Common use of Payment Timing Rules Clause in Contracts

Payment Timing Rules. A payment referenced in Section 10(c)(i) shall be payable as a lump-sum payment within five (5) days after termination of employment if and to the extent that (A) the separate payment constitutes short-term deferral under Treasury Regulation § 1.409A-1(b)(4), (B) the amount of the separate payment not covered by Section 10(c)(ii)(A) can be paid under the “two-year/two-times” exclusion from being a deferral of compensation under Treasury Regulation § 1.409A-1(b)(9)(iii), after first applying such exclusion under Section 10(b)(ii), (C) the separate payment is covered by any other applicable exclusion or exemption under Treasury Regulation § 1.409A-1(b)(9) (provided that the exclusion under subsection (b)(9)(v)(D) shall be used only to the extent not relied upon for other payments or benefits) and (D), the six-month delay rule in Section 10(d) does not apply to the separate payment (except as otherwise provided in Section 10(c)(iii)). Any other such separate payment (i.e., amounts subject to the six-month delay rule) shall be subject to the six-month delay rule of Section 10(d), subject to Section 10(c)(iii). Any delay in payment under the six-month delay rule shall not limit Employee’s rights under this Employment Agreement to not forfeit a specified item of compensation as a result of Employee’s termination.

Appears in 4 contracts

Samples: Employment Agreement (Magellan Health Services Inc), Employment Agreement (Magellan Health Services Inc), Employment Agreement (Magellan Health Services Inc)

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Payment Timing Rules. A payment referenced in Section 10(c)(i5(c)(i) shall be payable as a lump-sum payment within five (5) days after termination of employment Termination (subject to Section 5(e)(vi)) if and to the extent that (A) the separate payment constitutes short-term deferral under Treasury Regulation § 1.409A-1(b)(4), (B) the amount of the separate payment not covered by Section 10(c)(ii)(A) can be paid under the “two-year/two-times” exclusion from being a deferral of compensation under Treasury Regulation § 1.409A-1(b)(9)(iii), after first applying such exclusion under Section 10(b)(ii5(b)(ii), (C) the separate payment is covered by any other applicable exclusion or exemption under Treasury Regulation § 1.409A-1(b)(9) (provided that the exclusion under subsection (b)(9)(v)(D) shall be used only to the extent not relied upon for other payments or benefits) ), and (D), ) the six-month delay rule in Section 10(d5(d) does not apply to the separate payment (except as otherwise provided in Section 10(c)(iii5(c)(iii)). Any other such separate payment (i.e., amounts subject to the six-month delay rule) shall be subject to paid at the six-month delay rule date six months after the date of your Termination, together with applicable interest, except as otherwise provided in Section 10(d), subject to Section 10(c)(iii5(c)(iii). Any delay in payment under the six-month delay rule shall not limit Employee’s your rights under this Employment Agreement to not forfeit a specified item of compensation as a result of Employee’s terminationyour Termination.

Appears in 3 contracts

Samples: Change in Control Agreement (Bristol Myers Squibb Co), Change in Control Agreement (Mead Johnson Nutrition Co), Change in Control Agreement (Mead Johnson Nutrition Co)

Payment Timing Rules. A payment referenced in Section 10(c)(i) shall be payable as a lump-sum payment within five (5) days after termination of employment if and to the extent that (A) the separate payment constitutes short-term deferral under Treasury Regulation § 1.409A-1(b)(4), (B) the amount of the separate payment not covered by Section 10(c)(ii)(A) can be paid under the “two-year/two-times” exclusion from being a deferral of compensation under Treasury Regulation § 1.409A-1(b)(9)(iii), after first applying such exclusion under Section 10(b)(ii), (C) the separate payment is covered by any other applicable exclusion or exemption under Treasury Regulation § 1.409A-1(b)(9) (provided that the exclusion under subsection (b)(9)(v)(D) shall be used only to the extent not relied upon for other payments or benefits) and (D), the six-month delay rule in Section 10(d) does not apply to the separate payment (except as otherwise provided in Section 10(c)(iii)). Any other such separate payment (i.e., amounts subject to the six-month delay rule) shall be subject to the six-month delay rule of Section 10(d), subject to Section 10(c)(iii10(c) (iii). Any delay in payment under the six-month delay rule shall not limit Employee’s rights under this Employment Agreement to not forfeit a specified item of compensation as a result of Employee’s termination.

Appears in 2 contracts

Samples: Employment Agreement (Magellan Health Services Inc), Employment Agreement (Magellan Health Services Inc)

Payment Timing Rules. A payment referenced in Section 10(c)(i) shall be payable as a lump-sum payment within five thirty (530) days after termination of employment if and to the extent that (A) the separate payment constitutes short-term deferral under Treasury Regulation § 1.409A-1(b)(4), (B) the amount of the separate payment not covered by Section 10(c)(ii)(A) can be paid under the “two-year/two-times” exclusion from being a deferral of compensation under Treasury Regulation § 1.409A-1(b)(9)(iii), after first applying such exclusion under Section 10(b)(ii), (C) the separate payment is covered by any other applicable exclusion or exemption under Treasury Regulation § 1.409A-1(b)(9) (provided that the exclusion under subsection (b)(9)(v)(D) shall be used only to the extent not relied upon for other payments or benefits) and (D), the six-month delay rule in Section 10(d) does not apply to the separate payment (except as otherwise provided in Section 10(c)(iii)). Any other such separate payment (i.e., amounts subject to the six-month delay rule) shall be subject to the six-month delay rule of Section 10(d), subject to Section 10(c)(iii). Any delay in payment under the six-month delay rule shall not limit Employee’s rights under this Employment Agreement to not forfeit a specified item of compensation as a result of Employee’s termination.

Appears in 1 contract

Samples: Employment Agreement (Magellan Health Services Inc)

Payment Timing Rules. A payment referenced in Section 10(c)(i) shall be payable as a lump-sum payment within five (5) days after termination of employment if and to the extent that (A) the separate payment constitutes short-term deferral under Treasury Regulation § 1.409A-1(b)(4), (B) the amount of the separate payment not covered by Section 10(c)(ii)(A) can be paid under the “two-year/two-times” exclusion from being a deferral of compensation under Treasury Regulation § 1.409A-1(b)(9)(iii), after first applying such exclusion under Section 10(b)(ii), (C) the separate payment is covered by any other applicable exclusion or exemption under Treasury Regulation § 1.409A-1(b)(9) (provided that the exclusion under subsection (b)(9)(v)(D) shall be used only to the extent not relied upon for other payments or benefits) and (D), the six-month delay rule in Section 10(d) does not apply to the separate payment (except as otherwise provided in Section 10(c)(iii)). Any other such separate payment (i.e., amounts subject to the six-month delay rule) shall be subject to the six-month delay rule of Section 10(d), subject to Section 10(c)(iii). Any delay in payment under the six-month delay rule shall not limit Employee’s rights under this Employment Agreement to not forfeit a specified item of compensation as a result of Employee’s termination.

Appears in 1 contract

Samples: Employment Agreement (Magellan Health Services Inc)

Payment Timing Rules. A Except as specifically provided in Section 6(c) with respect to any pro-rata annual bonus, a payment referenced in Section 10(c)(i) shall be payable as a lump-sum payment within five (5) days after termination of employment if and to the extent that (A) the separate payment constitutes short-term deferral under Treasury Regulation § 1.409A-1(b)(4), (B) the amount of the separate payment not covered by Section 10(c)(ii)(A) can be paid under the “two-year/two-times” exclusion from being a deferral of compensation under Treasury Regulation § 1.409A-1(b)(9)(iii), after first applying such exclusion under Section 10(b)(ii), (C) the separate payment is covered by any other applicable exclusion or exemption under Treasury Regulation § 1.409A-1(b)(9) (provided that the exclusion under subsection (b)(9)(v)(D) shall be used only to the extent not relied upon for other payments or benefits) and (D), the six-month delay rule in Section 10(d) does not apply to the separate payment (except as otherwise provided in Section 10(c)(iii)). Any other such separate payment (i.e., amounts subject to the six-month delay rule) shall be subject to the six-month delay rule of Section 10(d), subject to Section 10(c)(iii10(c) (iii). Any delay in payment under the six-month delay rule shall not limit Employee’s rights under this Employment Agreement to not forfeit a specified item of compensation as a result of Employee’s termination.

Appears in 1 contract

Samples: Share Purchase Agreement (Magellan Health Inc)

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Payment Timing Rules. A payment referenced in Section 10(c)(i5(c)(i) shall be payable as a lump-sum payment within five (5) days after termination of employment Termination (subject to Section 5(e)(vi)) if and to the extent that (A) the separate payment constitutes short-term deferral under Treasury Regulation § 1.409A-1(b)(4), (B) the amount of the separate payment not covered by Section 10(c)(ii)(A) can be paid under the “two-year/two-times” exclusion from being a deferral of compensation under Treasury Regulation § 1.409A-1(b)(9)(iii), after first applying such exclusion under Section 10(b)(ii5(b)(ii), (C) the separate payment is covered by any other applicable exclusion or exemption under Treasury Regulation § 1.409A-1(b)(9) (provided that the exclusion under subsection (b)(9)(v)(D) shall be used only to the extent not relied upon for other payments or benefits) and (D), the six-month delay rule in Section 10(d5(d) does not apply to the separate payment (except as otherwise provided in Section 10(c)(iii5(c)(iii)). Any other such separate payment (i.e., amounts subject to the six-month delay rule) shall be subject to paid at the six-month delay rule date six months after the date of your Termination, together with applicable interest, except as otherwise provided in Section 10(d), subject to Section 10(c)(iii5(c)(iii). Any delay in payment under the six-month delay rule shall not limit Employee’s your rights under this Employment Agreement to not forfeit a specified item of compensation as a result of Employee’s terminationyour Termination.

Appears in 1 contract

Samples: Change in Control Agreement (Mead Johnson Nutrition Co)

Payment Timing Rules. A payment referenced in Section 10(c)(i) shall be payable as a lump-sum payment within five (5) days after termination of employment if and to the extent that (A) the separate payment constitutes a short-term deferral under Treasury Regulation § 1.409A-1(b)(4), (B) the amount of the separate payment not covered by Section 10(c)(ii)(A) can be paid under the “two-year/two-times” exclusion from being a deferral of compensation under Treasury Regulation § 1.409A-1(b)(9)(iii), after first applying such exclusion under Section 10(b)(ii), (C) the separate payment is covered by any other applicable exclusion or exemption under Treasury Regulation § 1.409A-1(b)(9) (provided that the exclusion under subsection (b)(9)(v)(D) shall be used only to the extent not relied upon for other payments or benefits) ), and (D), ) the six-month delay rule in Section 10(d) does not apply to the separate payment (except as otherwise provided in Section 10(c)(iii)). Any other such separate payment (i.e., amounts subject to the six-month delay rule) shall be subject to the six-month delay rule of Section 10(d), subject to Section 10(c)(iii). Any delay in payment under the six-month delay rule shall not limit Employee’s rights under this Employment Agreement to not forfeit a specified item of compensation as a result of Employee’s termination.

Appears in 1 contract

Samples: Employment Agreement (Magellan Health Inc)

Payment Timing Rules. A payment referenced in Section 10(c)(i5(c)(i) shall be payable as a lump-lump­ sum payment within five (5) days after termination of employment Termination (subject to Section 5(e)(vi)) if and to the extent that (A) the separate payment constitutes short-term deferral under Treasury Regulation § 1.409A-1(b)(4l.409A-l (b)(4), (B) the amount of the separate payment not covered by Section 10(c)(ii)(A) can be paid under the "two-year/two-two times” exclusion from being a deferral of compensation under Treasury Regulation § 1.409A-1(b)(9)(iiil.409A-l(b)(9)(iii), after first applying such exclusion under Section 10(b)(ii5(b)(ii), (C) the separate payment is covered by any other applicable exclusion or exemption under Treasury Regulation § 1.409A-1(b)(9l.409A-l(b)(9) (provided that the exclusion under subsection (b)(9)(v)(D) shall be used only to the extent not relied upon for other payments or benefits) and (D), the six-six­ month delay rule in Section 10(d5(d) does not apply to the separate payment (except as otherwise provided in Section 10(c)(iii5(c)(iii)). Any other such separate payment (i.e., amounts subject to the six-month delay rule) shall be subject to paid at the six-month delay rule date six months after the date of your Termination, together with applicable interest, except as otherwise provided in Section 10(d), subject to Section 10(c)(iii5(c)(iii). Any delay in payment under the six-month delay rule shall not limit Employee’s your rights under this Employment Agreement to not forfeit a specified item of compensation as a result of Employee’s terminationyour Termination.

Appears in 1 contract

Samples: Change in Control Agreement (Bristol Myers Squibb Co)

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