Common use of Potential Six-Month Delay Clause in Contracts

Potential Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Participant under this Agreement issued in accordance herewith during the six (6)-month period following the Participant’s “separation from service” to the extent that the Administrator determines that the Participant is a “specified employee” (each within the meaning of Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Code Section 409A(a)(2)(b)(i). If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Section 409A without being subject to such additional taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been payable to the Participant during such six (6)-month period under this Agreement.

Appears in 3 contracts

Samples: Opp Unit Agreement (Hudson Pacific Properties, L.P.), Opp Unit Agreement (Hudson Pacific Properties, L.P.), Opp Unit Agreement (Hudson Pacific Properties, L.P.)

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Potential Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Participant under this Agreement issued in accordance herewith during prior to the six (6)-month expiration of the 6-month period following the Participant’s “separation his Separation from service” Service to the extent that the Administrator Employer reasonably determines that the Participant is a “specified employee” (each within the meaning of Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated in this Agreement would be result in a prohibited distribution under Code Section 409A(a)(2)(b)(i)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 business day following the end of such six (6)-month 6-month period (or such earlier date upon which such amount can be paid under Code Section 409A without being subject to such additional taxesresulting in a prohibited distribution, including as a result of the Participant’s death), the Company shall pay to the Participant in a lump-sum all amounts amount equal to the cumulative amount that would have otherwise been payable to the Participant during such six (6)-month period 6-month period, plus interest thereon from the date of the Participant’s Separation from Service through the payment date at a rate equal to the then-current “applicable Federal rate” determined under this AgreementSection 7872(f)(2)(A) of the Code.

Appears in 3 contracts

Samples: Convertible Phantom Unit Agreement (BreitBurn Energy Partners L.P.), Convertible Phantom Unit Agreement (BreitBurn Energy Partners L.P.), Convertible Phantom Unit Agreement (BreitBurn Energy Partners L.P.)

Potential Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no amounts Shares (or other amounts) shall be paid to the Participant under this Agreement issued in accordance herewith during the six (6)-month period following the Participant’s “separation from service” (within the meaning of Code Section 409A, and Treasury Regulation Section 1.409A-1(h)) (“Separation from Service”) to the extent that the Administrator Company determines that the Participant is a “specified employee” (each within the meaning of Code Section 409A) at the time of such separation Separation from service Service and that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Code Section 409A(a)(2)(b)(i). If the payment of any such amounts is delayed as a result of the previous sentence, then on the first (1st) business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Code Section 409A without being subject to such additional taxes), the Company shall pay to the Participant in a lump-sum all amounts Shares (or other amounts) that would have otherwise been payable to the Participant during such six (6)-month period under this Agreement.. PERFORMANCE-VESTING FORM

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (Parkway Properties Inc)

Potential Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Participant under this Agreement issued in accordance herewith during the six (6)-month 6-month period following the Participant’s “separation his Separation from service” Service to the extent that the Administrator Employer reasonably determines that the Participant is a “specified employee” (each within the meaning of Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated in this Agreement would be result in a prohibited distribution under Code 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 business day following the end of such six (6)-month 6-month period (or such earlier date upon which such amount can be paid under Code Section 409A without being subject to such additional taxesresulting in a prohibited distribution, including as a result of the Participant’s death), the Company shall pay to the Participant in a lump-sum all amounts amount equal to the cumulative amount that would have otherwise been payable to the Participant during such six (6)-month period 6-month period, plus interest thereon from the date of the Participant’s Separation from Service through the payment date at a rate equal to the then-current "applicable Federal rate" determined under this AgreementSection 7872(f)(2)(A) of the Code.

Appears in 1 contract

Samples: Convertible Phantom Unit Agreement (BreitBurn Energy Partners L.P.)

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Potential Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Participant under this Agreement issued in accordance herewith during the six (6)-month 6-month period following the Participant’s “separation his Separation from service” Service to the extent that the Administrator Employer reasonably determines that the Participant is a “specified employee” (each within the meaning of Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated in this Agreement would be result in a prohibited distribution under Code 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 business day following the end of such six (6)-month 6-month period (or such earlier date upon which such amount can be paid under Code Section 409A without being subject to such additional taxesresulting in a prohibited distribution, including as a result of the Participant’s death), the Company shall pay to the Participant in a lump-sum all amounts amount equal to the cumulative amount that would have otherwise been payable to the Participant during such six (6)-month period 6-month period, plus interest thereon from the date of the Participant’s Separation from Service through the payment date at a rate equal to the then-current “applicable Federal rate” determined under this AgreementSection 7872(f)(2)(A) of the Code.

Appears in 1 contract

Samples: Convertible Phantom Unit Agreement (BreitBurn Energy Partners L.P.)

Potential Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Participant under this Agreement issued in accordance herewith during the six (6)-month period following the Participant’s “separation from service” to the extent that the Administrator determines that the Participant is a “specified employee” (each within the meaning of Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated US-DOCS\73678655.1 in this Agreement would be a prohibited distribution under Code Section 409A(a)(2)(b)(i). If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Section 409A without being subject to such additional taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been payable to the Participant during such six (6)-month period under this Agreement.

Appears in 1 contract

Samples: Opp Unit Agreement (Hudson Pacific Properties, L.P.)

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