Common use of Six-Month Delay Rule Clause in Contracts

Six-Month Delay Rule. To the maximum extent permitted under section 409A of the Code, the benefits payable under this Agreement are intended to comply with the “short-term deferral exception” under Treas. Reg. §1.409A-1(b)(4), and any remaining amount is intended to comply with the “separation pay exception” under Xxxxx. Reg. §1.409A-1(b)(9)(iii); provided, however, any amount payable to the Employee during the six (6) month period following the Employee’s separation from service that does not qualify within either of the foregoing exceptions and constitutes deferred compensation subject to the requirements of section 409A of the Code, then such amount(s) shall hereinafter be referred to as the “Excess Amount.” If at the time of the Employee’s separation from service, the Company’s (or any entity required to be aggregated with the Company under section 409A of the Code) stock is publicly-traded on an established securities market or otherwise and the Employee is a “specified employee” (as defined in section 409A of the Code ), then the Company shall postpone the commencement of the payment of the portion of the Excess Amount that is payable within the six (6) month period following the Employee’s separation from service with the Company for six (6) Res-Care, Inc. DBA BrightSpring Health Services 9 months following the Employee’s separation from service with the Company. The delayed Excess Amount shall be paid in a lump sum to the Employee within ten (10) days following the date that is six (6) months following the Employee’s separation from service with the Company. If the Employee dies during such six (6) month period and prior to the payment of the portion of the Excess Amount that is required to be delayed on account of section 409A of the Code, such Excess Amount shall be paid to the personal representative of Employee’s estate within sixty (60) days after the Employee’s death.

Six-Month Delay Rule. To Notwithstanding anything to the maximum extent permitted under section contrary contained in this Agreement, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the benefits payable Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement are intended on account of the Executive’s separation from service would be considered deferred compensation subject to comply with the 20% additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (i) six (6) months and one (1) day after the Executive’s separation from service, or (ii) the Executive’s death (the “Six Month Delay Rule”). For purposes of this Section, amounts payable under the Agreement should not be considered a deferral of compensation subject to Section 409A to the extent provided in Treasury Regulation Section 1.409A-1(b)(4) (i.e., short-term deferral exception” deferrals), Treasury Regulation Section 1.409A-1(b)(9) (i.e., separation pay plans, including the exception under Treas. Reg. §1.409A-1(b)(4subparagraph (iii)), and any remaining amount is intended other applicable provisions of Treasury Regulations Sections 1.409A-1 through A-6. To the extent that the Six Month Delay Rule applies to comply with payments otherwise payable on an installment basis, the “separation pay exception” under Xxxxx. Reg. §1.409A-1(b)(9)(iii); provided, however, any amount payable to the Employee first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six (6) month period following but for the Employee’s separation from service that does not qualify within either application of the foregoing exceptions Six Month Delay Rule, and constitutes deferred compensation subject the balance of the installments shall be payable in accordance with their original schedule. To the extent that the Six Month Delay Rule applies to the requirements provision of section 409A of the Code, then such amount(s) shall hereinafter be referred to as the “Excess Amount.” If at the time of the Employee’s separation from service, the Company’s benefits (or any entity required to be aggregated with the Company under section 409A of the Code) stock is publicly-traded on an established securities market or otherwise including life and the Employee is a “specified employee” (as defined in section 409A of the Code medical insurance), then the Company such benefits coverage shall postpone the commencement of the payment of the portion of the Excess Amount that is payable within the six (6) month period following the Employee’s separation from service with the Company for six (6) Res-Care, Inc. DBA BrightSpring Health Services 9 months following the Employee’s separation from service with the Company. The delayed Excess Amount shall nonetheless be paid in a lump sum provided to the Employee within ten (10) days following Executive during the date that is first six (6) months following his separation from service (the Employee“Six Month Period”), provided that, during such Six-Month Period, the Executive pays to the Company, on a monthly basis in advance, an amount equal to the Monthly Cost (as defined below) of such benefit coverage. The Company shall reimburse the Executive for any such payments made by the Executive in a lump sum not later than thirty (30) days following the sixth (6th) month anniversary of the Executive’s separation from service with service. For purposes of this subparagraph, “Monthly Cost” means the Company. If minimum dollar amount which, if paid by the Employee dies during such six (6) month period and prior Executive on a monthly basis in advance, results in the Executive not being required to the payment recognize any federal income tax on receipt of the portion benefit coverage during the Six Month Period. The parties intend that this Agreement will be administered in accordance with Section 409A of the Excess Amount Code. To the extent that any provision of this Agreement is required ambiguous as to be delayed on account of section its compliance with Section 409A of the Code, such Excess Amount the provision shall be paid read in such a manner so that all payments hereunder comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. The Company makes no representation or warranty and shall have no liability to the personal representative Executive or any other person if any provisions of Employee’s estate within sixty (60) days after this Agreement are determined to constitute deferred compensation subject to Section 409A of the Employee’s deathCode but do not satisfy an exemption from, or the conditions of, such Section.

Six-Month Delay Rule. To the maximum extent permitted under section Section 409A of the Code, the benefits payable under this Agreement are intended to comply with the “short-term deferral exception” under Treas. Reg. §1.409A-1(b)(4), and any remaining amount is intended to comply with the “separation pay exception” under XxxxxTreas. Reg. §1.409A-1(b)(9)(iii); provided, Res-Care, Inc. DBA BrightSpring Health Services 000 X. Xxxxxxxxxxx Parkway Louisville, KY 40222 (000) 000-0000 xxx.XxxxxxXxxxxxXxxxxx.xxx however, if any amount payable to the Employee Executive during the six (6) month period following the EmployeeExecutive’s separation from service that does not qualify within either of the foregoing exceptions and constitutes deferred compensation subject to the requirements of section Section 409A of the Code, then such amount(s) shall hereinafter be referred to as the “Excess Amount.” If at the time of the EmployeeExecutive’s separation from service, the Company’s (or any entity required to be aggregated with the Company under section Section 409A of the Code) stock is publicly-traded on an established securities market or otherwise and the Employee Executive is a “specified employee” (as defined in section Section 409A of the Code Code), then the Company shall postpone the commencement of the payment of the portion of the Excess Amount that is payable within the six (6) month period following the EmployeeExecutive’s separation from service with the Company for six (6) Res-Care, Inc. DBA BrightSpring Health Services 9 months following the EmployeeExecutive’s separation from service with the Company. The delayed Excess Amount shall be paid in a lump sum to Executive on the Employee within ten (10) days first day following the date that is six (6) months following the EmployeeExecutive’s separation from service with the Company. If the Employee Executive dies during such six (6) month period and prior to the payment of the portion of the Excess Amount that is required to be delayed on account of section Section 409A of the Code, such Excess Amount shall be paid to the personal representative of EmployeeExecutive’s estate within sixty (60) days on the day after the EmployeeExecutive’s death. Any remaining payments not so delayed shall continue to be paid pursuant to the payment schedule set forth herein.

Six-Month Delay Rule. To the maximum extent permitted under section Section 409A of the Code, the benefits payable under this Agreement are intended to comply with the “short-term deferral exception” under Treas. Reg. §1.409A-1(b)(4), and any remaining amount is intended to comply with the “separation pay exception” under XxxxxTreas. Reg. §1.409A-1(b)(9)(iii); provided, however, if any amount payable to the Employee Executive during the six (6) month period following the EmployeeExecutive’s separation from service that does not qualify within either of the foregoing exceptions and constitutes deferred compensation subject to the requirements of section Section 409A of the Code, then such amount(s) shall hereinafter be referred to as the “Excess Amount.” If at the time of the EmployeeExecutive’s separation from service, the Company’s (or any entity required to be aggregated with the Company under section Section 409A of the Code) stock is publicly-traded on an established securities market or otherwise and the Employee Executive is a “specified employee” (as defined in section Section 409A of the Code ), then the Company shall postpone the commencement of the payment of the portion of the Excess Amount that is payable within the six (6) month period following the EmployeeExecutive’s separation from service with the Company for six (6) Res-Care, Inc. DBA BrightSpring Health Services 9 months following the EmployeeExecutive’s separation from service with the Company. The delayed Excess Amount shall be paid in a lump sum to Executive on the Employee within ten (10) days first day following the date that is six (6) months following the EmployeeExecutive’s separation from service with the Company. If the Employee Executive dies during such six (6) month period and prior to the payment of the portion of the Excess Amount that is required to be delayed on account of section Section 409A of the Code, such Excess Amount shall be paid to the personal representative of EmployeeExecutive’s estate within sixty (60) days on the day after the EmployeeExecutive’s death. Any remaining payments not so delayed shall continue to be paid pursuant to the payment schedule set forth herein.