Common use of Timing of Severance Payment Clause in Contracts

Timing of Severance Payment. The Severance Payment shall be payable to Employee (or, in the event of death, to his estate or legal representative) in cash by the Company over a period of twelve (12) consecutive months, in equal monthly installments subject to the Company’s normal payroll policies commencing on the first regular payroll date that occurs after Employee’s Date of Termination; provided, however, that any installments that otherwise would be payable on the Company’s regular payroll dates between the Date of Termination and the fortieth (40th) calendar day after the Date of Termination will be delayed until the Company’s first regular payroll date that is more than forty (40) days after the Date of Termination and included with the installment payable on such payroll date.

Timing of Severance Payment. The Severance Payment shall be payable to Employee (or, in the event of death, to his her estate or legal representative) in cash by the Company over a period of twelve (12) consecutive months, in equal monthly installments subject to the Company’s 's normal payroll policies commencing on the first regular payroll date that occurs after Employee’s 's Date of Termination; provided, however, that any installments that otherwise would be payable on the Company’s 's regular payroll dates between the Date of Termination and the fortieth (40th) 40th calendar day after the Date of Termination will be delayed until the Company’s 's first regular payroll date that is more than forty (40) days after the Date of Termination and included with the installment payable on such payroll date.