Common use of Reimbursement and In-Kind Benefits Clause in Contracts

Reimbursement and In-Kind Benefits. To the extent this Agreement provides for reimbursements of expenses incurred by the Employee or in-kind benefits the provision of which are not exempt from the requirements of Section 409A of the Code, the following terms apply: (i) the reimbursement of expenses or provision of in-kind benefits will be made or provided only during the Employment Term or Renewal Term, as applicable, or other period of time specifically provided herein; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year will not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii) all reimbursements will be made in accordance with Employer’s normal reimbursement practices upon Employee’s request, but in any event no later than the last day of the calendar year immediately following the calendar year in which the expense was incurred; and (iv) the right to reimbursement or the in-kind benefit will not be subject to liquidation or exchange for another benefit.

Appears in 2 contracts

Samples: Employment Agreement (Florida Bank Group, Inc.), Employment Agreement (Florida Bank Group, Inc.)

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Reimbursement and In-Kind Benefits. To Notwithstanding anything to the contrary in this Agreement, to the extent this Agreement provides for reimbursements of expenses incurred by the Employee or in-kind benefits the provision of which are not exempt from the requirements of Section 409A of the Code, the following terms applyapply with respect to such reimbursements or benefits: (i1) the reimbursement of expenses or provision of in-kind benefits will be made or provided only during the Employment Term or Renewal Term, as applicable, or other period of time specifically provided herein; (ii2) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year will not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii3) all reimbursements will be made upon the Employee’s request in accordance with Employerthe Company’s normal reimbursement practices upon Employee’s request, policies but in any event no later than the last day of the calendar year immediately following the calendar year in which the expense was incurred; and (iv4) the right to the reimbursement or the in-kind benefit will not be subject to liquidation or exchange for another benefit.

Appears in 1 contract

Samples: Control Severance Agreement (Walter Energy, Inc.)

Reimbursement and In-Kind Benefits. To the extent this Agreement provides for All reimbursements of expenses incurred by the Employee or and in-kind benefits that constitute deferred compensation within the provision meaning of which are not exempt from Section 409A of the Code provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code, including that (A) in no event shall reimbursements by the Company under this Agreement be made later than the end of the calendar year next following terms apply: the calendar year in which the applicable fees and expenses were incurred, provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred (ior, in connection with reimbursement for a contest related to an Anticipatory Termination, following the calendar year in which such contest is finally resolved); (B) the reimbursement of expenses or provision amount of in-kind benefits will be made that the Company is obligated to pay or provided only during provide in any given calendar year shall not affect the Employment Term or Renewal Term, as applicable, or other period of time specifically provided herein; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year will not affect that the expenses eligible for reimbursement, Company is obligated to pay or in-kind benefits to be provided, provide in any other calendar year; (iiiC) all the Executive’s right to have the Company pay or provide such reimbursements will and in-kind benefits may not be made liquidated or exchanged for any other benefit; and (D) in accordance with Employerno event shall the Company’s normal reimbursement practices upon Employee’s request, but in any event no obligations to make such reimbursements or to provide such in-kind benefits apply later than the last day Executive’s remaining lifetime (or if longer, through the 20th anniversary of the calendar year immediately following the calendar year in which the expense was incurred; and (iv) the right to reimbursement or the in-kind benefit will not be subject to liquidation or exchange for another benefitEffective Date).

Appears in 1 contract

Samples: Change of Control Employment Agreement (PNC Financial Services Group, Inc.)

Reimbursement and In-Kind Benefits. To the extent this Agreement provides for reimbursements of expenses incurred by the Employee Executive or in-kind benefits the provision of which are not exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the following terms applyapply with respect to such reimbursements or benefits: (i) the reimbursement of expenses or provision of in-kind benefits will be made or provided only during the Employment Term or Renewal Term, as applicable, or other period of time specifically provided herein; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year will not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii) all reimbursements will be made in accordance with Employerpromptly upon Executive’s normal reimbursement practices upon Employee’s request, but in any event request and no later than the last day of the calendar year immediately following the calendar year in which the expense was incurred; and (iv) the right to reimbursement or the in-kind benefit will not be subject to liquidation or exchange for another benefit.

Appears in 1 contract

Samples: Executive Employment Agreement (Elandia International Inc.)

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Reimbursement and In-Kind Benefits. To the extent this Agreement provides for reimbursements of expenses incurred by the Employee Executive or in-kind benefits the provision of which are not exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the following terms apply: apply with respect to such reimbursements or benefits; (i) the reimbursement of expenses or provision of in-kind benefits will be made or provided only during the Employment Term or Renewal Term, as applicable, or other period of time specifically provided herein; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year will not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii) all reimbursements will be made in accordance with Employerpromptly upon Executive’s normal reimbursement practices upon Employee’s request, but in any event request and no later than the last day of the calendar year immediately following the calendar year in which the expense was incurred; and (iv) the right to reimbursement or the in-kind benefit will not be subject to liquidation or exchange for another benefit.

Appears in 1 contract

Samples: Executive Employment Agreement (Elandia International Inc.)

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