Common use of Form and Time of Payment Clause in Contracts

Form and Time of Payment. The cash amounts provided for in Section 5 above shall be paid in a single lump sum payment on the regularly scheduled payroll day immediately following the 30th day after your termination date (but in no event later than March 15th following the calendar year in which occurs the later of the time the legally binding right to the payment arises or the time such right first ceases to be subject to a substantial risk of forfeiture). It is intended that these payments constitute short-term deferred compensation within the meaning of the applicable Treasury regulations pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Notwithstanding the preceding two sentences, (A) if you are a “specified employee” at the time you separate from service with Company and any payment or benefit under Section 5 is determined to constitute non-qualified deferred compensation, such payment shall be made or such benefit shall be provided on the date that is six months after your separation from service with the Company, all as determined in accordance with Section 409A of the Code, and (B) if you separate from service with the Company on or before December 31, 2007, any amount that you are entitled to receive under this Agreement will be paid to you at the times contemplated under the Prior Agreement (as determined by the Company in accordance with Section 409A of the Code).

Form and Time of Payment. The cash amounts provided for in Section 5 4 above shall be paid in a single lump sum payment on the regularly scheduled payroll day immediately following the 30th 55th day after your termination date (but in no event later than March 15th following the calendar year in which occurs the later of the time the legally binding right to the payment arises or the time such right first ceases to be subject to a substantial risk of forfeiture). It is intended that these payments constitute short-term deferred compensation within the meaning of the applicable Treasury regulations pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Notwithstanding the preceding two sentences, (A) if you are a “specified employee” at the time you separate from service with Company and any payment or benefit under Section 5 4 is determined to constitute non-qualified deferred compensation, such payment shall be made or such benefit shall be provided on the date that is six months first payroll of the seventh month after your separation from service with the Company, all as determined in accordance with Section 409A of the Code. For purposes of this Agreement, and (B) if you separate from service any reference to a termination of employment will be determined consistent with the Company on or before December 31, 2007, any amount that you are entitled rules relating to receive under this Agreement will be paid to you at the times contemplated under the Prior Agreement (a “separation from service” as determined by the Company defined in accordance with Section 409A of the Code).