Common use of Specified Employee Status Clause in Contracts

Specified Employee Status. If Advisor is a specified employee (within the meaning of Code Section 409A) on the date of his separation from service, any payments made with respect to such separation from service under this Agreement, and other payments or benefits under this Agreement that are subject to Section 409A, will be delayed in order to comply with Section 409A(a)(2)(B)(i) of the Code, and such payments or benefits will be paid or distributed to Advisor during the five-day period commencing on the earlier of: (i) the expiration of the six-month period measured from the date of Advisor’s separation from service, or (ii) the date of Advisor’s death. Upon the expiration of the applicable six-month period under Section 409A(a)(2)(B)(i) of the Code, all payments deferred pursuant to this Section (e) will be paid to Advisor (or Advisor’s estate, in the event of Advisor’s death) in a lump sum payment. Any remaining payments and benefits due under the Agreement will be paid as otherwise provided in the Agreement.

Specified Employee Status. If Advisor Executive is a specified employee (within the meaning of Code Section 409A) on the date of his separation from service, any payments made with respect to such separation from service under this Agreement, and other payments or benefits under this Agreement that are subject to Section 409A, will be delayed in order to comply with Section 409A(a)(2)(B)(i) of the Code, and such payments or benefits will be paid or distributed to Advisor Executive during the five-day period commencing on the earlier of: (i) the expiration of the six-month period measured from the date of AdvisorExecutive’s separation from service, or (ii) the date of AdvisorExecutive’s death. Upon the expiration of the applicable six-month period under Section 409A(a)(2)(B)(i) of the Code, all payments deferred pursuant to this Section (e) 7.11.4 will be paid to Advisor Executive (or AdvisorExecutive’s estate, in the event of AdvisorExecutive’s death) in a lump sum payment. Any remaining payments and benefits due under the this Agreement will be paid as otherwise provided in the this Agreement.