EVOL » Topics » DELAY IN PAYMENT.

These excerpts taken from the EVOL 8-K filed Jan 3, 2008.
Delay in Payment.  Notwithstanding anything contained in this Compensation Plan to the contrary, if you are deemed by the Company at the time of your “separation from service” with the Company to be a “specified employee,” any nonqualified deferred compensation to which you are entitled under the Compensation Plan, if any, in connection with such separation from service shall not be paid or commence payment until the date which is the first business day following the six (6) month period after your separation from service (or if earlier, your death).  Such delay in payment shall only be effected with respect to each separate payment to the extent required to avoid adverse tax treatment to you under Section 409A.  Any compensation which would have otherwise been paid during the delay period (whether in a lump sum or in installments) in the absence of this Section II(8) shall be paid to you or your beneficiary in a lump sum payment on the first business day following the expiration of the delay period.

 

9.                                      

DELAY IN PAYMENT.  Notwithstanding anything contained in this Agreement to the contrary, if Executive is deemed by the Company at the time of Executive’s “separation from service” with the Company to be a “specified employee,” any nonqualified deferred compensation to which Executive is entitled under the Agreement in connection with such separation from service shall not be paid or commence payment until the date which is the first business day following the six (6) month period after Executive’s separation from service (or if earlier, Executive’s death).  Such delay in payment shall only be effected with respect to each separate payment to the extent required to avoid adverse tax treatment to Executive under Section 409A.  Any compensation which would have otherwise been paid during the delay period in the absence of this Section 4(d) shall be paid to Executive or his beneficiary in a lump sum payment on the first business day following the expiration of the delay period.

 

(e)                                 

EXCERPTS ON THIS PAGE:

8-K (2 sections)
Jan 3, 2008
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