Common use of Section 409A Involuntary Separation Clause in Contracts

Section 409A Involuntary Separation. If the amount payable under this paragraph 5(c) qualifies as separation pay due to involuntary separation from service within the meaning of Treasury Regulation section 1.409A-1(b)(9)(iii), the lump sum shall be paid on or before the 30th day after Executive's separation from service, provided however, that if, at the time of separation from service, Executive is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Internal Revenue Code and the Treasury Regulations, then the payment of the portion of the lump sum that is an amount equal to two (2) months' base salary shall be delayed and shall be paid on the earliest date on which payment may be made under Section 409A(a)(2)(B)(i) (the six month delay rule for specified employees) after Executive separates from the service of Employer as defined in Section 409A(a)(2)(A)(i) and the Treasury Regulations.

Section 409A Involuntary Separation. If the amount payable under this paragraph 5(c) qualifies as separation pay due to involuntary separation from service within the meaning of Treasury Regulation section 1.409A-1(b)(9)(iii), the lump sum shall be paid on or before the 30th day after Executive's separation from service, provided however, that if, at the time of separation from service, Executive is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Internal Revenue Code and the Treasury Regulations, then the payment of the portion of the lump sum that is an amount equal to two (2) months' base salary shall be delayed and shall be paid on the earliest date on which payment may be made under Section 409A(a)(2)(B)(i) (the six month delay rule for specified employees) after Executive separates from the service of Employer as defined in Section 409A(a)(2)(A)(i) and the Treasury Regulations.

Section 409A Involuntary Separation. If the amount payable under this paragraph 5(c) qualifies as separation pay due to involuntary separation from service within the meaning of Treasury Regulation section 1.409A-1(b)(9)(iii), the lump sum shall be paid and the shares of common stock, if any, shall be issued on or before the 30th day after Executive's separation from service, provided however, that if, at the time of separation from service, Executive is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Internal Revenue Code and the Treasury Regulations, then the payment of the portion of the lump sum that is an amount equal to two three (23) months' base salary shall be delayed and shall be paid on the earliest date on which payment may be made under Section 409A(a)(2)(B)(i) (the six month delay rule for specified employees) after Executive separates from the service of Employer as defined in Section 409A(a)(2)(A)(i) and the Treasury Regulations.

Section 409A Involuntary Separation. If the amount payable under this paragraph 5(c) qualifies as separation pay due to involuntary separation from service within the meaning of Treasury Regulation section 1.409A-1(b)(9)(iii), the lump sum shall be paid and the shares of common stock, if any, shall be issued on or before the 30th day after Executive's separation from service, provided however, that if, at the time of separation from service, Executive is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Internal Revenue Code and the Treasury Regulations, then the payment of the portion of the lump sum that is an amount equal to two three (23) months' base salary shall be delayed and shall be paid on the earliest date on which payment may be made under Section 409A(a)(2)(B)(i) (the six month delay rule for specified employees) after Executive separates from the service of Employer as defined in Section 409A(a)(2)(A)(i) and the Treasury Regulations.

Section 409A Involuntary Separation. If the amount payable under this paragraph 5(c) qualifies as separation pay due to involuntary separation from service within the meaning of Treasury Regulation section 1.409A-1(b)(9)(iii), the lump sum shall be paid on or before the 30th day after Executive's separation from service, provided however, that if, at the time of separation from service, Executive is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Internal Revenue Code and the Treasury Regulations, then the payment of the portion of the lump sum that is an amount equal to two three (23) months' base salary shall be delayed and shall be paid on the earliest date on which payment may be made under Section 409A(a)(2)(B)(i) (the six month delay rule for specified employees) after Executive separates from the service of Employer as defined in Section 409A(a)(2)(A)(i) and the Treasury Regulations.