Common use of Timing of Benefit Payments Clause in Contracts

Timing of Benefit Payments. If the Executive is a Key Employee, all amounts payable under the Agreement that are subject to Section 409A of the Code shall be paid in a lump-sum on the date that is six months following the Executive's Separation from Service (or on the date of the Executive's death, if earlier). Otherwise, such amounts shall be payable in a lump sum on the date of the Executive's Separation from Service (or on the date of the Executive's death, if earlier), provided that the Company may within the 15-day period specified in Section 4(b) either (i) make the payment to the Executive subject to the Executive’s obligation to promptly return the funds if the release required under Section 13 is revoked by the Executive as provided in the release or (ii) deposit the funds with a third party escrow agent pursuant to customary arrangements where the only condition to release of the escrowed funds to the Executive is that the release has not been revoked by the Executive as provided in the release. For purposes of this Section 5A, a payment that is required to be made on a certain date may be made as soon as practicable following such date, provided that the payment must be made during the same calendar year as the required payment date or, if later, by the 15th day of the third calendar month following the required payment date, or otherwise in accordance with Section 409A of the Code.

Timing of Benefit Payments. If the Executive is a Key Employee, all amounts payable under the Agreement that are subject to Section 409A of the Code shall be paid in a lump-sum on the date that is six months following the Executive's ’s Separation from Service (or on the date of the Executive's ’s death, if earlier). Otherwise, such amounts shall be payable in a lump sum on the date of the Executive's ’s Separation from Service (or on the date of the Executive's ’s death, if earlier), provided that the Company may within the 15-day period specified in Section 4(b) either (i) make the payment to the Executive subject to the Executive’s obligation to promptly return the funds if the release required under Section 13 is revoked by the Executive as provided in the release or (ii) deposit the funds with a third party escrow agent pursuant to customary arrangements where the only condition to release of the escrowed funds to the Executive is that the release has not been revoked by the Executive as provided in the release. For purposes of this Section 5A, a payment that is required to be made on a certain date may be made as soon as practicable following such date, provided that the payment must be made during the same calendar year as the required payment date or, if later, by the 15th day of the third calendar month following the required payment date, or otherwise in accordance with Section 409A of the Code.