Common use of Separation Pay Benefits Clause in Contracts

Separation Pay Benefits. Employer will pay to Executive, as separation pay, which Executive has not earned and to which Executive is not otherwise entitled, an amount equal to eleven (11) months of Executive’s monthly Base Salary in effect as of the Date of Termination, in addition to the Base Salary due during the thirty (30) day Notice of Termination period set forth in Section 4.1. That portion, if any, of such separation pay as is equal to the amount that can constitute pay under a “separation pay plan” under Code Section 409A shall be made to Executive in equal weekly payments for eleven (11) months. The first payment of benefits under the foregoing sentence will commence on the first regular payroll date of Employer as soon as practicable following sixteen (16) days after Executive’s execution of the Release Agreement, provided that Executive has not exercised rights to revoke or rescind the release of claims as provided in the Release Agreement. That portion, if any, of such separation pay as exceeds the amount that can constitute pay under a “separation pay plan” under Code Section 409A shall be made to Executive in equal weekly payments for twelve (12) months. The first payment of benefits under the foregoing sentence will commence on the first regular payroll date of Employer following the six (6) month anniversary of the date of Executive’s “separation from service,” as defined in Code Section 409A, provided that Executive has not exercised rights to revoke or rescind the release of claims as provided in the Release Agreement. Provided, however, that in the event any portion of the payments due under this Section 5.3(a) would result in adverse tax consequences to Executive under Code Section 409A, taking into account all amounts otherwise payable to Executive under this Agreement, then, to such extent, all or such portions of any payment under this Section 5.3(a) shall be delayed until the later of (i) the time of payment set forth above or (ii) the first regular payroll date of Employer following the six (6) month anniversary of the date of Executive’s “separation from service,” as defined in Code Section 409A (or Executive’s death, if earlier). The initial payment shall include all payments (without interest) that would have been made had payment of benefits commenced as otherwise provided in this Section 5.3(a).

Separation Pay Benefits. Employer will pay to Executive, as separation pay, which Executive has not earned and to which Executive is not otherwise entitled, an amount equal to eleven (11) months of Executive’s monthly Base Salary in effect as of the Date of Termination, in addition to the Base Salary due during the thirty (30) day Notice of Termination period set forth in Section 4.1. That portion, if any, of such separation pay as is equal to the amount that can constitute pay under a “separation pay plan” under Section 409A of the Internal Revenue Code of 1986, as amended from time to time or any successor legislation, as well as Treasury Regulations and guidance issued thereunder (collectively, “Code Section 409A 409A”) shall be made to Executive in equal weekly payments for eleven (11) months. The first payment of benefits under the foregoing sentence will commence on the first regular payroll date of Employer as soon as practicable following sixteen (16) days after Executive’s execution of the Release Agreement, provided that Executive has not exercised rights to revoke or rescind the release of claims as provided in the Release Agreement. That portion, if any, of such separation pay as exceeds the amount that can constitute pay under a “separation pay plan” under Code Section 409A shall be made to Executive in equal weekly payments for twelve (12) months. The first payment of benefits under the foregoing sentence will commence on the first regular payroll date of Employer following the six (6) month anniversary of the date of Executive’s “separation from service,” as defined in Code Section 409A, provided that Executive has not exercised rights to revoke or rescind the release of claims as provided in the Release Agreement. Provided, however, that in the event any portion of the payments due under this Section 5.3(a) would result in adverse tax consequences to Executive under Code Section 409A, taking into account all amounts otherwise payable to Executive under this Agreement, then, to such extent, all or such portions of any payment under this Section 5.3(a) shall be delayed until the later of (i) the time of payment set forth above or (ii) the first regular payroll date of Employer following the six (6) month anniversary of the date of Executive’s “separation from service,” as defined in Code Section 409A (or Executive’s death, if earlier). The initial payment shall include all payments (without interest) that would have been made had payment of benefits commenced as otherwise provided in this Section 5.3(a).

Separation Pay Benefits. Employer will pay to Executive, as separation pay, which Executive has not earned and to which Executive is not otherwise entitled, an amount equal to eleven (11) months of Executive’s monthly annual Base Salary in effect as of the Date of Termination, in addition to Termination multiplied by the Base Salary due during the thirty (30) day Notice of Termination period set forth in Section 4.1factor 2.99. That portion, if any, of such separation pay as is equal to the amount that can constitute pay under a “separation pay plan” under Code Section 409A shall be made to Executive in equal weekly payments for eleven (11) months. The first a lump sum payment of benefits under the foregoing sentence will commence on the first regular payroll date of Employer as soon as practicable following sixteen (16) days after Executive’s execution of the Release Agreement, provided that Executive has not exercised rights to revoke or rescind the release of claims as provided in the Release Agreement. That portion, if any, of such separation pay as exceeds the amount that can constitute pay under a “separation pay plan” under Code Section 409A shall be made to Executive in equal weekly payments for twelve (12) months. The first payment of benefits under the foregoing sentence will commence on the first regular payroll date of Employer following the six (6) month anniversary of the date of Executive’s “separation from service,” as defined in Code Section 409A, provided that Executive has not exercised rights to revoke or rescind the release of claims as provided in the Release Agreement. Provided, however, that in the event any portion of the payments due under this Section 5.3(a6.3(a) would result in adverse tax consequences to Executive under Code Section 409A, taking into account all amounts otherwise payable to Executive under this Agreement, then, to such extent, all or such portions of any payment under this Section 5.3(a6.3(a) shall be delayed until the later of (i) the time of payment set forth above or (ii) the first regular payroll date of Employer following the six (6) month anniversary of the date of Executive’s “separation from service,” as defined in Code Section 409A (or Executive’s death, if earlier). The initial payment shall include all payments (without interest) that would have been made had payment of benefits commenced as otherwise provided in this Section 5.3(a6.3(a).