Conditions to Receipt of Severance Clause Example with 4 Variations from Business Contracts
This page contains Conditions to Receipt of Severance clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Conditions to Receipt of Severance. (a) Separation Agreement and Release of Claims. The receipt of any severance pursuant to Section 2 will be subject to CCO signing and not revoking a separation agreement and release of claims in a form reasonably acceptable to the Company within sixty (60) days following CCO’s termination of employment. No severance pursuant to Section 2 will be paid or provided until the separation agreement and release of claims becomes effective. (b) Section 409A. Notwithstanding anything contained in this Ag...reement to the contrary, to the maximum extent permitted by applicable law, amounts payable to CCO pursuant to Section 2 shall be made in reliance upon Treas. Reg. Section 1.409A-1(b)(9) (Separation Pay Plans) or Treas. Reg. Section 1.409A-1(b)(4) (Short-Term Deferrals). For this purpose each installment or monthly payment to which CCO is entitled under Section 2 shall be considered a separate and distinct payment. In addition, (i) no amount deemed deferred compensation subject to Section 409A shall be payable pursuant to Section 2 unless the CCO’s termination of employment constitutes a “separation from service” within the meaning of Treas. Reg. Section 1.409A-1(h) and (ii) if the CCO is deemed at the time of his separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the termination benefits to which CCO is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of CCO’s termination benefits shall not be provided to CCO prior to the earlier of (A) the expiration of the six-month period measured from the date of the CCO’s “separation from service” with the Company (as such term is defined in the Treasury Regulations issued under Section 409A of the Code) or (B) the date of CCO’s death. Upon the earlier of such dates, all payments deferred pursuant to this Section 3(b) shall be paid in a lump sum to CCO, and any remaining payments due under the Agreement shall be paid as otherwise provided herein. The determination of whether CCO is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his separation from service shall be made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treas. Reg. Section 1.409A-1(i) and any successor provision thereto). The reimbursement of any expense under this Agreement shall be made no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year.View More
Variations of a "Conditions to Receipt of Severance" Clause from Business Contracts
Conditions to Receipt of Severance. (a) Separation Agreement and Release of Claims. The receipt of any severance pursuant to Section 2 will be subject to CCO CMO signing and not revoking a separation agreement and release of claims in a form reasonably acceptable to the Company within sixty (60) days following CCO’s CMO’s termination of employment. No severance pursuant to Section 2 will be paid or provided until the separation agreement and release of claims becomes effective. (b) Section 409A. Notwithstanding anything contained ...in this Agreement to the contrary, to the maximum extent permitted by applicable law, amounts payable to CCO CMO pursuant to Section 2 shall be made in reliance upon Treas. Reg. Section 1.409A-1(b)(9) (Separation Pay Plans) or Treas. Reg. Section 1.409A-1(b)(4) (Short-Term Deferrals). For this purpose each installment or monthly payment to which CCO CMO is entitled under Section 2 shall be considered a separate and distinct payment. In addition, (i) no amount deemed deferred compensation subject to Section 409A shall be payable pursuant to Section 2 unless the CCO’s CMO’s termination of employment constitutes a “separation from service” within the meaning of Treas. Reg. Section 1.409A-1(h) and (ii) if the CCO CMO is deemed at the time of his separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the termination benefits to which CCO CMO is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of CCO’s CMO’s termination benefits shall not be provided to CCO CMO prior to the earlier of (A) the expiration of the six-month period measured from the date of the CCO’s CMO’s “separation from service” with the Company (as such term is defined in the Treasury Regulations issued under Section 409A of the Code) or (B) the date of CCO’s CMO’s death. Upon the earlier of such dates, all payments deferred pursuant to this Section 3(b) shall be paid in a lump sum to CCO, CMO, and any remaining payments due under the Agreement shall be paid as otherwise provided herein. The determination of whether CCO CMO is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his separation from service shall be made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treas. Reg. Section 1.409A-1(i) and any successor provision thereto). The reimbursement of any expense under this Agreement shall be made no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year. View More
Conditions to Receipt of Severance. (a) Separation Agreement and Release of Claims. The receipt of any severance pursuant to Section 2 will be subject to CCO CSO signing and not revoking a separation agreement and release of claims in a form reasonably acceptable to the Company within sixty (60) days following CCO’s CSO’s termination of employment. No severance pursuant to Section 2 will be paid or provided until the separation agreement and release of claims becomes effective. (b) Section 409A. Notwithstanding anything contained ...in this Agreement to the contrary, to the maximum extent permitted by applicable law, amounts payable to CCO CSO pursuant to Section 2 shall be made in reliance upon Treas. Reg. Section 1.409A-1(b)(9) (Separation Pay Plans) or Treas. Reg. Section 1.409A-1(b)(4) (Short-Term Deferrals). For this purpose each installment or monthly payment to which CCO CSO is entitled under Section 2 shall be considered a separate and distinct payment. In addition, (i) no amount deemed deferred compensation subject to Section 409A shall be payable pursuant to Section 2 unless the CCO’s CSO’s termination of employment constitutes a “separation from service” within the meaning of Treas. Reg. Section 1.409A-1(h) and (ii) if the CCO CSO is deemed at the time of his her separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the termination benefits to which CCO CSO is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of CCO’s CSO’s termination benefits shall not be provided to CCO CSO prior to the earlier of (A) the expiration of the six-month period measured from the date of the CCO’s CSO’s “separation from service” with the Company (as such term is defined in the Treasury Regulations issued under Section 409A of the Code) or (B) the date of CCO’s CSO’s death. Upon the earlier of such dates, all payments deferred pursuant to this Section 3(b) shall be paid in a lump sum to CCO, CSO, and any remaining payments due under the Agreement shall be paid as otherwise provided herein. The determination of whether CCO CSO is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his her separation from service shall be made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treas. Reg. Section 1.409A-1(i) and any successor provision thereto). The reimbursement of any expense under this Agreement shall be made no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year. View More
Conditions to Receipt of Severance. (a) Separation Agreement and Release of Claims. The receipt of any severance pursuant to Section 2 will be subject to CCO CAO signing and not revoking a separation agreement and release of claims in a form reasonably acceptable to the Company within sixty (60) days following CCO’s CAO’s termination of employment. No severance pursuant to Section 2 will be paid or provided until the separation agreement and release of claims becomes effective. (b) Section 409A. Notwithstanding anything contained ...in this Agreement to the contrary, to the maximum extent permitted by applicable law, amounts payable to CCO CAO pursuant to Section 2 shall be made in reliance upon Treas. Reg. Section 1.409A-1(b)(9) (Separation Pay Plans) or Treas. Reg. Section 1.409A-1(b)(4) (Short-Term Deferrals). For this purpose each installment or monthly payment to which CCO CAO is entitled under Section 2 shall be considered a separate and distinct payment. In addition, (i) no amount deemed deferred compensation subject to Section 409A shall be payable pursuant to Section 2 unless the CCO’s CAO’s termination of employment constitutes a “separation from service” within the meaning of Treas. Reg. Section 1.409A-1(h) and (ii) if the CCO CAO is deemed at the time of his separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the termination benefits to which CCO CAO is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of CCO’s CAO’s termination benefits shall not be provided to CCO CAO prior to the earlier of (A) the expiration of the six-month period measured from the date of the CCO’s CAO’s “separation from service” with the Company (as such term is defined in the Treasury Regulations issued under Section 409A of the Code) or (B) the date of CCO’s CAO’s death. Upon the earlier of such dates, all payments deferred pursuant to this Section 3(b) shall be paid in a lump sum to CCO, CAO, and any remaining payments due under the Agreement shall be paid as otherwise provided herein. The determination of whether CCO CAO is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his separation from service shall be made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treas. Reg. Section 1.409A-1(i) and any successor provision thereto). The reimbursement of any expense under this Agreement shall be made no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year. View More
Conditions to Receipt of Severance. (a) Separation Agreement and Release of Claims. The receipt of any severance pursuant to Section 2 will be subject to CCO CFO signing and not revoking a separation agreement and release of claims in a form reasonably acceptable to the Company within sixty (60) days following CCO’s CFO’s termination of employment. No severance pursuant to Section 2 will be paid or provided until the separation agreement and release of claims becomes effective. (b) Section 409A. Notwithstanding anything contained ...in this Agreement to the contrary, to the maximum extent permitted by applicable law, amounts payable to CCO CFO pursuant to Section 2 shall be made in reliance upon Treas. Reg. Section 1.409A-1(b)(9) (Separation Pay Plans) or Treas. Reg. Section 1.409A-1(b)(4) (Short-Term Deferrals). For this purpose each installment or monthly payment to which CCO CFO is entitled under Section 2 shall be considered a separate and distinct payment. In addition, (i) no amount deemed deferred compensation subject to Section 409A shall be payable pursuant to Section 2 unless the CCO’s CFO’s termination of employment constitutes a “separation from service” within the meaning of Treas. Reg. Section 1.409A-1(h) and (ii) if the CCO CFO is deemed at the time of his separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the termination benefits to which CCO CFO is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of CCO’s CFO’s termination benefits shall not be provided to CCO CFO prior to the earlier of (A) the expiration of the six-month six- month period measured from the date of the CCO’s CFO’s “separation from service” with the Company (as such term is defined in the Treasury Regulations issued under Section 409A of the Code) or (B) the date of CCO’s CFO’s death. Upon the earlier of such dates, all payments deferred pursuant to this Section 3(b) shall be paid in a lump sum to CCO, CFO, and any remaining payments due under the Agreement shall be paid as otherwise provided herein. The determination of whether CCO CFO is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his separation from service shall be made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treas. Reg. Section 1.409A-1(i) and any successor provision thereto). The reimbursement of any expense under this Agreement shall be made no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year. View More
