Distributions to Specified Employees. Notwithstanding any other provisions of this Agreement to the contrary, upon a Director’s ceasing to be a Board member, if the Director is a “Specified Employee,” the Director’s payments hereunder on account of the Director’s separation from service shall not be distributed before the date which is six (6) months after the date of separation from service, or if earlier, the date of the death of the Director. Any scheduled payments not made during such period shall be made as soon as reasonably practicable, but no later than thirty (30) days following the end of such period. A “Specified Employee” is an individual who, as of the date of the Director’s separation from service, is a key employee, as defined in § 416(i) of the Internal Revenue Code of 1986, as amended (“Code”), applied in accordance with the regulations thereunder and disregarding Code § 416(i)(5), at any time during the 12-month period ending on the identification date as reasonably determined by the Human Resources Committee of the Board (“Committee”), or its designee.
Distributions to Specified Employees. Notwithstanding any provision to the contrary, to the extent the Executive is considered a specified employee under Section 409A of the Code and would be entitled to a payment during the six month period beginning on the Executive's date of termination that is not otherwise excluded under Section 409A of the Code under the exceptions for short-term deferrals, separation pay arrangements, reimbursements, in-kind distributions, or an otherwise applicable exemption, the payment will not be made to the Executive until the earlier of the six month anniversary of the Executive's date of termination or the Executive's death.
Distributions to Specified Employees. In the case of a Participant who is a Specified Employee on the date of his Separation from Service, no distribution shall be made to the Participant before the date which is six months after the date of such Separation from Service, except in the case of the Participant’s death or Disability.
Distributions to Specified Employees. Notwithstanding any provision to the contrary, to the extent Employee is considered a specified employee under Section 409A of the Code and would be entitled to a payment by reason of his “separation from service” (as defined under Section 409A of the Code) that is not otherwise excluded under Section 409A of the Code under the exceptions for short-term deferrals, separation pay arrangements, reimbursements, in-kind distributions, or an otherwise applicable exemption, the payment will not be made to Employee until the earlier of the six month anniversary of Employee's date of termination or Employee's death.
Distributions to Specified Employees. For purposes of calculating the present value lump sum distribution amount of the Participant’s SERP Benefit pursuant to this subsection (i), such calculation shall be made in a manner consistent with Internal Revenue Code Sections 7520(a) and 1274(d). As such, the discount rate shall be the mid-term applicable federal rate in effect under Code Section 1274(d) for the month in which the valuation date falls. For purposes of this subsection, the term “valuation date” shall mean the date as of which the valuation is made.”
Distributions to Specified Employees. Notwithstanding any provision to the contrary, to the extent the Executive is considered a specified employee under Section 409A of the Internal Revenue Code of 1986, as amended (the 'Code') and would be entitled to a payment during the six month period beginning on the Executive's date of termination that is not otherwise excluded under Section 409A of the Code under the exceptions for short-term deferrals, separation pay arrangements, reimbursements, in-kind distributions, or an otherwise applicable exemption, the payment will not be made to the Executive until the earlier of the six month anniversary of the Executive's date of termination or the Executive's death."
Distributions to Specified Employees. Notwithstanding ------------------------------------ anything herein to the contrary, to the extent any distribution provided for under this Agreement is to be made on account of the Executive's "separation from service" under Code Section 409(A)(a)(2)(A)(i) and the Executive is classified as a "specified employee" under Code Section 409(A)(a)(2)(B)(i), such distribution shall not be made until six months and one day after the date of the Executive's separation from service (or date of death of the Executive, if earlier) if such distribution would otherwise, but for this section, have been distributed earlier. If additional regulations or other guidance is issued under Section 409A of the Code or a court of competent jurisdiction provides additional authority concerning the application of Section 409A with respect to the payments described in Section 5 of the Agreement, then the provisions of such Section shall be amended to permit such payments to be made at the earliest time permitted under such additional regulations, guidance or authority that is practicable and achieves the original intent of this Agreement.
Distributions to Specified Employees. Solely to the extent required by Section 409A, Deferred Share Unit Accounts which become redeemable on account of the Separation From Service of a US Director who is determined to be a Specified Employee shall not be redeemed and paid before the date which is 6 months after the Specified Employee's Separation from Service (or, if earlier, the date of death of the Specified Employee).
