Common use of Code § 409A Clause in Contracts

Code § 409A. If Executive is a "specified employee" (as defined in §409A(a)(2)(B)(ii) of the Code) and the delivery of any payment or benefit called for under this Agreement would subject Executive to any tax under §409A of the Code, SunTrust shall delay such delivery until the first date on which delivery can be made without subjecting Executive to any such tax; provided, however, if a cash payment is delayed pursuant to this §10.11, SunTrust shall pay Executive interest on such cash payment at the "prime rate" as reported in The Wall Street Journal on the date Executive's employment terminates or, if such rate is not reported on such date, such rate as so reported on the last business day before Executive's employment terminates.