Section 409A Specified Employee. If Executive is a “specified employee” for purposes of Xxxxxxx 000X xx xxx Xxxxxx Xxxxxx Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder, to the extent required to comply with Section 409A of the Code, any salary continuation payments required to be made pursuant to Section 2.1 which are subject to Section 409A of the Code shall not commence until one day after the day which is six (6) months from the date of termination, with the first payment equaling six (6) months of salary continuation.
Appears in 2 contracts
Samples: Continuation and Non Competition Agreement (Iec Electronics Corp), Salary Continuation and Non Competition Agreement (Iec Electronics Corp)
Section 409A Specified Employee. If Executive is a “specified employee” for purposes of Xxxxxxx 000X xx xxx Xxxxxx Xxxxxx Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder, to the extent required to comply with Section 409A of the Code, any salary continuation payments required to be made pursuant to Section 2.1 4.1 which are subject to Section 409A of the Code shall not commence until one day after the day which is six (6) months from the date of termination, with the first payment equaling six (6) months of salary continuation.
Appears in 1 contract
Section 409A Specified Employee. If Executive is a “specified employee” for purposes of Xxxxxxx Sxxxxxx 000X xx xxx Xxxxxx Xxxxxx Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder, to the extent required to comply with Section 409A of the Code, any salary continuation payments required to be made pursuant to Section 2.1 which are subject to Section 409A of the Code shall not commence until one day after the day which is six (6) months from the date of termination, with the first payment equaling six (6) months of salary continuation.
Appears in 1 contract
Samples: Salary Continuation and Non Competition Agreement (Iec Electronics Corp)
