Common use of Fair Market Value Payment Requirement Clause in Contracts

Fair Market Value Payment Requirement. To the extent that any benefits required to be continued pursuant to Section 5.1(e) (but only in the event of Executive’s termination in the event of his Disability) or 5.2(f) that are provided to Executive and his spouse during the first six (6) months following Executive’s termination of employment have an aggregate value in excess of the applicable dollar amount under Section 402(g)(1)(B) of the Code for the year in which such termination occurs, Executive shall pay to the Company, at the time such benefits are provided, the fair market value of such benefits (such payment obligation of Executive, the “Fair Market Value Payment Requirement”) and the Company shall reimburse Executive (with interest thereon at the short term applicable federal rate in effect as of the termination date) for any such payment(s) not later than the fifth (5th) day following the expiration of such six (6) month period.

Fair Market Value Payment Requirement. To the extent that any benefits required to be continued pursuant to Section 5.1(e) (but only in the event of the Executive’s termination in the event of his Disability) or 5.2(f5.2(e) that are provided to the Executive and his spouse during the first six (6) months following the Executive’s termination of employment have an aggregate value in excess of the applicable dollar amount under Section 402(g)(1)(B) of the Code for the year in which such termination occurs, the Executive shall pay to the Company, at the time such benefits are provided, the fair market value of such benefits (such payment obligation of the Executive, the “Fair Market Value Payment Requirement”) and the Company shall reimburse the Executive (with interest thereon at the short term applicable federal rate in effect as of the termination date) for any such payment(s) not later than the fifth (5th) day following the expiration of such six (6) month period.

Fair Market Value Payment Requirement. To the extent that any benefits required to be continued pursuant to Section 5.1(e) (but only in the event of Executive’s termination in the event of his Disability12(b)(v) or 5.2(fSection 12(b)(vi) and any other miscellaneous separation pay benefits subject to Section 409A of the Code that are provided to Executive and his spouse during the first six (6) months six-month period following Executive’s termination of employment (other than a termination of employment due to Executive’s death) have an aggregate value in excess of the applicable dollar amount under Section 402(g)(1)(B) of the Code for the year in which such termination occurs, Executive shall pay to the Company, at the time such benefits are provided, the fair market value of such excess benefits (such payment obligation of the Executive, the “Fair Market Value Payment Requirement”) and the Company shall reimburse Executive (with interest thereon at the short term applicable federal rate in effect as of the termination date) for any such payment(s) not later than the fifth (5th) day following the expiration of such six (6) six-month period.

Fair Market Value Payment Requirement. To the extent that any benefits required to be continued pursuant to Section 5.1(e) (but only in the event of the Executive’s termination in the event of his Disability) or 5.2(f5.2(e) that are provided to the Executive and his spouse during the first six (6) months following the Executive’s termination of employment have an aggregate value in excess of the applicable dollar amount under Section 402(g)(1)(B) of the Code for the year in which such termination occurs, the Executive shall pay to the Company, at the time such benefits are provided, the fair market value of such benefits (such payment obligation of the Executive, the “Fair Market Value Payment Requirement”) and the Company shall reimburse the Executive (with interest thereon at the short term applicable federal rate in effect as of the termination date) for any such payment(s) not later than the fifth (5th) day following the expiration of such six (6) month period.