Common use of Delayed Distribution to Key Employees Clause in Contracts

Delayed Distribution to Key Employees. If the Company determines in accordance with Sections 409A and 416(i) of the Code and the regulations promulgated thereunder, in the Company’s sole discretion, that Employee is a Key Employee of the Company on the date he Separates from Service, then severance payments and the accelerated vesting or delivery, if any, of equity awards other than stock options and restricted stock, to the extent applicable provided under Paragraph 6(B) or in the applicable award agreement shall be delayed for a period of six months following Employee’s Termination Date (the “409A Delay Period”). In such event, any severance payments provided under Paragraph 6(B) that would otherwise be due and payable to Employee during the 409A Delay Period shall be paid to Employee in a lump sum cash amount in the seventh month following Employee’s Termination Date. In addition, in the case of accelerated vesting and/or delivery, if any, of equity awards other than stock options and restricted stock, such vesting and/or delivery of such equity awards as may be provided if the applicable award agreement shall be delayed until the seventh month following Employee’s Termination Date.

Delayed Distribution to Key Employees. If the Company determines in accordance with Sections 409A and 416(i) of the Code and the regulations promulgated thereunder, in the Company’s sole discretion, that Employee is a Key Employee of the Company on the date he Separates from Service, then severance payments and the accelerated vesting or delivery, if any, delivery of equity awards other than stock options and restricted stock, to the extent applicable provided under Paragraph Paragraphs 6(B) or in the applicable award agreement and 6(E) of this Agreement shall be delayed for a period of six months following Employee’s Termination Date (the “409A Delay Period”). In such event, any severance payments provided under Paragraph 6(B) that would otherwise be due and payable to Employee during the 409A Delay Period shall be paid to Employee in a lump sum cash amount in the seventh month following Employee’s Termination Date. In addition, in the case of accelerated vesting and/or delivery, if any, delivery of equity awards other than stock options and restricted stock, such vesting and/or delivery of such equity awards as may be provided if the applicable award agreement for in Paragraph 6(E) shall be delayed until the seventh month following Employee’s Termination Date.