Common use of Delay in Payment to Specified Employees Clause in Contracts

Delay in Payment to Specified Employees. Notwithstanding that general rule regarding payment and the remaining provisions of this Plan, no payment may be made under any provision of this Agreement to a Specified Employee during the first six months following the Specified Employee’s separation from service with Kaydon (or any related entity) if the payment is due to the Specified Employee as a result of that separation from service. Any such payments shall be accumulated and paid to the Specified Employee, without interest, on the first day of the seventh month following the date of the separation from service.