Common use of Timing of Payment of Severance Payments Clause in Contracts

Timing of Payment of Severance Payments. Base Salary continuation shall commence on the first payroll date after the sixtieth (60th) day following the date of Executive’s termination of employment, provided that (1) and (2) of Section 3.2(c)(ii) have been satisfied by such date, and shall be paid over a twelve (12) month period in accordance with the normal payroll practices and schedule of the Company. The pro-rated annual incentive bonus payment shall be made at such time as other participants in the plan receive their payment, or, if later, on the sixtieth (60th) day following the date of Executive’s termination of employment, provided that (1) and (2) of Section 3.2(c)(ii) have been satisfied by such date. COBRA Continuation Payments shall be paid on a monthly basis after Executive has paid the applicable COBRA premium payment, provided that (1) and (2) of Section 3.2(c)(ii) have been satisfied by such date, over the lesser of a twelve (12) month period or the period in which Executive is entitled to COBRA continuation coverage. Notwithstanding anything to the contrary contained in this Agreement, if (1) Executive is a “specified employee” within the meaning of Section 1.409A-1(i) of the 409A Regulations, and (2) the Severance Payments do not qualify for exemption from Section 409A under the short-term deferral exception to deferred compensation of Section 1.409A-1(b)(4) of the 409A Regulations, the separation pay plan exception to deferred compensation of Section 1.409A-1(b)(9) of the 409A Regulations, or any other exception under the 409A Regulations, that portion of the Severance Payments not exempt from Section 409A of the Code shall be made in accordance with the terms of this Agreement, but in no event earlier than the first to occur of (a) the day after the six-month anniversary of Executive’s termination of employment, or (b) Executive’s death. Any payments delayed pursuant to the prior sentence shall be made in a lump sum, on the first business day after the six-month anniversary of Executive’s termination of employment along with interest thereon payable at the short-term applicable federal rate for monthly payments, as determined under Section 1274(d) of the Code, for the month in which Executive’s employment terminated.

Timing of Payment of Severance Payments. Base Salary continuation shall commence on the first payroll date after the sixtieth forty-fifth (60th45th) day following the date of Executive’s termination of employment, provided that (1) and (2) of Section 3.2(c)(ii) have been satisfied by such date, and shall be paid over a twelve (12) month period in accordance with the normal payroll practices and schedule of the Company. Notwithstanding the foregoing, if the forty-five (45) day period following Executive’s termination ends in a calendar year after the year in which Executive’s employment terminates, the Severance Payments shall commence or be made no earlier than the first day of such later calendar year. The pro-rated annual incentive bonus payment shall be made at such time as other participants in the plan receive their payment, or, if later, on the sixtieth forty-fifth (60th45th) day following the date of Executive’s termination of employment, provided that (1) and (2) of Section 3.2(c)(ii) have been satisfied by such date. COBRA Continuation Payments shall be paid on a monthly basis after Executive has paid the applicable COBRA premium payment, provided that (1) and (2) of Section 3.2(c)(ii) have been satisfied by such date, over the lesser of a twelve (12) -month period or the period in which Executive is entitled to COBRA continuation coverageperiod. Notwithstanding anything to the contrary contained in this Agreement, if (1) Executive Employee is a “specified employee” within the meaning of Section 1.409A-1(i) of the 409A Regulations, and (2) the Severance Payments do not qualify for exemption from Section 409A under the short-term deferral exception to deferred compensation of Section 1.409A-1(b)(4) of the 409A Regulations, the separation pay plan exception to deferred compensation of Section 1.409A-1(b)(9) of the 409A Regulations, or any other exception under the 409A Regulations, that portion of the Severance Payments not exempt from Section 409A of the Code shall be made in accordance with the terms of this Agreement, but in no event earlier than the first to occur of (a) the day after the six-month anniversary of ExecutiveEmployee’s termination of employment, or (b) ExecutiveEmployee’s death. Any payments delayed pursuant to the prior sentence shall be made in a lump sum, on the first business day after the six-month anniversary of ExecutiveEmployee’s termination of employment along with interest thereon payable at the short-term applicable federal rate for monthly payments, as determined under Section 1274(d) of the Code, for the month in which ExecutiveEmployee’s employment terminated.

Timing of Payment of Severance Payments. Base Salary continuation shall commence on the first payroll date after the sixtieth (60th) day following the date expiration of Executive’s termination of employmentthe statutory revocation period, provided that (1A) and (2B) of Section 3.2(c)(ii) have been satisfied by such date, and shall be paid over a twelve (12) month period in accordance with the normal payroll practices and schedule of the Company. The pro-rated annual incentive bonus payment shall be made at such time as other participants in the plan receive their payment, or, if later, on the sixtieth (60th) day following the date of Executive’s termination of employment, provided that (1A) and (2B) of Section 3.2(c)(ii) have been satisfied by such date. The COBRA Continuation Payments shall be paid on a monthly basis after Executive has paid the applicable COBRA premium payment, provided that (1A) and (2B) of Section 3.2(c)(ii) have been satisfied by such date, over the lesser of a twelve (12) -month period or the period in which Executive is entitled to COBRA continuation coverageperiod. Notwithstanding anything to the contrary contained in this Agreement, if if: (1A) Executive is a “specified employee” within the meaning of Section 1.409A-1(i) of the 409A Regulations, ; and (2B) the Severance Payments do not qualify for exemption from Section 409A under the short-term deferral exception to deferred compensation of Section 1.409A-1(b)(4) of the 409A Regulations, the separation pay plan exception to deferred compensation of Section 1.409A-1(b)(9) of the 409A Regulations, or any other exception under the 409A Regulations, that portion of the Severance Payments not exempt from Section 409A of the Code shall be made in accordance with the terms of this Agreement, but in no event earlier than the first to occur of of: (a1) the day after the six-month anniversary of Executive’s termination of employment, ; or (b2) Executive’s death. Any payments delayed pursuant to the prior sentence shall be made in a lump sum, on the first business day after the six-month anniversary of Executive’s termination of employment along with interest thereon payable at the short-term applicable federal rate for monthly payments, as determined under Section 1274(d) of the Code, for the month in which Executive’s employment terminated.

Timing of Payment of Severance Payments. Base Salary continuation shall commence on the first payroll date after the sixtieth (60th) day following the date expiration of Executive’s termination of employmentthe statutory revocation period, provided that (1A) and (2B) of Section 3.2(c)(ii) have been satisfied by such date, and shall be paid over a twelve (12) month period in accordance with the normal payroll practices and schedule of the Company. The pro-rated annual incentive bonus payment shall be made at such time as other participants in the plan receive their payment, or, if later, on the sixtieth (60th) day following the date of Executive’s termination of employment, provided that (1A) and (2B) of Section 3.2(c)(ii) have been satisfied by such date. The Historical Bonus Payment shall be made in a lump sum on or before March 15 of the calendar year following the calendar year in which termination occurred, provided that (A) and (B) of Section 3.2(c)(ii) have been satisfied by such date. The COBRA Continuation Payments shall be paid on a monthly basis after Executive has paid the applicable COBRA premium payment, provided that (1A) and (2B) of Section 3.2(c)(ii) have been satisfied by such date, over the lesser of a twelve (12) -month period or the period in which Executive is entitled to COBRA continuation coverageperiod. Notwithstanding anything to the contrary contained in this Agreement, if if: (1A) Executive is a “specified employee” within the meaning of Section 1.409A-1(i) of the 409A Regulations, ; and (2B) the Severance Payments do not qualify for exemption from Section 409A under the short-term deferral exception to deferred compensation of Section 1.409A-1(b)(4) of the 409A Regulations, the separation pay plan exception to deferred compensation of Section 1.409A-1(b)(9) of the 409A Regulations, or any other exception under the 409A Regulations, that portion of the Severance Payments not exempt from Section 409A of the Code shall be made in accordance with the terms of this Agreement, but in no event earlier than the first to occur of of: (a1) the day after the six-month anniversary of Executive’s termination of employment, ; or (b2) Executive’s death. Any payments delayed pursuant to the prior sentence shall be made in a lump sum, on the first business day after the six-month anniversary of Executive’s termination of employment along with interest thereon payable at the short-term applicable federal rate for monthly payments, as determined under Section 1274(d) of the Code, for the month in which Executive’s employment terminated.

Timing of Payment of Severance Payments. Base Salary continuation shall commence on the first payroll date after the sixtieth (60th) day following the date expiration of Executive’s termination of employmentthe statutory revocation period, provided that (1A) and (2B) of Section 3.2(c)(ii) have been satisfied by such date, and shall be paid over a twelve nine (129) month period in accordance with the normal payroll practices and schedule of the Company. The pro-rated annual incentive bonus payment shall be made at such time as other participants in the plan receive their payment, or, if later, on the sixtieth (60th) day following the date of Executive’s termination of employment, provided that (1A) and (2B) of Section 3.2(c)(ii) have been satisfied by such date. The COBRA Continuation Payments shall be paid on a monthly basis after Executive has paid the applicable COBRA premium payment, provided that (1A) and (2B) of Section 3.2(c)(ii) have been satisfied by such date, over the lesser of a twelve (12) 9-month period or the period in which Executive is entitled to COBRA continuation coverageperiod. Notwithstanding anything to the contrary contained in this Agreement, if if: (1A) Executive is a “specified employee” within the meaning of Section 1.409A-1(i) of the 409A Regulations, ; and (2B) the Severance Payments do not qualify for exemption from Section 409A under the short-term deferral exception to deferred compensation of Section 1.409A-1(b)(4) of the 409A Regulations, the separation pay plan exception to deferred compensation of Section 1.409A-1(b)(9) of the 409A Regulations, or any other exception under the 409A Regulations, that portion of the Severance Payments not exempt from Section 409A of the Code shall be made in accordance with the terms of this Agreement, but in no event earlier than the first to occur of of: (a1) the day after the six-month anniversary of Executive’s termination of employment, ; or (b2) Executive’s death. Any payments delayed pursuant to the prior sentence shall be made in a lump sum, on the first business day after the six-month anniversary of Executive’s termination of employment along with interest thereon payable at the short-term applicable federal rate for monthly payments, as determined under Section 1274(d) of the Code, for the month in which Executive’s employment terminated.

Timing of Payment of Severance Payments. Base Salary continuation shall commence on the first payroll date after the sixtieth (60th) day following the date expiration of Executive’s termination of employmentthe statutory revocation period, provided that (1A) and (2B) of Section 3.2(c)(ii) have been satisfied by such date, and shall be paid over a twelve six (126) or nine (9) month period period, as applicable, in accordance with the normal payroll practices and schedule of the Company. The pro-rated annual incentive bonus payment shall be made at such time as other participants in the plan receive their payment, or, if later, on the sixtieth (60th) day following the date of Executive’s termination of employment, provided that (1A) and (2B) of Section 3.2(c)(ii) have been satisfied by such date. The COBRA Continuation Payments shall be paid on a monthly basis after Executive has paid the applicable COBRA premium payment, provided that (1A) and (2B) of Section 3.2(c)(ii) have been satisfied by such date, over the lesser of a twelve (12) 6 or 9-month period or the period in which Executive is entitled to COBRA continuation coverageperiod, as applicable. Notwithstanding anything to the contrary contained in this Agreement, if if: (1A) Executive is a “specified employee” within the meaning of Section 1.409A-1(i) of the 409A Regulations, ; and (2B) the Severance Payments do not qualify for exemption from Section 409A under the short-term deferral exception to deferred compensation of Section 1.409A-1(b)(4) of the 409A Regulations, the separation pay plan exception to deferred compensation of Section 1.409A-1(b)(9) of the 409A Regulations, or any other exception under the 409A Regulations, that portion of the Severance Payments not exempt from Section 409A of the Code shall be made in accordance with the terms of this Agreement, but in no event earlier than the first to occur of of: (a1) the day after the six-month anniversary of Executive’s termination of employment, ; or (b2) Executive’s death. Any payments delayed pursuant to the prior sentence shall be made in a lump sum, on the first business day after the six-month anniversary of Executive’s termination of employment along with interest thereon payable at the short-term applicable federal rate for monthly payments, as determined under Section 1274(d) of the Code, for the month in which Executive’s employment terminated.

Timing of Payment of Severance Payments. Base Salary continuation shall commence on the first payroll date after the sixtieth forty-fifth (60th45th) day following the date of Executive’s termination of employment, provided that (1) and (2) of Section 3.2(c)(ii3.2(b)(ii) have been satisfied by such date, and shall be paid over a twelve (12) month period in accordance with the normal payroll practices and schedule of the Company. The pro-rated annual incentive bonus payment shall be made at such time as other participants in the plan receive their payment, or, if later, on the sixtieth forty-fifth (60th45th) day following the date of Executive’s termination of employment, provided that (1) and (2) of Section 3.2(c)(ii3.2(b)(ii) have been satisfied by such date. COBRA Continuation Payments shall be paid on a monthly basis after Executive has paid the applicable COBRA premium payment, provided that (1) and (2) of Section 3.2(c)(ii3.2(b)(ii) have been satisfied by such date, over the lesser of a twelve (12) -month period or the period in which Executive is entitled to COBRA continuation coverageperiod. Notwithstanding anything to the contrary contained in this Agreement, if (1) Executive Employee is a “specified employee” within the meaning of Section 1.409A-1(i) of the 409A Regulations, and (2) the Severance Payments do not qualify for exemption from Section 409A under the short-term deferral exception to deferred compensation of Section 1.409A-1(b)(4) of the 409A Regulations, the separation pay plan exception to deferred compensation of Section 1.409A-1(b)(9) of the 409A Regulations, or any other exception under the 409A Regulations, that portion of the Severance Payments not exempt from Section 409A of the Code shall be made in accordance with the terms of this Agreement, but in no event earlier than the first to occur of (a) the day after the six-month anniversary of ExecutiveEmployee’s termination of employment, or (b) ExecutiveEmployee’s death. Any payments delayed pursuant to the prior sentence shall be made in a lump sum, on the first business day after the six-month anniversary of ExecutiveEmployee’s termination of employment along with interest thereon payable at the short-term applicable federal rate for monthly payments, as determined under Section 1274(d) of the Code, for the month in which ExecutiveEmployee’s employment terminated.

Timing of Payment of Severance Payments. Base Salary continuation shall commence on the first payroll date after the sixtieth (60th) day following the date of Executive’s termination of employment, provided that (1) and (2) of Section 3.2(c)(ii) have been satisfied by such date, and shall be paid over a twelve (12) month period in accordance with the normal payroll practices and schedule of the Company. The pro-rated annual incentive bonus payment shall be made at such time as other participants in the plan receive their payment, or, if later, on the sixtieth (60th) day following the date of Executive’s termination of employment, provided that (1) and (2) of Section 3.2(c)(ii) have been satisfied by such date. COBRA Continuation Payments shall be paid on a monthly basis after Executive has paid the applicable COBRA premium payment, provided that (1) and (2) of Section 3.2(c)(ii) have been satisfied by such date, over the lesser of a twelve (12) -month period or the period in which Executive is entitled to COBRA continuation coverage. Notwithstanding anything to the contrary contained in this Agreement, if (1) Executive Employee is a “specified employee” within the meaning of Section 1.409A-1(i) of the 409A Regulations, and (2) the Severance Payments do not qualify for exemption from Section 409A under the short-term deferral exception to deferred compensation of Section 1.409A-1(b)(4) of the 409A Regulations, the separation pay plan exception to deferred compensation of Section 1.409A-1(b)(9) of the 409A Regulations, or any other exception under the 409A Regulations, that portion of the Severance Payments not exempt from Section 409A of the Code shall be made in accordance with the terms of this Agreement, but in no event earlier than the first to occur of (a) the day after the six-month anniversary of ExecutiveEmployee’s termination of employment, or (b) ExecutiveEmployee’s death. Any payments delayed pursuant to the prior sentence shall be made in a lump sum, on the first business day after the six-month anniversary of ExecutiveEmployee’s termination of employment along with interest thereon payable at the short-term applicable federal rate for monthly payments, as determined under Section 1274(d) of the Code, for the month in which ExecutiveEmployee’s employment terminated.