Timing of Severance Pay. Any cash severance payments shall be made in a lump sum within ten (10) business days of Executive’s termination of employment subject to applicable withholding taxes. Such payments shall not be reduced in the event the Executive obtains other employment following termination of employment with the Bank or following the Change in Control. Notwithstanding anything herein to the contrary, if Executive is a Specified Employee, as defined in Code Section 409A, and if any payment to be made under Section 7 shall be determined to be subject to Code Section 409A, then if required by Code Section 409A, such payment or a portion of such payment (to the minimum extent possible) shall be delayed and shall be paid on the first day of the seventh month following Executive’s Separation from Service pursuant to Treasury regulation Section 1.409A-1(b)(9)(iii).
Timing of Severance Pay. Any severance pay due you under this Agreement shall be made over the applicable time period (e.g., six months of pay over six months) in accordance with the Company’s regular payroll dates during that time period.
Timing of Severance Pay. Severance pay as provided for in Section 5, shall be due and payable immediately upon termination to an employee who elects for termination of employment pursuant to Section 3.
Timing of Severance Pay. The First Severance Pay and Second Severance Pay will be paid by direct deposit to the account you have previously designated for paychecks or another account you designate in writing. The First Severance Pay will be paid by direct deposit to the account you have designated for paychecks, on the first regular payroll cycle that is at least seven (7) days following the First Effective Date. The Second Severance Pay will be paid by direct deposit to the account you have designated for paychecks on the first payroll date that is at least seven (7) days following the Second Effective Date.
Timing of Severance Pay. All sums payable to you pursuant to subparts 17.1 or 17.2 above shall be paid in a lump sum within six (6) months plus five (5) business days after termination of your employment (the "Payment Date"). However, if you are a "Specified Employee" of the Company for purposes of Internal Revenue Code Section 409A ("Code Section 409A") at the time of any event that triggers a payment obligation on the part of the Company pursuant to subpart 17.1 or 17.2, then the required payment shall be made to you by the Company on the first day such payment may be made without incurring excise taxes under Code Section 409A (without regard to whether that shortens or lengthens the time period set forth in the first sentence of this subpart 17.6) (the "409A Payment Date"). Should this result in a delay of payments to you beyond the Payment Date, then the Company shall also pay you interest accrued from the Payment Date to the 409A Payment Date at the rate of interest announced by Bank of America, Arizona from time to time as its prime rate. For purposes of this provision, the term Specified Employee shall have the meaning set forth in Section 409A(2)(B)(i) of the Internal Revenue Code of 1986, as amended, or any successor provision and the treasury regulations and rulings issued thereunder.
Timing of Severance Pay. Any amounts payable to you pursuant to subparts 13.1 or 13.2 of this Agreement that are not subject to Section 409A of the Internal Revenue Code (the Xx. Xxxxx X. Klein June 8, 2009 Page 4 “Code”) shall be paid in a lump sum six (6) months plus one (1) business day after termination of your employment (the “Payment Date”). Since (and as long as) you are a “Specified Employee” as defined in Treasury Regulation Section 1.409A-1(i), any amounts payable to you pursuant to subparts 13.1 or 13.2 of this Agreement that are subject to Section 409A of the Code must be delayed for a period of six (6) months following your “Separation from Service” as defined in Treasury Regulation Section 1.409A-1(h). Accordingly, any amounts payable to you pursuant to subparts 13.1 or 13.2 of this Agreement that are subject to Section 409A of the Code shall be paid in a lump sum six (6) months plus one (1) business day after your Separation from Service (the “409A Payment Date”). Should the rule described in the preceding sentence result in a delay of payments to you beyond the Payment Date, then the Company shall also pay you interest accrued from the Payment Date to the 409A Payment Date at the rate of interest announced by Bank of America, Arizona from time to time as its prime rate. For purposes of this provision, the term Specified Employee shall have the meaning set forth in Section 409A(2)(B)(i) of the Internal Revenue Code of 1986, as amended, or any successor provision and the Treasury Regulations and rulings issued thereunder.
Timing of Severance Pay. All sums payable to you pursuant to subparts 13.1 or 13.2 above shall be paid in a lump sum within six (6) months plus one (1) business day after termination of your employment (the “Payment Date”). However, if you are a “Specified Employee” of the Company for purposes of Internal Revenue Code Section 409A (“Code Section 409A”) at the time of any event that triggers a payment obligation on the part of the Mx. Xxxxx X. Klein March 30, 2007 Page 4 Company pursuant to subparts 13.1 or 13.2, then the required payment shall be made to you by the Company on the first day such payment may be made without incurring excise taxes under Code Section 409A (without regard to whether that shortens, lengthens or does not affect the time period set forth in the first sentence of this subpart 13.6) (the “409A Payment Date”). Should this result in a delay of payments to you beyond the Payment Date, then the Company shall also pay you interest accrued from the Payment Date to the 409A Payment Date at the rate of interest announced by Bank of America, Arizona from time to time as its prime rate. For purposes of this provision, the term Specified Employee shall have the meaning set forth in Section 409A(2)(B)(i) of the Internal Revenue Code of 1986, as amended, or any successor provision and the treasury regulations and rulings issued thereunder.
Timing of Severance Pay. All sums payable to you pursuant to subparts 13.1 or 13.2 above shall be paid in a lump sum within six (6) months plus one (1) business days
Timing of Severance Pay. Except as otherwise provided herein, payment of severance benefits to Executive under Section 7(b) or 7(c) hereof generally shall commence within thirty (30) days of the event that triggers such distribution. Notwithstanding the foregoing, to the extent required to avoid penalties under Code Section 409A and the Final Regulations thereunder, if the Executive is a “Specified Employee” within the meaning of Code Section 409A and the Final Regulations, the cash severance payments described in Sections 7(b)(v) and (vi) and 7(c)(ii) shall be made to him immediately following the expiration of six (6) months following his “Separation from Service.” For purposes of this Agreement, a “Separation from Service” shall have occurred if the Bank and Executive reasonably anticipate that no further services will be performed by the Executive after the date of the Event of Termination (whether as an employee or independent contractor) or the level of further services performed will not exceed forty-nine percent (49%) of the average level of bona fide services in the 36 months immediately preceding the Event of Termination. For all purposes hereunder, the definition of “Separation from Service” shall be interpreted consistent with Final Regulations Section 1.409A-1(h)(1)(ii).
Timing of Severance Pay. If the event triggering the Company’s obligation to pay you Severance Pay occurs within twelve (12) months after a change in control of the Company, you shall receive the Severance Pay in a single lump sum within sixty (60) days of termination of your employment. If the event triggering the Company’s obligation to pay you Severance Pay is anything other than a change in control of the Company, you shall receive half of the Severance Pay in a single lump sum within sixty (60) days of termination of your employment and the other half of the Severance Pay over the course of the following four months (that is, months 3-6 after termination of your employment) in accordance with the Company’s regular payroll dates during that time period. For purposes of this Agreement, “change in control” shall be defined and governed by the definition of “change in control” contained in the Stock Option Plan or such amended or restated stock option plan as may then be in effect or, in the absence of such plan, in the last such plan that was in effect.
