Common use of Commencement of Benefits Clause in Contracts

Commencement of Benefits. Enhanced Severance benefits will commence as of the date of termination of employment unless Officer is deemed by AutoZone to be or have been a “specified employee” within the meaning of Internal Revenue Code Section 409A at any relevant time, in which case payment of all or a portion of the Enhanced Severance benefits will be delayed until the date that is at least six months and one day after the date of Officer’s termination. All amounts that would otherwise have been paid during such six-month period shall instead be paid in a lump sum on the first pay day following such six-month period. Except as otherwise provided in the Agreement, all compensation and benefits end upon termination of employment.

Commencement of Benefits. Enhanced Severance benefits will commence as of the date of termination of employment unless Officer Executive is deemed by AutoZone to be or have been a “specified employee” within the meaning of Internal Revenue Code Section 409A at any relevant time, in which case payment of all or a portion of the Enhanced Severance benefits will be delayed until the date that is at least six months and one day after the date of OfficerExecutive’s termination. All amounts that would otherwise have been paid during such six-month period shall instead be paid in a lump sum on the first pay day following such six-month period. Except as otherwise provided in the Agreement, all compensation and benefits end upon termination of employment.

Commencement of Benefits. ​ Enhanced Severance benefits will commence as of the date of termination of employment unless Officer Executive is deemed by AutoZone to be or have been a “specified employeeExecutive” within the meaning of Internal Revenue Code Section 409A at any relevant time, in which case payment of all or a portion of the Enhanced Severance benefits will be delayed until the date that is at least six months and one day after the date of OfficerExecutive’s termination. All amounts that would otherwise have been paid during such six-month period shall instead be paid in a lump sum on the first pay day following such six-month period. ​ Except as otherwise provided in the Agreement, all compensation and benefits end upon termination of employment.. ​