Common use of Specified Employee Status Clause in Contracts

Specified Employee Status. In addition, notwithstanding any other provision of this Agreement to the contrary, in the event that the Executive’s employment is terminated when he is a “specified employee” within the meaning of Section 409A of the Code, as determined in accordance with the Section 409A methodology in place or established by the Company as in effect on the date of termination (a “Specified Employee”), any amounts of deferred compensation that would otherwise be payable under this Agreement during the six-month period immediately following the date of the “separation from service” within the meaning of Section 409A of the Code (other than unpaid accrued base salary through the date of termination and other than any other payments that are not considered deferred compensation under Section 409A) shall be paid to the Executive on the Delayed Payment Date. The “Delayed Payment Date” shall, for purposes of this Agreement, mean the first business day after the date that is six months following the Executive’s “separation from service” within the meaning of Section 409A of the Code. All payments not payable within such six-month period for purposes of Section 409A shall be paid on the dates, or according to the schedule, provided for herein.