Common use of Section 409A Specified Employee Clause in Contracts

Section 409A Specified Employee. Notwithstanding anything to the contrary contained herein, if, on the date of termination, the Employee is a “specified employee” for purposes of Section 409A of the Internal Revenue Code (the “Code”) and regulations and other interpretive guidance issued thereunder (“Section 409A”), then any payment or the provision of any benefit payable under this Section 3.2 that constitutes non-qualified deferred compensation subject to (and not exempt from) Section 409A shall be delayed until the earlier of (A) the business day following the six-month anniversary of the date of the Employee’s separation from service and (B) the Employee’s death (the “Delay Period”), with the first (1st) payment equaling the total of all payment that would have been paid during the Delay Period but for the application of Section 409A to such payments. For purposes of this Agreement, the Employee’s employment with the Company shall be considered to have terminated when the Employee incurs a “separation from service” with the Company within the meaning of Section 409A and applicable administrative guidance issued thereunder.

Section 409A Specified Employee. Notwithstanding anything to the contrary contained herein, if, on the date of termination, the Employee Executive is a “specified employee” for purposes of Section 409A of the Internal Revenue Code (the “Code”) and regulations and other interpretive guidance issued thereunder (“Section 409A”), then any payment or the provision of any benefit payable under this Section 3.2 that constitutes non-qualified deferred compensation subject to (and not exempt from) Section 409A shall be delayed until the earlier of (A) the business day following the six-month anniversary of the date of the EmployeeExecutive’s separation from service and (B) the EmployeeExecutive’s death (the “Delay Period”), with the first (1st) payment equaling the total of all payment that would have been paid during the Delay Period but for the application of Section 409A to such payments. For purposes of this Agreement, the EmployeeExecutive’s employment with the Company shall be considered to have terminated when the Employee Executive incurs a “separation from service” with the Company within the meaning of Section 409A and applicable administrative guidance issued thereunder.