Common use of Payment Limitation Clause in Contracts

Payment Limitation. If the Executive is a “specified employee” (as such phrase is defined in Treas. Reg. § 1.409A-1(i) (“Specified Employee”) on the Termination Date, (a) the Executive shall receive payment of any lump sum amounts described in Section 1.1(b), Section 1.1(c), Section 1.1(d), Section 1.2(b), Section 1.2(c) and Section 1.2(d) on the first day of the seventh month following the Termination Date, and (b), to the extent an annuity is payable to Executive under Section 1.1(c) or 1.2(c), or a benefit is scheduled to commence or be paid pursuant to Section 1.3(b), the commencement date of such benefit shall be deferred until the first day of the seventh month following the Termination Date. To the extent an amount is deferred under this Section 1.5, until the first business day of the seventh month following the Termination Date, the payments to which the Executive would otherwise be entitled during the first six months following the Termination Date shall be accumulated and paid to the Executive on the first business day of such seventh month and such amount shall be credited with interest or earnings as provided for under the relevant underlying plan. If there is no underlying plan or if the underlying plan does not provide for interest or earnings on deferral amounts, then the amount deferred under this Section 1.5 shall be credited with interest at the applicable federal rate determined under Section 1274 of the Code. If the Executive is not a Specified Employee on the Termination Date, (i) the Executive shall receive payment of the lump sum amounts described in Section 1.1(b), Section 1.1(c), Section 1.1(d), Section 1.2(b), Section 1.2(c) and Section 1.2(d) on the 60th day following the Termination Date and (ii) the annuity payments provided to the Executive under Section 1.1(c) or Section 1.2(c) shall commence on the 60th day following the Termination Date.

Payment Limitation. If the Executive is a “specified employee” (as such phrase is defined in Treas. Reg. § §1.409A-1(i) (“Specified Employee”) on the Termination Datetermination date of employment, (a) the Executive shall receive payment of any lump sum amounts described in this Section 1.1(b), Section 1.1(c), Section 1.1(d), Section 1.2(b), Section 1.2(c) and Section 1.2(d) 10 on the first day of the seventh month following the Termination Datesuch termination date, and (b), ) to the extent an annuity is payable to Executive under Section 1.1(c) or 1.2(c)10, or a benefit is scheduled to commence or be paid pursuant to Section 1.3(b)10, the commencement date of such benefit shall be deferred until the first day of the seventh month following the Termination Datesuch termination date of employment. To the extent an amount is deferred under this Section 1.5, until the first business day of the seventh month following the Termination Date, the The payments to which the Executive would otherwise be entitled during the first six months following the Termination Date such termination date shall be accumulated and paid to the Executive on the first business day of such seventh month and such amount shall be credited with interest or earnings as provided for under the relevant underlying plan. If there is no underlying plan or if the underlying plan does not provide for interest or earnings on deferral amounts, then the amount deferred under this Section 1.5 10C shall be credited with interest at the applicable federal rate determined under Section 1274 of the Internal Revenue Code, then in effect. If the Executive is not a Specified Employee on the Termination Datesuch termination date, (i) the Executive shall receive payment of the lump sum amounts described in Section 1.1(b), Section 1.1(c), Section 1.1(d), Section 1.2(b), Section 1.2(c) and Section 1.2(d) 10 on the 60th day following the Termination Date such termination date and (ii) the annuity payments provided to the Executive under Section 1.1(c) or Section 1.2(c) 10 shall commence on the 60th day following the Termination Datesuch termination date.