Timing of Benefit Payments. If the Executive is a Key Employee, all amounts payable under the Agreement that are subject to Section 409A of the Code shall be paid in a lump-sum on the date that is six months following the Executive's Separation from Service (or on the date of the Executive's death, if earlier). Otherwise, such amounts shall be payable in a lump sum on the date of the Executive's Separation from Service (or on the date of the Executive's death, if earlier), provided that the Company may within the 15-day period specified in Section 4(b) either (i) make the payment to the Executive subject to the Executive’s obligation to promptly return the funds if the release required under Section 13 is revoked by the Executive as provided in the release or (ii) deposit the funds with a third party escrow agent pursuant to customary arrangements where the only condition to release of the escrowed funds to the Executive is that the release has not been revoked by the Executive as provided in the release. For purposes of this Section 5A, a payment that is required to be made on a certain date may be made as soon as practicable following such date, provided that the payment must be made during the same calendar year as the required payment date or, if later, by the 15th day of the third calendar month following the required payment date, or otherwise in accordance with Section 409A of the Code.
Timing of Benefit Payments. No amount payable under the Plan that is subject to Section 409A of the Code will be paid before the date that is six months following the Participant’s “Separation from Service,” within the meaning of Section 409A of the Code, or on the date of the Participant’s death, if earlier. For purposes of this Section 4.9, a payment that is required to be made on a certain date may be made as soon as practicable following such date, provided that the payment must be made during the same calendar year as the required payment date or, if later, by the 15th day of the third calendar month following the required payment date, or otherwise in accordance with Section 409A of the Code. Executive Severance Plan October 15, 2006
Timing of Benefit Payments. If the Executive is a “specified employee” (within the meaning of Section 409A), all amounts payable under the Agreement as cash severance that are subject to Section 409A shall be paid in a lump-sum on the date that is six months following the Executive’s “separation of service” (within the meaning of Section 409A), or on the date of the Executive’s death, if earlier. Otherwise, such amounts shall be payable in a lump sum on the date of the Executive’s separation from service or on the date of the Executive’s death, if earlier. For purposes of this paragraph 22, a payment must be made during the same calendar year as the required payment date or, if later, by the 15th day of the third calendar month following the required payment date, or otherwise in accordance with Section 409A.
Timing of Benefit Payments. Benefits shall be paid to Participants (i) in the case of an IPO or cash distributions with respect to a Liquidity Event, in cash within 15 days following the Liquidity Date; and (ii) in the case of distributions with respect to a Liquidity Event in the form of assets other than cash, not later than 60 days following the date on which the value of such assets can reasonably be determined, or, if later, 60 days following the Liquidity Date. The value of distributions in the form of assets other than cash shall be as determined by the Participants and Employer collectively within 5 days of the Liquidity Date and, if no determination is reached, then by a mutually agreeable independent valuation agent selected by the Participants and the Employer with 10 days of the Liquidity Event, the cost of which shall be borne 50% by Employer and 50% by the Participants. If the Participants and Employer are unable to agree upon an independent valuation agent within 10 days of the Liquidity Event, either the Participants or the Employer may request that an appraiser be appointed by the American Society of Appraisers and the appraiser so appointed shall promptly value such assets. If any distribution or payments should be made to shareholders of AJJ on a basis that results in cash payments to some of its shareholders and non-cash distributions to other shareholders, the benefits shall be determined on the basis of the type or types of assets that are included in the distribution to the Employer's subsidiary, Ask Jeeves International, Inc. ("AJI"), or any successor owner of the AJI shares, in respect of the AJJ shares owned by it. Tax Withholding. Participants shall be responsible for all income tax due as a result of a benefit distribution to them. Employer shall make payments of benefits net of any required withholding for United States taxes and similar deductions. Participants shall be considered fully paid, and shall have no further right to payment, if the Employer makes payments on this net basis and complies with applicable United States' laws regarding the remittance of withheld taxes.
Timing of Benefit Payments. Benefits under the Plan are not paid until after termination of your employment with Interpublic and its subsidiaries. The Plan is designed for your full vested benefit to become payable after age 60. However, you may receive a reduced benefit beginning as early as age 55, if you have participated in the Plan for at least five years. Regardless of your age, you may not begin receiving your vested benefit under the Plan until your non-competition and non-solicitation agreements (as described in your Participation Agreement) have expired. Breach of your non-competition agreement or non-solicitation agreement will result in the forfeiture of your vested benefit.
Timing of Benefit Payments
