Common use of Specified Employee Delay Clause in Contracts

Specified Employee Delay. The time and form of payment of any amount or benefits upon Executive’s termination of employment described in the preceding provisions of this Section 7 (including expense reimbursements) shall be made in accordance with such Section, provided that if Executive is a “specified employee” under Section 409A of the Code, payment shall be delayed until the earlier to occur of (i) Executive’s death or (ii) the date that is six (6) months and one (1) day following Executive’s termination of employment (the “Delay Period”), unless the payment at such time can be characterized as a “short-term deferral” for purposes of Section 409A of the Code or as otherwise exempt from the provisions of Section 409A of the Code. Upon the expiration of the Delay Period, if any, all payments and benefits delayed pursuant to this Section 7(j) shall be paid or reimbursed to Executive in a lump sum, and any remaining payments due under the preceding provisions of this Section 7, whichever is applicable, shall be payable at the same time and in the same form as such amounts and benefits would have been paid in accordance with their original payment schedule under this Section 7. For purposes of applying the provisions of Section 409A of the Code, each separately identified amount to which Executive is entitled shall be treated as a separate payment. For purposes of this Section 7, no termination of employment shall be treated as having occurred unless such termination qualifies as a “separation from service” under Section 409A of the Code.

Specified Employee Delay. The time and form of payment of any amount or benefits upon the Executive’s termination of employment described in the preceding provisions of this Section 7 6 (including expense reimbursements) shall be made in accordance with such Section, provided that if the Executive is a “specified employee” under Section 409A of the Code, payment shall be delayed until the earlier to occur of (i) the Executive’s death or (ii) the date that is six (6) months and one (1) day following the Executive’s termination of employment (the “Delay Period”), unless the payment at such time can be characterized as a “short-term deferral” for purposes of Section 409A of the Code or as otherwise exempt from the provisions of Section 409A of the Code. Upon the expiration of the Delay Period, if any, all payments and benefits delayed pursuant to this Section 7(j) paragraph shall be paid or reimbursed to Executive in a lump sum, and any remaining payments due under the preceding provisions of this Section 76, whichever is applicable, shall be payable at the same time and in the same form as such amounts and benefits would have been paid in accordance with their original payment schedule under this Section 76. For purposes of applying the provisions of Section 409A of the Code, each separately identified amount to which the Executive is entitled shall be treated as a separate payment. For purposes of this Section 76, no termination of employment shall be treated as having occurred unless such termination qualifies as a “separation from service” under Section 409A of the Code.

Specified Employee Delay. The time and form of payment of any amount or benefits upon the Executive’s termination of employment described in the preceding provisions of this Section 7 6 (including expense reimbursements) shall be made in accordance with such SectionSection 6, provided that if the Executive is a “specified employee” under Section 409A of the Code, payment shall be delayed until the earlier to occur of (i) the Executive’s death or (ii) the date that is six (6) months and one (1) day following the Executive’s termination of employment (the “Delay Period”), unless the payment at such time can be characterized as a “short-term deferral” for purposes of Section 409A of the Code or as otherwise exempt from the provisions of Section 409A of the Code. Upon the expiration of the Delay Period, if any, all payments and benefits delayed pursuant to this Section 7(j6(j) shall be paid or reimbursed to Executive in a lump sum, and any remaining payments due under the preceding provisions of this Section 76, whichever is applicable, shall be payable at the same time and in the same form as such amounts and benefits would have been paid in accordance with their original payment schedule under this Section 76. For purposes of applying the provisions of Section 409A of the Code, each separately identified amount to which the Executive is entitled shall be treated as a separate payment. For purposes of this Section 76, no termination of employment shall be treated as having occurred unless such termination qualifies as a “separation from service” under Section 409A of the Code.

Specified Employee Delay. The time and form of payment of any amount or benefits upon the Executive’s termination of employment described in the preceding provisions of this Section 7 6 (including expense reimbursements) shall be made in accordance with such Section, provided that if the Executive is a “specified employee” under Section 409A of the Code, payment shall be delayed until the earlier to occur of (i) the Executive’s death or (ii) the date that is six (6) months and one (1) day following the Executive’s termination of employment (the “Delay Period”), unless the payment at such time can be characterized as a “short-term deferral” for purposes of Section 409A of the Code or as otherwise exempt from the provisions of Section 409A of the Code. Upon the expiration of the Delay Period, if any, all payments and benefits delayed pursuant to this Section 7(j) paragraph shall be paid or reimbursed to Executive in a lump sum, and any remaining payments due under the preceding provisions of this Section 76, whichever is applicable, shall be payable at the same time and in the same form as such amounts and benefits would have been paid in accordance with their original payment schedule under this Section 76. For purposes of applying the provisions of Section 409A of the Code, each separately identified amount to which the Executive is entitled shall be treated as a separate payment. For purposes of this Section 76, no termination of employment shall be treated as having occurred unless such termination qualifies as a “separation from service” under Section 409A of the Code.

Specified Employee Delay. The time and form of payment of any amount or benefits upon the Executive’s termination of employment described in the preceding provisions of this Section 7 (including expense reimbursements) shall be made in accordance with such Section, provided that if the Executive is a “specified employee” under Section 409A of the Code, payment shall be delayed until the earlier to occur of (i) the Executive’s death or (ii) the date that is six (6) months and one (1) day following the Executive’s termination of employment (the “Delay Period”), unless the payment at such time can be characterized as a “short-term deferral” for purposes of Section 409A of the Code or as otherwise exempt from the provisions of Section 409A of the Code. Upon the expiration of the Delay Period, if any, all payments and benefits delayed pursuant to this Section 7(j) paragraph shall be paid or reimbursed to Executive in a lump sum, and any remaining payments due under the preceding provisions of this Section 7, whichever is applicable, shall be payable at the same time and in the same form as such amounts and benefits would have been paid in accordance with their original payment schedule under this Section 7. For purposes of applying the provisions of Section 409A of the Code, each separately identified amount to which the Executive is entitled shall be treated as a separate payment. For purposes of this Section 7, no termination of employment shall be treated as having occurred unless such termination qualifies as a “separation from service” under Section 409A of the Code.