Common use of Severance Payment Timing Clause in Contracts

Severance Payment Timing. The amounts payable under this Section 5 (other than the Earned Bonus, as applicable), to the extent taxable, shall be paid or commence to be paid within sixty (60) days after the Date of Termination; provided, however, that if the period applicable to Executive’s termination of employment begins in one calendar year and ends in a second calendar year, such payments to the extent they qualify as “non-qualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall be paid or commence to be paid in the second calendar year by the last day of such period. Half of the Severance Amount shall be paid in a single lump sum, the remaining half in twelve equal monthly installments and the Earned Bonus, if any, shall be paid at the same time as if Executive had remained employed with the Company through the payment date.

Severance Payment Timing. The amounts payable under this Section 5 (other than the Earned Bonus, as applicable), to the extent taxable, shall be paid or commence to be paid within sixty (60) days after the Date of Termination; provided, however, that if the period applicable to Executive’s termination of employment begins in one calendar year and ends in a second calendar year, such payments to the extent they qualify as “non-qualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall be paid or commence to be paid in the second calendar year by the last day of such period. Half of the Severance Amount shall be paid in a single lump sum, the remaining half in twelve equal monthly installments and the Earned Bonus, if any, shall be paid at the same time as if Executive had remained employed with the Company through the payment date.. ​