Common use of Timing Restrictions Clause in Contracts

Timing Restrictions. Notwithstanding the foregoing or any provisions of this Agreement to the contrary, in the event that the Executive is determined by the Board of Directors in its good faith judgment to be a "specified employee" within the meaning of Internal Revenue Code Section 409A, none of the termination benefits contemplated by this Section 10 shall be paid or provided to the Executive prior to the first day of the seventh month after the Executive's termination of employment, at which time such benefits shall commence; provided that all benefits accumulated from the date of the Executive's termination of employment to which Executive is entitled under this Agreement and which were not paid or provided sooner because of this provision, also will immediately become payable at that time. Subject to PARC's obligations to timely pay the amounts due to the Executive as set forth in the preceding sentence, with respect to the amounts payable to the Executive pursuant to Section 10(a), any Regular Base Salary amounts shall be paid no later than the end of the calendar year to which such salary amounts relate (determined by dividing the Executive's annual Regular Base Salary by twelve and allocating such salary to each month following the Executive's termination of employment), and any Annual Profit Sharing Bonus or other bonus amount shall be paid no later than 2-1/2 months after the end of the calendar year to which such Bonus amount relates.

Timing Restrictions. Notwithstanding the foregoing or any provisions of this Agreement to the contrary, in the event that the Executive is determined determined, by the Board of Directors in its good faith judgment judgment, to be a "specified employee" within the meaning of Internal Revenue Code Section 409A, none of the termination benefits contemplated by this Section 10 shall be paid or provided to the Executive prior to the first day of the seventh month after the Executive's termination of employment, at which time such benefits shall commence; provided that all benefits accumulated from the date of the Executive's termination of employment to which Executive is entitled under this Agreement and which were not paid or provided sooner because of this provision, also will immediately become payable at that time. Subject to PARC's obligations to timely pay the amounts due to the Executive as set forth in the preceding sentence, with respect to the amounts payable to the Executive pursuant to Section 10(a), any Regular Base Salary amounts shall be paid no later than the end of the calendar year to which such salary amounts relate (determined by dividing the Executive's annual Regular Base Salary by twelve and allocating such salary to each month following the Executive's termination of employment), and any Annual Profit Sharing Commission, Sales Incentive or Monthly Bonus or other bonus amount shall be paid no later than 2-1/2 months after the end of the calendar year to which such Bonus amount relates.