Common use of Timing of Payments and Section 409A Clause in Contracts

Timing of Payments and Section 409A. a) Notwithstanding anything to the contrary in this Agreement, if at the time of the Executive’s termination of employment, the Executive is a Specified employee, any and all amounts payable under Section 6 on account of such Separation from Service that would (but for this provision) be payable within six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of such six (6) month period. b) For purposes of this Agreement, “Separation from Service” shall be determined in a manner consistent with subsection (a)(2)(A)(i) of Section

Appears in 4 contracts

Samples: Employment Agreement (Synageva Biopharma Corp), Employment Agreement (Synageva Biopharma Corp), Employment Agreement (Synageva Biopharma Corp)

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Timing of Payments and Section 409A. a) Notwithstanding anything to the contrary in this Agreement, if at the time of the Executive’s termination of employment, the Executive is a Specified employeeEmployee, any and all amounts payable under Section 6 on account of such Separation from Service that would (but for this provision) be payable within six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of such six (6) month period. b) For purposes of this Agreement, “Separation from Service” shall be determined in a manner consistent with subsection (a)(2)(A)(i) of SectionSection 409A, and the term “Specified Employee” shall mean an individual determined by the Company to be a specified employee as defined in subsection (a)(2)(B)(i) of Section 409A.

Appears in 3 contracts

Samples: Employment Agreement (Synageva Biopharma Corp), Employment Agreement (Synageva Biopharma Corp), Employment Agreement (Synageva Biopharma Corp)

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