Common use of General Suspension of Payments Clause in Contracts

General Suspension of Payments. If the Executive is a “specified employee,” as such term is defined within the meaning of Code Section 409A, any payments or benefits payable or provided as a result of the Executive’s termination of employment that would otherwise be paid or provided prior to the first day of the seventh month following such termination (other than due to death) shall instead be paid or provided on the earlier of (i) six months and one day following Executive’s termination, (ii) the date of the Executive’s death, or (iii) any date that otherwise complies with Code Section 409A. In the event that the Executive is entitled to receive payments during the suspension period provided under this Section, the Executive shall receive the accumulated benefits that would have been paid or provided under this Agreement within the suspension period on the first payroll date next following the earliest day that would be permitted under Code Section 409A.

General Suspension of Payments. If the Executive is a “specified employee,” as such term is defined within the meaning of Code Section 409A409A of the Code, any payments or benefits payable or provided as a result of the Executive’s termination of employment that would otherwise be paid or provided prior to the first day of the seventh month following such termination (other than due to death) shall instead be paid or provided on the earlier of (i) the six months and one day following Executive’s termination, (ii) the date of the Executive’s death, or (iii) any date that otherwise complies with Code Section 409A. 409A of the Code. In the event that the Executive is entitled to receive payments during the suspension period provided under this Section, the Executive shall receive the accumulated benefits that would have been paid or provided under this Agreement within the suspension period on the first payroll date next following the earliest day that would be permitted under Code Section 409A.409A of the Code.