Six Month Suspension for Specified Key Employees Sample Clauses

Six Month Suspension for Specified Key Employees. Notwithstanding the foregoing, if at the time of your Termination of Employment you are a Specified Employee, then any payment that the Company reasonably determines is deferred compensation subject to the requirements of Section 409A of the Code and that is payable on account of your Termination of Employment shall not be paid to you until the first day after the end of the six (6) month period following your Termination of Employment, or, if earlier, upon your death. You are a “Specified Employee” if on the date of your Termination of Employment you are a “key employee” (defined below), and the Company or any entity that owns 50% or more of the Company has stock that is publicly traded on an established securities market within the meaning of such term under Section 409A(a)(2)(B) of the Code. For this purpose, you are a “key employee” during the 12-month period beginning on the April 1 immediately following a calendar year, if at any time during such preceding calendar year you were employed by the Company or any Affiliate and satisfied the requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code (applied in accordance with the regulations issued thereunder and disregarding Section 416(i)(5) of the Code). You will not be treated as a Specified Employee if you are not required to be treated as a Specified Employee under Treasury Regulations issued under Section 409A of the Code.
Sample 1Sample 2Sample 3See All (6)
AutoNDA by SimpleDocs
Six Month Suspension for Specified Key Employees. Notwithstanding the foregoing, if, at the time of his or her Termination of Employment, the Covered Employee is a Specified Employee and the Company determines that paying any amounts under Section 2(a), 2(b) and/or 3 at the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then, in addition to the conditions specified therein, no payment under this Agreement shall be made until the first day after the end of the six (6) month period following the Covered Employee’s Termination of Employment, or, if earlier, upon the Covered Employee’s death. If any such suspended payment is not made within ten (10) days of the end of such six month period, the Company will pay the Covered Employee interest, equal to the Applicable Federal Rate (AFR) determined under Code Section 1274(d) in effect for each month, from the date of Termination of Employment through the date of payment.
Sample 1Sample 2Sample 3See All (5)
Six Month Suspension for Specified Key Employees. Notwithstanding the foregoing, if, at the time of his or her Termination of Employment, the Executive is a Specified Employee, then, in addition to the conditions specified therein, no payment under Section 2(a) shall be made until the first day after the end of the six (6) month period following the Executive’s Termination of Employment, or, if earlier, upon the Executive’s death. If any such suspended payment is not made within ten (10) days of the end of such six month period, the Company will pay the Executive interest, equal to the applicable Federal rate (AFR) determined under Code Section 1274(d) in effect for each month, from the date of Termination of Employment through the date of payment.
Sample 1Sample 2
Six Month Suspension for Specified Key Employees. Notwithstanding the foregoing, if, at the time of your Termination of Employment, you are a Specified Employee, then any payment under this Section V that constitutes deferred compensation payable on account of a “separation from service” under Code Section 409A shall be suspended and not made until the first payroll date following the end of the six (6) month period following your Termination of Employment, or, if earlier, upon your death. On the first payroll date following the end of the six (6) month period following your Termination of Employment, or, if earlier, upon your death, the Company will pay you accrued interest on any suspended payment, at an annual rate equal to 120% of the applicable Federal rate (AFR), compounded semi-annually, determined under Code section 1274(d) in effect for each month, from the date of Termination of Employment through the date of payment.
Sample 1Sample 2
Six Month Suspension for Specified Key Employees. Notwithstanding the foregoing, if, at the time of his Termination of Employment, the Covered Employee is a Specified Employee, then, in addition to the conditions specified therein, no payment under Section 2(a) that is deferred compensation under Section 409A of the Code shall be made until the first day after the end of the six (6) month period following the Covered Employee’s Termination of Employment, or, if earlier, upon the Covered Employee’s death. If any such suspended payment is not made within ten (10) days of the end of such six month period, the Company will pay the Covered Employee interest, equal to the Applicable Federal Rate (AFR) determined under Code Section 1274(d) in effect for each month, from the date of Termination of Employment through the date of payment.
Sample 1
Six Month Suspension for Specified Key Employees. Notwithstanding the foregoing, if, at the time of his or her Termination of Employment, the Executive is a Specified Employee, then to the extent any payment under Section 2 is determined by the Company to be deferred compensation subject to the requirements of Section 409A of the Code, payment of such deferred compensation shall be suspended and not made until the first day of the month next following the end of the six (6) month period following the Executive’s Termination of Employment, or, if earlier, upon the Executive’s death.
Sample 1
Six Month Suspension for Specified Key Employees. Notwithstanding the foregoing, if, at the time of his or her Termination of Employment, the Executive is a Specified Employee, then any payment under Section 2(a) shall be suspended and not made until on or after the first day after the end of the six (6) month period following the Executive’s Termination of Employment, but in no event later than seven (7) months following Termination of Employment, or, if earlier, upon the Executive’s death. If any such suspended payment is not made within 10 days of the end of such six month period, the Company will pay the Executive interest, at an annual rate equal to the applicable Federal rate (AFR) determined under Code section 1274(d) in effect for each month, from the date of Termination of Employment through the date of payment.
Sample 1
AutoNDA by SimpleDocs

Related to Six Month Suspension for Specified Key Employees

  • Six Month Delay for Specified Employees If any payment, compensation or other benefit provided to the Executive in connection with his employment termination is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A and the Executive is a “specified employee” as defined in Section 409A, no part of such payments shall be paid before the day that is six months plus one day after the Executive’s date of termination or, if earlier, the Executive’s death (the “New Payment Date”). The aggregate of any payments that otherwise would have been paid to the Executive during the period between the date of termination and the New Payment Date shall be paid to the Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement.

  • Suspension for Ongoing Harm Oracle may suspend Customer’s or Users’ access to, or use of, the Services if Oracle believes that (a) there is a significant threat to the functionality, security, integrity, or availability of the Services or any content, data, or applications in the Services; (b) Customer or Users are accessing or using the Services to commit an illegal act; or (c) there is a violation of the Acceptable Use Policy. When reasonably practicable and lawfully permitted, Oracle will provide Customer with advance notice of any such suspension. Oracle will use reasonable efforts to re-establish the Services promptly after Oracle determines that the issue causing the suspension has been resolved. During any suspension period, Oracle will make Customer Data (as it existed on the suspension date) available to Customer. Any suspension under this Section shall not excuse Customer from Customer’s obligation to make payments under this Agreement.

  • Compensation for Holidays Falling Within Vacation Schedule If a paid holiday falls on or is observed during an employee's vacation period, he/she shall be allowed an additional vacation day with pay at a time mutually agreed upon by the Employer and employee.

  • Certification Regarding Debarment, Suspension, Ineligibility and Voluntary Exclusion First Tier Participants:

  • CERTIFICATION REGARDING DEBARMENT, SUSPENSION, INELIGIBILITY AND VOLUNTARY EXCLUSION This provision is applicable to all Federal-aid construction contracts, design-build contracts, subcontracts, lower-tier subcontracts, purchase orders, lease agreements, consultant contracts or any other covered transaction requiring FHWA approval or that is estimated to cost $25,000 or more – as defined in 2 CFR Parts 180 and 1200.

  • Probation for Newly Hired Employees (a) The Employer may reject a probationary employee for just cause. A rejection during probation shall not be considered a dismissal for the purpose of Article 11.2

  • Dismissal/Suspension for Alleged Cause Employees dismissed or suspended for alleged cause shall have the right within seven (7) calendar days after the date of dismissal or suspension to initiate a grievance at Step Three of the grievance procedure.

  • Six-Month Delay Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including without limitation any severance payments or benefits payable under this Section 4, shall be paid to the Executive during the six-month period following the Executive’s Separation from Service if the Company determines that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first day of the seventh month following the date of Separation from Service (or such earlier date upon which such amount can be paid under Section 409A without resulting in a prohibited distribution, including as a result of the Executive’s death), the Company shall pay the Executive a lump-sum amount equal to the cumulative amount that would have otherwise been payable to the Executive during such period.

  • Amendment, Suspension or Termination of the Plan By accepting this Award, Participant expressly warrants that he or she has received an Award of Restricted Stock Units under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company at any time.

  • Effective Date; Termination; Cancellation and Suspension Section 5.01. This Agreement shall come into force and effect on the date upon which the Development Credit Agreement becomes effective.

Time is Money Join Law Insider Premium to draft better contracts faster.