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.
Appears in 18 contracts
Samples: Severance and Change in Control Agreement (Kbr, Inc.), Severance and Change of Control Agreement, Severance and Change of Control Agreement
409A Delay in Payments. Notwithstanding anything in this Agreement to the contrary, if on the date of his Executive’s 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 payments, benefits, or benefits 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 business day of the seventh month following his separation from service date (or, if earlier, Executive’s date of death) and shall be paid as to Executive in a lump sum (without interest) on such date.
Appears in 2 contracts
Samples: Executive Employment Agreement (Regency Energy Partners LP), Executive Employment Agreement (Regency Energy Partners LP)
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 's date of death) and shall be paid as a lump sum (without interest) on such date.
Appears in 1 contract
Samples: Severance and Change in Control Agreement (Kbr, Inc.)
