Common use of Severance Payment Schedule Clause in Contracts

Severance Payment Schedule. Payments due to the Executive or, if applicable, the Executive’s estate, pursuant to termination events described in this Article 3, shall be paid in two (2) installments as follows: (a) an amount equal to six months of annual salary set forth in Article 3.1(a)(i) and one-half of the total bonus amount set forth in Article 3.1(a)(ii) (the “Severance Installment Payment”), and the amounts set forth in Article 3.1(a)(iii) and (iv), within thirty (30) days after the expiration of any applicable statutory period in which revocation of the General Release is permitted (the “First Installment”); and (b) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the First Installment (the “Second Installment) (the “Final Installment). The Company’s obligation to pay severance amounts due to the Executive pursuant to this Article 3, to the extent not already paid, shall cease immediately and such payments will be forfeited if the Executive violates any condition described in Article 3 or 4. The parties intend and agree that any payments contemplated by this Agreement constituting “deferred compensation” for purposes of Code Section 409A shall comply with the requirements of such section. No deferred compensation payable hereunder shall be subject to acceleration or to any change in the specified time or method of payment, except as otherwise provided under this Agreement and consistent with Code Section 409A. In no event shall the Company have any liability or obligation with respect to taxes for which Executive may become liable as a result of the application of Code Section 409A.

Severance Payment Schedule. Payments due to the Executive or, if applicable, the Executive’s estate, pursuant to termination events described in this Article 3, shall be paid in two three (23) semi-annual installments as follows: (a) an amount equal to six months of annual salary set forth in Article 3.1(a)(i) and one-half third of the total bonus amount set forth in Article 3.1(a)(ii) (the “Severance Installment Payment”), and the amounts set forth in Article 3.1(a)(iii) and (iv), within thirty (30) days after the expiration of any applicable statutory period in which revocation of the General Release is permitted (the “First Installment”); and (b) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the First Installment (the “Second Installment); and (c) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the Second Installment (the “Final Installment). The Company’s obligation to pay severance amounts due to the Executive pursuant to this Article 3, to the extent not already paid, shall cease immediately and such payments will be forfeited if the Executive violates any condition described in Article 3 or 4. The parties intend and agree that any payments contemplated by this Agreement constituting “deferred compensation” for purposes of Code Section 409A shall comply with the requirements of such section. No deferred compensation payable hereunder shall be subject to acceleration or to any change in the specified time or method of payment, except as otherwise provided under this Agreement and consistent with Code Section 409A. In no event shall the Company have any liability or obligation with respect to taxes for which Executive may become liable as a result of the application of Code Section 409A.

Severance Payment Schedule. Payments due to the Executive or, if applicable, the Executive’s estate, pursuant to termination events described in this Article 31, shall be paid in two (2) installments as follows: (a) an amount equal to six months of annual salary set forth in Article 3.1(a)(i1.1(a)(i) and one-half of the total bonus amount set forth in Article 3.1(a)(ii1.1(a)(ii) (the “Severance Installment Payment”), and the amounts set forth in Article 3.1(a)(iii1.1(a)(iii) and (iv), within thirty (30) days after the expiration of any applicable statutory period in which revocation of the General Release is permitted (the “First Installment”); and (b) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the First Installment (the “Second Installment) (the “Final Installment). The Company’s obligation to pay severance amounts due to the Executive pursuant to this Article 3, to the extent not already paid, shall cease immediately and such payments will be forfeited if the Executive violates any condition described in Article 3 1 or 42. The parties intend and agree that any payments contemplated by this Agreement constituting “deferred compensation” for purposes of Code Section 409A shall comply with the requirements of such section. No deferred compensation payable hereunder shall be subject to acceleration or to any change in the specified time or method of payment, except as otherwise provided under this Agreement and consistent with Code Section 409A. In no event shall the Company have any liability or obligation with respect to taxes for which Executive may become liable as a result of the application of Code Section 409A.

Severance Payment Schedule. Payments due to the Executive or, if applicable, the Executive’s estate, pursuant to termination events described in this Article 3, shall be paid in two four (24) semi-annual installments as follows: (a) an amount equal to six months of annual salary set forth in Article 3.1(a)(i) and one-half twenty five percent (25%) of the total bonus amount set forth in Article 3.1(a)(ii) (the “Severance Installment Payment”), and the amounts set forth in Article 3.1(a)(iii) and (iv), within thirty (30) days after the expiration of any applicable statutory period in which revocation of the General Release is permitted (the “First Installment”); and (b) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the First Installment (the “Second Installment); (c) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the Second Installment (the “Third Installment); and (d) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the Third Installment (the “The Final Installment)”) . The Company’s obligation to pay severance amounts due to the Executive pursuant to this Article 3, to the extent not already paid, shall cease immediately and such payments will be forfeited if the Executive violates any condition described in Article 3 or 4. The parties intend and agree that any payments contemplated by this Agreement constituting “deferred compensation” for purposes of Code Section 409A shall comply with the requirements of such section. No deferred compensation payable hereunder shall be subject to acceleration or to any change in the specified time or method of payment, except as otherwise provided under this Agreement and consistent with Code Section 409A. In no event shall the Company have any liability or obligation with respect to taxes for which Executive may become liable as a result of the application of Code Section 409A.