the Executive in a single lump sum without interest on the first day of the seventh (7th) month after the month in which the Executive’s employment terminates. References in this Agreement to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Section 409A of the Code.

Payment of the benefit. If when employment termination occurs the Executive is a specified employee within the meaning of section 409A of the Internal Revenue Code of 1986, as amended, and applicable guidance thereunder (“"Code Section 409A”"), if the cash severance benefit under section 1(al(a) would be considered deferred compensation under Code Section 409A, and finally if an exemption from the six-month delay requirement of Code Section 409A(a)(2)(B)(i) is not available, payment of the benefit under section 1(al(a) shall be delayed and shall be made to the Executive in a single lump sum without interest on the first day of the seventh month after the month in which the Executive’s 's employment terminates.

Payment of the benefit. If when If, at the time his employment termination occurs terminates, the Executive is a “specified employee employee” within the meaning of section Section 409A of the Internal Revenue Code of 1986, as amended, and applicable guidance thereunder amended (the “Code Section 409ACode”), if the cash severance benefit under section Section 1(a) would be considered deferred compensation under Code Section 409A409A of the Code, and finally if an exemption from the six-month delay requirement of Code Section 409A(a)(2)(B)(i) of the Code is not available, payment of the benefit under section Section 1(a) shall be delayed and shall be made to the Executive in a single lump sum without interest on the first business day of the seventh (7th) month after the month in which the Executive’s employment terminates.

Payment of the benefit. If when employment termination occurs the Executive is a specified employee within the meaning of section 409A of the Internal Revenue Code of 1986, as amended, and applicable guidance thereunder (“"Code Section 409A”"), if the cash severance benefit under section 1(a) would be considered deferred compensation under Code Section 409A, and finally if an exemption from the six-month delay requirement of Code Section 409A(a)(2)(B)(i) is not available, payment of the benefit under section 1(al(a) shall be delayed and shall be made to the Executive in a single lump sum without interest on the first day of the seventh month after the month in which the Executive’s 's employment terminates.

Payment of the benefit. If when If, at the time the Executive’s employment termination occurs terminates, the Executive is a “specified employee employee” within the meaning of section Section 409A of the Internal Revenue Code of 1986, as amended, and applicable guidance thereunder amended (the “Code Section 409ACode”), if the cash severance benefit under section Section 1(a) would be considered deferred compensation under Code Section 409A409A of the Code, and finally if an exemption from the six-month delay requirement of Code Section 409A(a)(2)(B)(i) of the Code is not available, payment of the benefit under section Section 1(a) shall be delayed and shall be made to the Executive in a single lump sum without interest on the first business day of the seventh (7th) month after the month in which the Executive’s employment terminates.

Payment of the benefit. If when employment termination occurs the Executive is a “specified employee employee” within the meaning of section Section 409A of the Internal Revenue Code of 1986, as amended, and applicable guidance thereunder amended (the “Code Section 409ACode”), if the cash severance benefit under section Section 1(a) would be considered deferred compensation under Code Section 409A409A of the Code, and finally if an exemption from the six-month delay requirement of Code Section 409A(a)(2)(B)(i) of the Code is not available, payment of the benefit under section Section 1(a) shall be delayed and shall be made to the Executive in a single lump sum without interest on the first business day of the seventh (7th) month after the month in which the Executive’s employment terminates. References in this Agreement to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Section 409A of the Code.