Common use of Continuation Payments Clause in Contracts

Continuation Payments. Consistent with the severance provisions set forth in Sections 9(g) and 11 of your Employment Agreement, the Company will pay you cash severance equal to $861,450, representing the base salary provided in your Employment Agreement, for a period of eighteen (18) months (the “Salary Continuation Payment”). As required by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”), the Salary Continuation Payment shall be paid in a lump sum upon the first regularly scheduled payroll date that is six (6) months after the Separation Date, provided the Company has received the executed Agreement from you on or before that date. No interest will be paid to you on any amounts for which payment is delayed pursuant to the foregoing provision

Continuation Payments. Consistent with the severance provisions set forth in Sections 9(g) and 11 of your Employment Agreement, the Company will pay you cash severance equal to $861,4501,319,800, representing the base salary provided in your Employment Agreement, for a period of eighteen twenty-four (1824) months (the “Salary Continuation Payment”). As required by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”), the Salary Continuation Payment shall be paid in a lump sum upon the first regularly scheduled payroll date that is six (6) months after the Separation Date, provided the Company has received the executed Agreement from you on or before that date. No interest will be paid to you on any amounts for which payment is delayed pursuant to the foregoing provision