Delayed Payment of Benefits. Notwithstanding anything in the foregoing to the contrary, if the Executive is a “specified employee,” as defined in Code Section 409A and the regulations thereunder, on the date of his Termination of Employment, amounts that constitute nonqualified deferred compensation subject to Code Section 409A that would otherwise have been paid during the six-month period immediately following the date of such Termination of Employment shall be paid on the first regular payroll date immediately following the six-month anniversary of such Termination of Employment, with interest to be paid on each such amount, the payment of which is then delayed, at the rate of yield on U.S. Treasury Bills with the earliest maturity date that occurs at least six months after such date of such Termination of Employment (as reported in the Wall Street Journal) from such date of Termination of Employment to the date of actual payment. Reimbursements or payments directly to the service provider for health care expenses incurred during such six month period, plus reimbursements and in-kind benefits in an amount up to the applicable dollar limit on elective deferrals to a 401(k) plan under Section 402(g)(1)(B) of the Code, and other amounts that do not constitute nonqualified deferred compensation subject to Section 409A shall not be subject to such six month delay requirement.
Delayed Payment of Benefits. Sections 7(b)(ii), 8(a), and 8(c)(i) of the Employment Agreement are amended and a new section 8(d) is inserted to add the following to the end of each such section, which shall read as follows: Notwithstanding the above to the contrary, in the event the Employee is a “specified employee” (as such term is defined in Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”)), any payment due and payable to the Employee hereunder as a result of the Employee’s severance from service with the Employer shall not be made before the date which is six (6) months after such severance from service.
Delayed Payment of Benefits. Sections 7(b)(ii), 8(a), 8(b), 8(d), and 8(e) of the Employment Agreement are amended to add the following to the end of each such section, which shall read as follows: Notwithstanding the above to the contrary, in the event the Executive is a “specified employee” (as such term is defined in Section 409A(a)(2)(B)(i) of the Code), any payment due and payable to the Executive hereunder as a result of the Executive’s separation from service (within the mean of Section 409A of the Code) with the Employer which is “nonqualified deferred compensation” under Section 409A of the Code shall not be made before the earlier of (i) the date which is six (6) months after such severance from service or (ii) Executive’s death. In addition, no amount which is “nonqualified deferred compensation” shall be paid on a termination of employment unless such termination of employment is a separation from service.
