Common use of Month Delay for Specified Employees Clause in Contracts

Month Delay for Specified Employees. i. If the Participant is a “Specified Employee,” then no payment or benefit that is payable on account of the Participant’s “Separation from Service” shall be made before the date that is six months after the Participant’s “Separation from Service” (or, if earlier, the date of the 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 the Participant Recipient is a “Specified Employee,” then no payment or benefit that is payable on account of the ParticipantRecipient’s “Separation from Service” shall be made before the date that is six months after the ParticipantRecipient’s “Separation from Service” (or, if earlier, the date of the ParticipantRecipient’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.