Common use of Mandatory Deferral Rule Clause in Contracts

Mandatory Deferral Rule. Notwithstanding any other provision of this Agreement to the contrary, any payment that constitutes the deferral of compensation (within the meaning of Treasury Regulation Section 1.409A-1(b)) that is otherwise required to be made to the Executive prior to the day after the date that is six (6) months from the Executive’s Separation from Service shall be accumulated, deferred and paid in a lump sum to the Executive (with interest on the amount deferred from the Executive’s Separation from Service until the day prior to the actual payment at the federal short-term rate on the date of the Executive’s Separation from Service) on the day after the date that is six (6) months from the date of the Executive’s Separation from Service; provided, however, if Executive dies prior to the expiration of such six (6)-month period, payment to the Executive’s estate shall be made as soon as practicable following the Executive’s death.

Mandatory Deferral Rule. Notwithstanding any other provision of this Agreement to the contrary, any payment that constitutes the deferral of compensation (within the meaning of Treasury Regulation Section 1.409A-1(b)) that is otherwise required to be made to the Executive prior to the day after the date that is six (6) months from the Executive’s Date of Separation from Service shall be accumulated, deferred and paid in a lump sum to the Executive (with interest on the amount deferred from the Executive’s Date of Separation from Service until the day prior to the actual payment at the federal short-term rate on the date Date of the Executive’s Separation from Service) on the day after the date that is six (6) months from the date Date of the Executive’s Separation from Service; provided, however, if Executive dies prior to the expiration of such six (6)-month month period, payment to the Executive’s estate Beneficiary shall be made as soon as practicable following the Executive’s death.

Mandatory Deferral Rule. Notwithstanding any other provision of this Agreement to the contrary, any payment that constitutes the a deferral of compensation (within the meaning of Treasury Regulation Section 1.409A-1(b)) that is otherwise required to be made to the Executive prior to the day after the date that is six (6) months from the Executive’s Date of Separation from Service shall be accumulated, deferred and paid in a lump sum to the Executive (with interest on the amount deferred from the Executive’s Date of Separation from Service until the day prior to the actual payment date at the federal short-term rate on the date Date of the Executive’s Separation from Service) on the day after the date that is six (6) months from the date Date of the Executive’s Separation from Service; provided, however, if Executive dies prior to the expiration of such six (6)-month month period, payment to the Executive’s estate Beneficiary shall be made as soon as practicable following the Executive’s death.