Payment of Severance Compensation. Except as provided in Section 4.3 below, the cash payments described in Section 4.1(a) shall be made within the time provided by law. No reimbursement of expenses under Section 4.1(a) shall be made after the last day of the year following the year in which the expense was incurred. The payments described in Section 4.1(b) and (c) shall be made in a lump sum within five business days after the later of the Date of Termination or the execution and return of the Release Agreement and expiration of revocation period provided for therein.
Payment of Severance Compensation. The severance compensation set forth in Section 3(a) will be payable in 36 equal monthly installments commencing on the first day of the month following the month in which the Separation from Service occurs. Notwithstanding the above, in the event that the Executive is a “specified employee” within the meaning of Code section 409A, the first six monthly installments shall be paid in a lump sum on the first day of the month following or coincident with the date that is six months following the Separation from Service and all remaining monthly installments shall be paid monthly.
Payment of Severance Compensation. (a) The severance compensation set forth in Section 3 (a) will be payable in 36 equal monthly installments commencing on the first day of the month following the month in which Executive's employment terminates. However, Executive may elect in writing, in accordance with the provisions of this Section, to receive Executive's severance compensation in a lump sum at a later time or in installments in amounts and at times elected by Executive, but Executive's election will not entitle Executive to receive severance compensation sooner than permitted by the preceding sentence.
(b) Executive must elect to receive amounts in installments or to defer payments by filing a written election with the Company, which specifies the time at which payments are to be made and the amounts of such payments. Executive's election to receive installment payments or to defer payments will not be valid unless it is made prior to the time Executive is entitled to receive any payments under this Agreement. The last such election in effect on the day before a termination of employment will be controlling. No election may be made on or after termination of employment.
(c) The payment of deferred amounts must commence no earlier than the first business day of the calendar year following the termination of Executive's employment and no later than the third calendar year following the attainment of normal retirement age under the Retirement Plan.
Payment of Severance Compensation. Severance Compensation calculated pursuant to Section 9(a)(ii) shall be due and payable to the Executive in equal and consecutive monthly installments. Such Severance Compensation shall be due and payable commencing in the month following such termination of the Executive’s employment on the Company’s regular payroll dates for its executive management Executives.
Payment of Severance Compensation. The Company shall pay the Severance Compensation as follows:
(A) continue to pay on a biweekly basis your Base Compensation in accordance with the rate in effect on the Termination Date, ;
(B) pay you Bonus Compensation on the same annual schedule as if you continued to be employed and payments of such Bonus Compensation shall be calculated on a pro rata basis using the rate for a full calendar year that is equal to the greater of either:
i) the average of your annual bonuses for the preceding three years or,
ii) the amount of the last annual bonus you received prior to the Termination Date.
(C) pay your monthly COBRA payments for any period of time that you have applied and qualify for COBRA coverage, and continue your life insurance and disability insurance coverage to the extent permitted under the applicable benefit plans This Severance Compensation shall be subject to usual and required withholding. In the event that your death occurs prior to the completion of payment of Severance Compensation, the remainder of your Severance Compensation will be paid in a single lump sum to your estate.
Payment of Severance Compensation. (a) The severance compensation set forth in Section 8.1(a) will be payable in 36 equal monthly installments commencing on the first day of the month following the month in which Employee's employment terminates. However, Employee may elect in writing, in accordance with the provisions of this Section, to receive Employee's severance compensation in a lump sum at a later time or in installments in amounts and at times elected by Employee, but Employee's election will not entitle Employee to receive severance compensation sooner than permitted by the preceding sentence.
(b) Employee must elect to receive amounts in installments or to defer payments by filing a written election with the Company, which specifies the time at which payments are to be made and the amounts of such payments. Employee's election to receive installment payments or to defer payments will not be valid unless it is made prior to the time Employee is entitled to receive any payments under this Agreement. The last such election in effect on the day before the Termination Date will be controlling. No election may be made on or after termination of employment.
(c) The payment of deferred amounts must commence no earlier than the first business day of the calendar year following the termination of Employee's employment and no later than the third calendar year following the attainment of normal retirement age under the Retirement Plan.
Payment of Severance Compensation. Severance Compensation calculated pursuant to Section 9(a)(iii) shall be due and payable to the Employee in 24 equal and consecutive semimonthly installments unless funded by an insurance policy, in which then the entire amount shall be immediately due and owing. Severance Compensation calculated pursuant to Section 9(a)(ii) shall be due and payable to the Employee in 120 equal and consecutive semi-monthly installments unless funded by an insurance policy, in which then the entire amount shall be immediately due and owing. Such Severance Compensation shall be due and payable commencing in the month following such termination of the Employee's employment (which shall mean in the case of a voluntary termination by the Employee pursuant to Section 8(d), the expiration of the applicable written notice period or the date that the Employee is required to vacate the premises, whichever is earlier), on the Company's regular payroll dates for its senior management employees.
Payment of Severance Compensation. (a) Unless Employee elects otherwise on or before December 31, 2008 in accordance with Section 5(b), the severance compensation set forth in Section 3(a) will be payable in a lump sum on the date which is six month following the Employee’s termination of employment.
(b) Employee may make an election to receive the amount payable under Section this Section 8.3(a) in monthly installments beginning no earlier than the sixth month following termination of employment (with the first six monthly installments paid in a lump sum at that time) or to receive a later lump sum payment by filing a written election with the Company on or before December 31, 2008, which specifies the time at which payments are to be made and the amounts of such payments. The payment of such amounts must be completed no later than the third calendar year following the attainment of normal retirement age under the Retirement Plan, and must be the same as the timing and form of payments elected pursuant to Section 6.3(c).”
6. Section 12(d) is hereby amended by adding the following sentence to the end: “The invalidity or unenforceability of any provision hereof or Exhibit hereto shall in no way affect the validity or enforceability of any other provision hereof.”
Payment of Severance Compensation. Although the Company is not otherwise obligated to do so, if you timely sign, date, and return this fully signed Agreement to the Company no later than _________________ and allow it to become effective, and you comply with your obligations hereunder, the Company will pay you severance compensation in the form of a continuance of the base salary (not bonus compensation) provided for in the Employment Agreement entered into between you and the Company effective ____________, 2012, payable according to the Company’s regular payroll schedule, policies, and practices, through a date that is 24 months after the effective date of the Employment Agreement, subject to applicable deductions and withholdings (the “Severance Compensation”). Payment of the Severance Compensation will be made in accordance with the Company’s regular payroll schedule, commencing ____ business days following the Effective Date of this Agreement (as defined in Section 13(d)). The first installment of the Severance Compensation will include retroactive payment of any compensation that would have accrued after the termination date and would have been payable to you on the Company’s regular payroll schedule but for the termination of the employment.
Payment of Severance Compensation. (a) Unless Executive elects otherwise on or before December 31, 2008 in accordance with Section 5(b), the severance compensation set forth in Section 3(a) will be payable in 36 equal monthly installments commencing on the first day of the month following the month in which Executive’s employment terminates. Notwithstanding the foregoing, in the event that the Executive is a ‘specified employee’ within the meaning of Code section 409A, the first six monthly installments shall be paid in a lump sum on the first day of the month following or coincident with the date that is six months following the Executive’s termination of employment and all remaining monthly installments shall be paid monthly.
(b) Executive may make an election to receive severance compensation payable under Section 3(a) in a lump sum or to defer payments by filing a written election with the Company on or before December 31, 2008, which specifies the time at which payments are to be made and the amounts of such payments. The payment of such severance compensation must commence no earlier than the first business day of the calendar year following the termination of Executive’s employment and must be completed no later than the third calendar year following the attainment of normal retirement age under the Retirement Plan.”
