Common use of Key Employee Clause in Contracts

Key Employee. To the extent that Employee is a “key employee” (as defined under Section 416(i) of the Internal Revenue Code, disregarding Section 416(i)(5) of the Internal Revenue Code) of the Company, no payment of Termination Compensation may be made under this Section 4 prior to the earlier of (i) the expiration of the six (6) month period measured from the date of Employee’s separation from service, or (ii) the date of the Employee’s death; provided, however, that the six (6) month delay required under this Section 4(i) shall not apply to the portion of any payment resulting from the Employee’s “involuntary separation from service” (as defined in Treas. Reg. 1.409A 1(n) and including a “separation from service for good reason” as defined in Treas. Reg. 1.409A i(n)(2) that (a) is payable no later than the last day of the second year following the year in which the separation of service occurs, and (b) does not exceed two times the lesser of (i) the Employee’s annualized compensation for the year prior to the year in which the separation from services occurs, or (ii) the dollar limit described in Section 401 (a)(17) of the Code. To the extent Termination Compensation payable in monthly installments under this Section 4 is required to be deferred under the preceding sentence, the first six months of monthly installments shall be payable in month seven following Employee’s separation from service and the remaining monthly payments shall be made when otherwise scheduled.

Key Employee. To the extent that Employee is a “key employee” (as defined under Section 416(i) of the Internal Revenue Code, disregarding Section 416(i)(5) of the Internal Revenue Code) of the Company, no payment of Termination Compensation may be made under this Section 4 prior to the earlier of (i) the expiration of the six (6) month period measured from the date of Employee’s separation from service, or (ii) the date of the Employee’s death; provided, however, that the six (6) month delay required under this Section 4(i4(g) shall not apply to the portion of any payment resulting from the Employee’s “involuntary separation from service” (as defined in Treas. Reg. 1.409A 1(n) and including a “separation from service for good reason” as defined in Treas. Reg. 1.409A i(n)(2) that (a) is payable no later than the last day of the second year following the year in which the separation of service occurs, and (b) does not exceed two times the lesser of (i) the Employee’s annualized compensation for the year prior to the year in which the separation from services occurs, or (ii) the dollar limit described in Section 401 (a)(17) of the Code. To the extent Termination Compensation payable in monthly installments under this Section 4 is required to be deferred under the preceding sentence, the first six months of monthly installments shall be payable in month seven following Employee’s separation from service and the remaining monthly payments shall be made when otherwise scheduled.

Key Employee. To the extent that Employee is a “key employee” (as defined under Section 416(i) of the Internal Revenue Code, disregarding Section 416(i)(5) of the Internal Revenue Code) of the Company, no payment of Termination Compensation may be made under this Section 4 prior to the earlier of (i) the expiration of the six (6) month period measured from the date of Employee’s separation from service, or (ii) the date of the Employee’s death; provided, however, that the six (6) month delay required under this Section 4(i) shall not apply to the portion of any payment resulting from the Employee’s “involuntary separation from service” (as defined in Treas. Reg. 1.409A 1(nl(n) and including a “separation from service for good reason” as defined in Treas. Reg. 1.409A i(n)(2i(n)(1) that (a) is payable no later than the last day of the second year following the year in which the separation of service occurs, and (b) does not exceed two (2) times the lesser of (i) the Employee’s annualized compensation for the year prior to the year in which the separation from services occurs, or (ii) the dollar limit described in describe din Section 401 (a)(17401(a)(17) of the Code. To the extent Termination Compensation payable in monthly installments under this Section 4 is required to be deferred under the preceding sentence, the first six (6) months of monthly installments shall be payable in month seven following Employee’s separation from service and the remaining monthly payments shall be made when otherwise scheduled.

Key Employee. To the extent that Employee is a “key employee” (as defined under Section 416(i) of the Internal Revenue Code, disregarding Section 416(i)(5) of the Internal Revenue Code) of the Company, no payment of Termination Compensation may be made under this Section 4 prior to the earlier of (i) the expiration of the six (6) month 6)-month period measured from the date of Employee’s separation from service, or (ii) the date of the Employee’s death; provided, however, that the six (6) month 6)-month delay required under this Section 4(i) shall not apply to the portion of any payment resulting from the Employee’s “involuntary separation from serviceservice for good reason,” (as defined in Treas. Reg. § 1.409A 1(n) and including a “separation from service for good reason,” as defined in Treas. Reg. § 1.409A i(n)(21(n)(2)) that (a) is payable no later than the last day of the second year following the year in which the separation of from service occurs, and (b) does not exceed two times the lesser of (i) the Employee’s annualized compensation for the year prior to the year in which the separation from services occurs, or (ii) the dollar limit described in Section 401 (a)(17401(a)(17) of the Code. To the extent Termination Compensation payable in monthly installments under this Section 4 is required to be deferred under the preceding sentence, the first six months of monthly installments shall be payable in month seven following Employee’s separation from service and the remaining monthly payments shall be made when otherwise scheduled.

Key Employee. To the extent that Employee is a “key employee” (as defined under Section 416(i) of the Internal Revenue Code, disregarding Section 416(i)(5) of the Internal Revenue Code) of the Company, no payment of Termination Compensation may be made under this Section 4 prior to the earlier of (i) the expiration of the six (6) month period measured from the date of Employee’s separation from service, or (ii) the date of the Employee’s death; provided, however, that the six (6) month delay required under this Section 4(i) shall not apply to the portion of any payment resulting from the Employee’s “involuntary separation from service” (as defined in Treas. .Reg. 1.409A 1(n) and including a “separation from service for good reason” as defined in Treas. Reg. 1.409A i(n)(2) that (a) is payable no later than the last day of the second year following the year in which the separation of service occurs, and (b) does not exceed two times the lesser of (i) the Employee’s annualized compensation for the year prior to the year in which the separation from services occurs, or (ii) the dollar limit described in Section 401 (a)(17) of the Code. To the extent Termination Compensation payable in monthly installments under this Section 4 is required to be deferred under the preceding sentence, the first six months of monthly installments shall be payable in month seven following Employee’s separation from service and the remaining monthly payments shall be made when otherwise scheduled.