Common use of Delay for Specified Employees Clause in Contracts

Delay for Specified Employees. If the Employee is a “Specified Employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and determined pursuant to procedures adopted by the Company at the time of the Employee’s Separation from Service and any amount that would be paid to the Employee during the six-month period following Separation from Service constitutes deferred compensation (within the meaning of Section 409A), such amount shall not be paid to the Employee until six months following the Employee’s Separation from Service. On the first regular payroll date following the expiration of such six-month period (or if the Employee dies during the six-month period, the first payroll date following death), all payments that were delayed pursuant to the preceding sentence shall be paid to the Employee in a single lump sum and thereafter all payments shall be made as if there had been no such delay. In addition, if the Employee becomes entitled to severance compensation, such payments shall be considered, and are hereby designated as, a series of separate payments for purposes of Section 409A. Further, all severance compensation payable under this Agreement shall be paid by, and no further severance compensation shall be paid or payable after, December 31 of the second calendar year following the year in which the Employee’s Separation from Service occurs.