Grouped Into 1 Collection of Similar Clauses From Business Contracts
This page contains Addition of New Section clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Addition of New Section. A new section 6.12 is hereby added to the Agreement, as follows: 6.12. 409A. To the maximum extent permitted, this Agreement is intended to not constitute a "nonqualified deferred compensation plan" within the meaning of Internal Revenue Code Section 409A ("Section 409A") but in any event will be interpreted to comply with Section 409A. In the event this Agreement or any benefit paid under this Agreement to Employee is deemed to be subject to Section 409A, Employee consents to the Company's adop...tion of such conforming amendments as the Company deems advisable or necessary, in its sole discretion (but without an obligation to do so), to comply with Section 409A and avoid the imposition of taxes under Section 409A. For purposes of this Agreement, a termination of employment means a "separation from service" as defined in Section 409A. Each payment made pursuant to any provision of this Agreement shall be considered a separate payment and not one of a series of payments for purposes of Section 409A. To the extent any nonqualified deferred compensation payment to Employee could be paid in one or more of Employee's taxable years depending upon Employee completing certain employment-related actions, then any such payments will commence or occur in the later taxable year to the extent required by Section 409A. 1 If upon Employee's "separation from service" within the meaning of Section 409A, Employee is then a "specified employee" (as defined in Section 409A), then solely to the extent necessary to comply with Section 409A and avoid the imposition of taxes under Section 409A, the Company shall defer payment of "nonqualified deferred compensation" subject to Section 409A payable as a result of and within six (6) months following such "separation from service" until the earlier of (i) the first business day of the seventh month following Employee's "separation from service," or (ii) ten (10) days after the Company receives written confirmation of Employee's death. Any such delayed payments shall be made without interest.View More
Addition of New Section. A new section 6.12 is Section 1.5 of the Agreement shall be hereby added to the Agreement, Agreement and shall contain the below language. For avoidance of doubt, the below revisions are intended purely to merely reflect the current level of base salary being paid as follows: 6.12. of the Amendment Date and does not (i) alter the current amount of base salary or (ii) connote when such base salary amounts were changed in the past or (iii) provide any entitlement to greater compensation or backpay.... 1.5 As compensation for Employee's services, the Company will pay to Employee an annual base salary in the gross amount of $367,000 (the "Base Salary"), payable in accordance with the Company's regularly established payroll practices. -2- 4. Addition of New Section 12. Section 12 of the Agreement shall be hereby added to the Agreement and shall contain the below language: 12. Section 409A. To the maximum extent permitted, this This Agreement is and its payments and benefits are intended to not constitute a "nonqualified deferred compensation plan" within comply with (or be exempt from) the meaning requirements of Internal Revenue Code Section 409A ("Section 409A") but in any event and will be interpreted to comply and administered in accordance with Section 409A. such intention. In the event this Agreement or any other payment or benefit paid under this Agreement provided to Employee is deemed to be subject to Section 409A, Employee consents to the Company's adoption of Company adopting such conforming amendments or taking such actions as the Company deems advisable or necessary, in its sole discretion (but (and without an obligation to do so), to comply with Section 409A and avoid the imposition of taxes under Section 409A. For purposes of this Agreement, a termination of employment means a "separation from service" as defined in Section 409A. Each 409A, each payment made to Employee pursuant to any provision of this Agreement shall or otherwise will be considered designated as a separate payment and not one of a series of payments for purposes of Section 409A. payment. To the extent any nonqualified deferred compensation payment to Employee could be paid in one or more of Employee's taxable years depending upon Employee completing certain employment-related actions, then any such payments will commence or occur in the later taxable year to the extent required by Section 409A. 1 If The Company reserves the right to at any time terminate any nonqualified deferred compensation plan or arrangement involving Employee in accordance with the Section 409A plan termination regulations. Notwithstanding anything to the contrary, if upon Employee's "separation from service" within the meaning of (as defined under Section 409A, 409A) Employee is then a "specified employee" (as defined in under Section 409A), then solely to the extent necessary to comply with Section 409A and avoid the imposition of taxes under Section 409A, the Company shall defer payment of "nonqualified deferred compensation" subject to Section 409A payable as a result of and within six (6) months following such "separation Employee's separation from service" service until the earlier of (i) the first business day of the seventh month following Employee's "separation separation from service," service (or if later, and solely if required in order to avoid or minimize the amount of any Section 409A taxes, December ___, 2020 which is the date that is eighteen months after the Agreement was amended on June ___, 2019), or (ii) ten (10) days after the Company receives written confirmation notification of Employee's death. Any such delayed payments shall be made without interest. View More
