409A Delay in Payments Sample Clauses

409A Delay in Payments. Notwithstanding anything in this Agreement to the contrary, if on the date of his separation from service Executive is a “specified employee,” as defined in Section 409A of the Code, then all or a portion of any severance payments or benefits under this Agreement that would be subject to the additional tax provided by Section 409A(a)(1)(B) of the Code if not delayed as required by Section 409A(a)(2)(B)(i) of the Code shall be delayed until the first day of the seventh month following his separation from service (or, if earlier, Executive’s date of death) and shall be paid as a lump sum (without interest) on such date.
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409A Delay in Payments. Notwithstanding anything herein to the contrary, if on the date of his separation from service Employee is a “specified employee,” as defined in Section 409A of the Internal Revenue Code (the “Code”), then all or a portion of any severance payments, benefits, or reimbursements under this Agreement that would be subject to the additional tax provided by Section 409A(a)(1)(B) of the Code if not delayed as required by Section 409A(a)(2)(B)(i) of the Code shall be delayed until the first day of the seventh month following his separation from service date (or, if earlier, Employee’s date of death) and shall be paid as a lump sum (without interest) on such date. For purposes of this Agreement, a termination of Employee’s employment must be a “separation from service” for purposes of Section 409A of the Code. [Signature Page Follows] Employment Agreement Xxxxx X. Xxxxxxxxxxxx The parties have executed this Agreement to be effective as of the Effective Date with the intent to be legally bound by this Agreement. EMPLOYER EMPLOYEE T-3 Energy Services, Inc. Xxxxx X. Xxxxxxxxxxxx By: /s/ Xxx X. Xxxxx By: /s/ Xxxxx X. Xxxxxxxxxxxx Name: Xxx X. Xxxxx Name: Xxxxx X. Xxxxxxxxxxxx Title: President and CEO Employment Agreement Xxxxx X. Xxxxxxxxxxxx SCHEDULE 1. PARISHES IN LOUISIANA WHERE EMPLOYER CONDUCTS ITS BUSINESS Acadia Parish Xxxxx Xxxxxx Ascension Parish Assumption Parish Ayoyelles Parish Bearegard Parish Bienville Parish Bossier Parish Caddo Parish Calcasieu Parish Xxxxxxxx Xxxxxx Xxxxxxx Parish Catahoula Parish Claiborne Parish Concordia Parish Desoto Parish East Baton Rouge Parish East Xxxxxxx Xxxxxx East Xxxxxxxxx Xxxxxx Xxxxxxxxxx Xxxxxx Xxxxxxxx Xxxxxx Xxxxx Xxxxxx Iberia Parish Iberville Parish Xxxxxxx Parish Xxxxxxxxx Xxxxxx Xxxx Xxxxx Parish Lafayette Parish Lafourche Parish Lasalle Parish Lincoln Parish Xxxxxxxxxx Parish Madison Parish Xxxxxxxxx Parish Natchitoches Parish Orleans Parish Ouachita Parish Plaquemines Parish Pointe Coupee Parish Rapides Parish Red River Parish Richland Parish Xxxxxx Xxxxxx St. Xxxxxxx Xxxxxx St. Xxxxxxx Xxxxxx St. Xxxxx Xxxxxx SCHEDULE 1. PARISHES IN LOUISIANA WHERE EMPLOYER CONDUCTS ITS BUSINESS St. Xxxxx Xxxxxx St. Xxxx the Baptist Parish St. Landry Parish St. Xxxxxx Xxxxxx St. Xxxx Xxxxxx St. Tammany Parish Tangipahoa Parish Tensas Parish Terrebonne Parish Union Parish Vermilion Parish Xxxxxx Xxxxxx Washington Parish Webster Parish West Baton Rouge Parish West Xxxxxxx Xxxxxx West Xxxxxxxxx Xxxxxx Xxxx Xxxxxx
Sample 1

Related to 409A Delay in Payments

  • Delay in Payment Notwithstanding anything else to the contrary in this Agreement, the BEP, or any other plan, contract, program or otherwise, the Company (and its affiliates) are expressly authorized to delay any scheduled payments under this Agreement, the BEP, and any other plan, contract, program or otherwise, as such payments relate to the Executive, if the Company (or its affiliate) determines that such delay is necessary in order to comply with the requirements of Section 409A of the Internal Revenue Code. No such payment may be delayed beyond the date that is six (6) months following the Executive’s separation from service (as defined in Section 409A). At the end of such period of delay, the Executive will be paid the delayed payment amounts, plus interest for the period of any such delay. For purposes of the preceding sentence, interest shall be calculated using the six (6) month Treasury Xxxx rate in effect on the date on which the payment is delayed, and shall be compounded daily. If the conditions of the severance exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) (or any successor Regulation thereto) are satisfied, payment of benefits shall not be delayed for six (6) months following termination of employment to the extent permitted under the severance exception.

  • Default in Payment Any payment not made within ten (10) business days after it is due in accordance with this Agreement shall thereafter bear interest, compounded annually, at the prime rate in effect from time to time at Citibank, N.A., or any successor thereto. Such interest shall be payable at the same time as the corresponding payment is payable.

  • Certain Payments Without the prior consent of the Dealer Manager, none of the Company, the Advisor or any of their respective affiliates will make any payment (cash or non-cash) to any associated Person or registered representative of the Dealer Manager.

  • ALL-IN PAYMENTS It is agreed all-in payments breach the award and this Agreement. All-in payments to employees will not be made. Where it is alleged all-in payments are being made, the provisions of the VBIA shall apply.

  • IN PAY An employee who has not been notified in advance by telephone call, answering device, or letter "not to report for work", and who reports for scheduled shift, will be given at least four (4) hours work, and if no work is available, will be paid for a minimum of four

  • Report-In Pay A. A regular full-time employee who reports to work on a regularly scheduled work day without previous notice not to report shall receive a minimum of four (4) hours work (or four (4) hours pay in lieu thereof) at the applicable hourly rate.

  • CALL-IN PAY 14.01 An employee who is called in to work outside their regularly scheduled hours shall be paid a minimum of four (4) hours pay at their applicable rate whenever there is a break between the employee's regularly scheduled hours and the work the employee is called to perform.

  • Default in Payment of Principal of Loans and Reimbursement Obligations The Borrower shall default in any payment of principal of any Loan or Reimbursement Obligation when and as due (whether at maturity, by reason of acceleration or otherwise).

  • Mandatory Payments The Loans shall be subject to mandatory repayment or prepayment (in the case of any partial prepayment conforming to the requirements as to the amounts of partial prepayments set forth in Section 2.13(a) above), and the LC Outstandings shall be subject to cash collateralization requirements, in accordance with the following provisions:

  • Withholding; No Additional Amounts; Tax Event and Redemption All amounts due on this Note will be made without any applicable withholding or deduction for or on account of any present or future taxes, duties, levies, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of any governmental authority, unless such withholding or deduction is required by law. Unless otherwise specified on the face hereof, the Trust will not pay any additional amounts to the Holder of this Note in respect of such withholding or deduction, any such withholding or deduction will not give rise to an event of default or any independent right or obligation to redeem this Note and the Holder will be deemed for all purposes to have received cash in an amount equal to the portion of such withholding or deduction that is attributable to such Holder’s interest in this Note as equitably determined by the Trust.

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