Common use of Key Employee Status Clause in Contracts

Key Employee Status. Notwithstanding anything in this Section to the contrary, in the event Executive is determined to be a Key Employee, as that term is defined in Section 409A of the Internal Revenue Code and the regulations promulgated thereunder, payments to such Key Employee hereunder, shall not begin earlier than the first day of the seventh month after the date of termination. For the purposes of the foregoing, the date upon which a determination is made as to the Key Employee status of the Executive, the Indemnification Date (as defined in Section 490A of the Code and the regulations promulgated thereunder) shall be December 31.

Key Employee Status. Notwithstanding anything in this Section to the contrary, in the event Executive is determined to be a Key Employee, as that term is defined in Section 409A of the Internal Revenue Code and the regulations promulgated thereunder, payments to such Key Employee hereunder, other than payments qualifying as short-term deferrals under Section 409A of the Code and the regulations promulgated thereunder, shall not begin earlier than the first day of the seventh month after the date of termination. For the purposes of the foregoing, the date upon which a determination is made as to the Key Employee status of the Executive, the Indemnification Identification Date (as defined in Section 490A 409A of the Code and the regulations promulgated thereunder) shall be December 31.