Common use of Payment of Severance Compensation Clause in Contracts

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.

Payment of Severance Compensation. (a) The severance compensation set forth in Section 3 (a) will shall be payable in 36 equal monthly installments commencing on the first day of the month following the month in which Executive's ’s employment terminates. However, Executive may elect in writing, in accordance with the provisions of this Section, to receive Executive's ’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 ’s election will not entitle Executive to receive severance compensation sooner than permitted by the preceding sentence.

Payment of Severance Compensation. (a) The severance compensation set forth in Section 3 (a3(a) will shall be payable in 36 equal monthly installments commencing on the first day of the month following the month in which Executive's ’s employment terminates. However, Executive may elect in writing, in accordance with the provisions of this Section, to receive Executive's ’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 ’s election will not entitle Executive to receive severance compensation sooner than permitted by the preceding sentence.

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 ExecutiveExecutiv's election will not entitle Executive to receive severance compensation sooner than permitted by the preceding sentence.