Nonqualified Deferred Compensation. Notwithstanding any provision of this Agreement to the contrary, if all or any portion of the payments due under Section 5 are determined to be “nonqualified deferred compensation” subject to Section 409A of the Code, and the Company determines that Executive is a “specified employee” (as defined in Section 409A(a)(2)(B)(i) of the Code and other guidance issued thereunder), then such Severance Payment will be made on the first day of the seventh month following the month in which Executive’s termination of employment occurs.
Appears in 6 contracts
Samples: Employment Agreement (Crumbs Bake Shop, Inc.), Employment Agreement (57th Street General Acquisition Corp), Employment Agreement (57th Street General Acquisition Corp)
Nonqualified Deferred Compensation. Notwithstanding any provision of this Agreement to the contrarycontrary (but subject in all respects to Section 16.9 below), if all or any portion of the payments due under Section 5 are determined to be “nonqualified deferred compensation” subject to Section 409A of the Code, and the Company determines that Executive is a “specified employee” (as defined in Section 409A(a)(2)(B)(i) of the Code and other guidance issued thereunder), then such Severance Payment will be made on the first day of the seventh month following the month in which Executive’s termination of employment occurs.
Appears in 6 contracts
Samples: Employment Agreement (MJ Holdings, Inc.), Employment Agreement (MJ Holdings, Inc.), Employment Agreement (Vapor Corp.)
