Common use of Severance Benefit Payments Clause in Contracts

Severance Benefit Payments. In the event that the Employee is entitled to the Severance Benefits under Sections 4.3 or 4.4, such Severance Benefits shall, subject to the following requirements, be payable in accordance with the Company’s normal payroll practices and procedures, and shall be subject to all applicable withholding. Except for such later payments as otherwise provided in Sections 4.3, 4.4, or 4.9, Severance Benefits shall begin on the first regularly scheduled payroll date determined by the Company (in accordance with Treas. Reg. §1.409A-3(b)) to occur more than fifty-five (55) days from the Employee’s date of termination (with any deferred Severance Benefits that otherwise would have been paid during the period beginning on the date of termination and ending on the date the first regularly scheduled payroll date to occur more than fifty-five (55) days after the Employee’s date of termination to be paid, as applicable, in a single lump sum on such payroll date), provided, that, within such fifty-five (55) day period, (i) the Employee executes and delivers to the Company a general release of any and all claims (but excluding (A) any claim for unemployment compensation, (B) any claim for workers’ compensation benefits, and (C) any vested, future benefits which the Employee is entitled to receive under any Partnership Group “employee benefit plan,” within the meaning of Section 3(3) of ERISA, or under Section 2 or 3 or 4) in favor of the Company, the Partnership, their Affiliates and their respective officers, managers, directors, shareholders, partners, members and other Affiliates in substantially the form attached to this Agreement as Exhibit A (the “Release”), and (ii) the applicable revocation period, if any, prescribed by law and/or set forth in the Release has expired without the Employee having withdrawn or revoked the Release. If the Employee does not satisfy the requirements with respect to the Release as hereinabove provided, the Employee shall not be entitled to any of the Severance Benefits or any amount or benefit in lieu thereof.

Severance Benefit Payments. In the event that the Employee is entitled to the Severance Benefits under Sections 4.3 or 4.4, such Severance Benefits shall, subject to the following requirements, be payable in accordance with the Company’s normal payroll practices and procedures, and shall be subject to all applicable withholding. Except for such later payments as otherwise provided in Sections 4.3, 4.4, or 4.94.8, Severance Benefits shall begin on the first regularly scheduled payroll date determined by the Company (in accordance with Treas. Reg. §1.409A-3(b)) to occur more than fifty-five (55) days from the Employee’s date of termination (with any deferred Severance Benefits that otherwise would have been paid during the period beginning on the date of termination and ending on the date the first regularly scheduled payroll date to occur more than fifty-five (55) days after the Employee’s date of termination to be paid, as applicable, in a single lump sum on such payroll date), provided, that, within such fifty-five (55) day period, (i) the Employee executes and delivers to the Company a general release of any and all claims (but excluding (A) any claim for unemployment compensation, (B) any claim for workers’ compensation benefits, and (C) any vested, future benefits which the Employee is entitled to receive under any Partnership Group “employee benefit plan,” within the meaning of Section 3(3) of ERISA, or under Section 2 or 3 or 4) in favor of the Company, the Partnership, their Affiliates and their respective officers, managers, directors, shareholders, partners, members and other Affiliates in substantially the form attached to this Agreement as Exhibit A (the “Release”), and (ii) the applicable revocation period, if any, prescribed by law and/or set forth in the Release has expired without the Employee having withdrawn or revoked the Release. If the Employee does not satisfy the requirements with respect to the Release as hereinabove provided, the Employee shall not be entitled to any of the Severance Benefits or any amount or benefit in lieu thereof.