Common use of Month Delay for Specified Employees Clause in Contracts

Month Delay for Specified Employees. (i) If Employee is a “specified employee”, then no payment or benefit that is payable on account of Employee’s “separation from service”, as that term is defined for purposes of Section 409A, shall be made before the date that is six months after Employee’s “separation from service” (or, if earlier, the date of Employee’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A and such deferral is required to comply with the requirements of Section 409A. Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to catch up to the original payment schedule.

Month Delay for Specified Employees. (i) If Employee the Participant is a “specified employee”, then no payment or benefit that is payable on account of Employeethe Participant’s “separation from service”, as that term is defined for purposes of Section 409A, shall be made before the date that is six months after Employeethe Participant’s “separation from service” (or, if earlier, the date of Employeethe Participant’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A and such deferral is required to comply with the requirements of Section 409A. Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to catch up to the original payment schedule.

Month Delay for Specified Employees. (i) If Employee the Recipient is a “specified employee”, then no payment or benefit that is payable on account of Employeethe Recipient’s “separation from service”, as that term is defined for purposes of Section 409A409A of the Code, shall be made before the date that is six months after Employeethe Recipient’s “separation from service” (or, if earlier, the date of Employeethe Recipient’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A and such deferral is required to comply with the requirements of Section 409A. Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to catch up to the original payment schedule.

Month Delay for Specified Employees. (i) If Employee is a “specified employee”, ,” then no payment or benefit that is payable on account of Employee’s “separation from service”, ,” as that term is defined for purposes of Section 409A, shall be made before the date that is six months after Employee’s “separation from service” (or, if earlier, the date of Employee’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A and such deferral is required to comply with the requirements of Section 409A. Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to catch up to the original payment schedule.