Prohibited Acceleration/Distribution Timing Sample Clauses
Prohibited Acceleration/Distribution Timing. This Section shall take precedence over any other provision of the Agreement to the contrary. If the timing of any distribution election would result in any tax or other penalty (other than ordinarily payable Federal, state or local income or payroll taxes), which tax or penalty can be avoided by payment of the distribution at a later time, then the distribution shall be made (or commence, as the case may be) on the first date on which such distributions can be made (or commence) without such tax or penalty; except to the extent that Code Section 409A requires that this Section be disregarded because it purports to nullify Agreement terms that are not in compliance with Code Section 409A. Any payment made under this Agreement shall be made on or during the period after the payment date or event specified herein; or, if later, by the date that is no later than (i) the later of the last day of the calendar year in which the payment date or event occurs or the fifteenth (15th) day of the third (3rd) calendar month following the date of the payment date or event, or (ii) the last day of such other, extended period as the IRS may prescribe, such as in the case of disputed payments or refusals to pay, provided the conditions of such extension have been satisfied. If the Executive experiences a Termination of Employment and later is rehired, his distributions hereunder may not be suspended.
Prohibited Acceleration/Distribution Timing. This Section shall take precedence over any other provision of this instrument to the contrary. No provision of this instrument shall be followed if following the provision would result in the acceleration of the time or schedule of any payment from the Plan (i) as would require income tax to Mr. Richter prior to the date on which the amount is distributable ▇▇ ▇▇ ▇▇ ▇ehalf of Mr. Richter hereunder or (ii) which would result in penalties to M▇. ▇▇▇▇▇▇▇ under Section 409A. In addition, if the timing of any ▇▇▇▇▇▇▇▇▇▇▇n election would result in any tax or other penalty (other than ordinarily payable Federal, state or local income or payroll taxes), which tax or penalty can be avoided by payment of the distribution at a later time, then the distribution shall be made (or commence, as the case may be) on (or as soon as practicable after) the first date on which such distributions can be made (or commence) without such tax or penalty.
Prohibited Acceleration/Distribution Timing. This Section shall take precedence over any other provision of this Agreement to the contrary. No provision of this Agreement shall be followed if following the provision would result in the acceleration of the time or schedule of any payment from the Agreement (i) as would require income tax to the Director prior to the date on which the amount is distributable to or on behalf of the Director under Section 7 or (ii) which would result in penalties to the Director under Section 409A of the Code. In addition, if the timing of any distribution election would result in any tax or other penalty (other than ordinarily payable Federal, state or local income or payroll taxes), which tax or penalty can be avoided by payment of the distribution at a later time, then the distribution shall be made (or commence, as the case may be) on (or as soon as practicable after) the first date on which such distributions can be made (or commence) without such tax or penalty.