Common use of Six-Month Delay Rule Clause in Contracts

Six-Month Delay Rule. To the maximum extent permitted under Section 409A of the Code, the benefits payable under this Agreement are intended to comply with the “short-term deferral exception” under Treas. Reg. §1.409A-1(b)(4), and any remaining amount is intended to comply with the “separation pay exception” under Treas. Reg. §1.409A-1(b)(9)(iii); provided, Res-Care, Inc. DBA BrightSpring Health Services 000 X. Xxxxxxxxxxx Parkway Louisville, KY 40222 (000) 000-0000 xxx.XxxxxxXxxxxxXxxxxx.xxx however, if any amount payable to Executive during the six (6) month period following Executive’s separation from service does not qualify within either of the foregoing exceptions and constitutes deferred compensation subject to the requirements of Section 409A of the Code, then such amount(s) shall hereinafter be referred to as the “Excess Amount.” If at the time of Executive’s separation from service, the Company’s (or any entity required to be aggregated with the Company under Section 409A of the Code) stock is publicly-traded on an established securities market or otherwise and Executive is a “specified employee” (as defined in Section 409A of the Code), then the Company shall postpone the commencement of the payment of the portion of the Excess Amount that is payable within the six (6) month period following Executive’s separation from service with the Company for six (6) months following Executive’s separation from service with the Company. The delayed Excess Amount shall be paid in a lump sum to Executive on the first day following the date that is six (6) months following Executive’s separation from service with the Company. If Executive dies during such six (6) month period and prior to the payment of the portion of the Excess Amount that is required to be delayed on account of Section 409A of the Code, such Excess Amount shall be paid to the personal representative of Executive’s estate on the day after Executive’s death. Any remaining payments not so delayed shall continue to be paid pursuant to the payment schedule set forth herein.

Six-Month Delay Rule. To Notwithstanding anything to the maximum extent permitted under contrary contained in this Agreement, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the benefits payable Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement are intended on account of the Executive’s separation from service would be considered deferred compensation subject to comply with the 20% additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (i) six (6) months and one (1) day after the Executive’s separation from service, or (ii) the Executive’s death (the “Six Month Delay Rule”). For purposes of this Section, amounts payable under the Agreement should not be considered a deferral of compensation subject to Section 409A to the extent provided in Treasury Regulation Section 1.409A-1(b)(4) (i.e., short-term deferral exception” deferrals), Treasury Regulation Section 1.409A-1(b)(9) (i.e., separation pay plans, including the exception under Treas. Reg. §1.409A-1(b)(4subparagraph (iii)), and any remaining amount is intended other applicable provisions of Treasury Regulations Sections 1.409A-1 through A-6. To the extent that the Six Month Delay Rule applies to comply with payments otherwise payable on an installment basis, the “separation pay exception” under Treas. Reg. §1.409A-1(b)(9)(iii); provided, Resfirst payment shall include a catch-Care, Inc. DBA BrightSpring Health Services 000 X. Xxxxxxxxxxx Parkway Louisville, KY 40222 (000) 000-0000 xxx.XxxxxxXxxxxxXxxxxx.xxx however, if any amount payable to Executive up payment covering amounts that would otherwise have been paid during the six (6) month period but for the application of the Six Month Delay Rule, and the balance of the installments shall be payable in accordance with their original schedule. To the extent that the Six Month Delay Rule applies to the provision of benefits (including life and medical insurance), such benefits coverage shall nonetheless be provided to the Executive during the first six (6) months following his separation from service (the “Six Month Period”), provided that, during such Six-Month Period, the Executive pays to the Company, on a monthly basis in advance, an amount equal to the Monthly Cost (as defined below) of such benefit coverage. The Company shall reimburse the Executive for any such payments made by the Executive in a lump sum not later than thirty (30) days following the sixth (6th) month anniversary of the Executive’s separation from service does service. For purposes of this subparagraph, “Monthly Cost” means the minimum dollar amount which, if paid by the Executive on a monthly basis in advance, results in the Executive not qualify within either being required to recognize any federal income tax on receipt of the foregoing exceptions and constitutes deferred compensation subject benefit coverage during the Six Month Period. The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to the requirements of its compliance with Section 409A of the Code, then the provision shall be read in such amount(s) shall hereinafter be referred to as the “Excess Amount.” If at the time of Executive’s separation from service, the Company’s (or any entity required to be aggregated a manner so that all payments hereunder comply with the Company under Section 409A of the Code) stock is publicly-traded on an established securities market or otherwise . The parties agree that this Agreement may be amended, as reasonably requested by either party, and Executive is a “specified employee” (as defined in may be necessary to fully comply with Section 409A of the Code), then Code and all related rules and regulations in order to preserve the Company shall postpone the commencement of the payment of the portion of the Excess Amount that is payable within the six (6) month period following Executive’s separation from service with the Company for six (6) months following Executive’s separation from service with the Companypayments and benefits provided hereunder without additional cost to either party. The delayed Excess Amount Company makes no representation or warranty and shall be paid in a lump sum to Executive on the first day following the date that is six (6) months following Executive’s separation from service with the Company. If Executive dies during such six (6) month period and prior have no liability to the payment Executive or any other person if any provisions of the portion of the Excess Amount that is required this Agreement are determined to be delayed on account of constitute deferred compensation subject to Section 409A of the CodeCode but do not satisfy an exemption from, or the conditions of, such Excess Amount shall be paid to the personal representative of Executive’s estate on the day after Executive’s death. Any remaining payments not so delayed shall continue to be paid pursuant to the payment schedule set forth hereinSection.

Six-Month Delay Rule. To the maximum extent permitted under Section 409A of the Code, the benefits payable under this Agreement are intended to comply with the “short-term deferral exception” under Treas. Reg. §1.409A-1(b)(4), and any remaining amount is intended to comply with the “separation pay exception” under Treas. Reg. §1.409A-1(b)(9)(iii); provided, Res-Care, Inc. DBA BrightSpring Health Services 000 X. Xxxxxxxxxxx Parkway Louisville, KY 40222 (000) 000-0000 xxx.XxxxxxXxxxxxXxxxxx.xxx however, if any amount payable to Executive during the six (6) month period following Executive’s separation from service does not qualify within either of the foregoing exceptions and constitutes deferred compensation subject to the requirements of Section 409A of the Code, then such amount(s) shall hereinafter be referred to as the “Excess Amount.” If at the time of Executive’s separation from service, the Company’s (or any entity required to be aggregated with the Company under Section 409A of the Code) stock is publicly-traded on an established securities market or otherwise and Executive is a “specified employee” (as defined in Section 409A of the CodeCode ), then the Company shall postpone the commencement of the payment of the portion of the Excess Amount that is payable within the six (6) month period following Executive’s separation from service with the Company for six (6) months following Executive’s separation from service with the Company. The delayed Excess Amount shall be paid in a lump sum to Executive on the first day following the date that is six (6) months following Executive’s separation from service with the Company. If Executive dies during such six (6) month period and prior to the payment of the portion of the Excess Amount that is required to be delayed on account of Section 409A of the Code, such Excess Amount shall be paid to the personal representative of Executive’s estate on the day after Executive’s death. Any remaining payments not so delayed shall continue to be paid pursuant to the payment schedule set forth herein.

Six-Month Delay Rule. To the maximum extent permitted under Section section 409A of the Code, the benefits payable under this Agreement are intended to comply with the “short-term deferral exception” under Treas. Reg. §1.409A-1(b)(4), and any remaining amount is intended to comply with the “separation pay exception” under TreasXxxxx. Reg. §1.409A-1(b)(9)(iii); provided, Res-Care, Inc. DBA BrightSpring Health Services 000 X. Xxxxxxxxxxx Parkway Louisville, KY 40222 (000) 000-0000 xxx.XxxxxxXxxxxxXxxxxx.xxx however, if any amount payable to Executive the Employee during the six (6) month period following Executivethe Employee’s separation from service that does not qualify within either of the foregoing exceptions and constitutes deferred compensation subject to the requirements of Section section 409A of the Code, then such amount(s) shall hereinafter be referred to as the “Excess Amount.” If at the time of Executivethe Employee’s separation from service, the Company’s (or any entity required to be aggregated with the Company under Section section 409A of the Code) stock is publicly-traded on an established securities market or otherwise and Executive the Employee is a “specified employee” (as defined in Section section 409A of the CodeCode ), then the Company shall postpone the commencement of the payment of the portion of the Excess Amount that is payable within the six (6) month period following Executivethe Employee’s separation from service with the Company for six (6) Res-Care, Inc. DBA BrightSpring Health Services 9 months following Executivethe Employee’s separation from service with the Company. The delayed Excess Amount shall be paid in a lump sum to Executive on the first day Employee within ten (10) days following the date that is six (6) months following Executivethe Employee’s separation from service with the Company. If Executive the Employee dies during such six (6) month period and prior to the payment of the portion of the Excess Amount that is required to be delayed on account of Section section 409A of the Code, such Excess Amount shall be paid to the personal representative of ExecutiveEmployee’s estate on within sixty (60) days after the day after ExecutiveEmployee’s death. Any remaining payments not so delayed shall continue to be paid pursuant to the payment schedule set forth herein.