Common use of Payments to Specified Employee Clause in Contracts

Payments to Specified Employee. If Employee is a “specified employee” (as defined in section 409A(a)(2)(B)(i) of the Internal Revenue Code (the “Code”) (hereinafter a “Specified Employee”)) at the time Employee is eligible to be paid any amounts under Section 3(b)(i)(A) and (B), such payment(s) shall be made as follows: (i) That portion of the total amount to be paid to Employee which does not exceed two times the lesser of (A) and (B), below, shall be paid in equal installments in accordance with Company’s regular salary payment practices over the Severance Period — (A) The sum of Employee’s annualized compensation based upon the annual rate of pay for services provided to Company for Company’s taxable year preceding Employee’s taxable year in which Employee has a separation from service with Company (adjusted for any increase during that year that was expected to continue indefinitely if Employee had not terminated employment); or (B) The maximum amount that may be taken into account under a qualified plan pursuant to section 401(a)(17) for the year of Employee’s termination of employment. (ii) That portion which exceeds the amount that may be paid under Section 3(h)(i) above shall be paid in equal installments in accordance with Company’s regular salary payment practices over the Severance Period except that no payments shall be made during the first six months following Employee’s termination of employment and each such payment which otherwise would have been made during such initial six-month time period shall be held in arrears by Company until the first day after six months following Employee’s termination of employment, at which time all amounts held in arrears shall be paid in a lump sum and the remaining 18 months of severance pay shall be paid in equal installments in accordance with Company’s regular salary payment practices over the remainder of the Severance Period.

Payments to Specified Employee. If Employee is a “specified employee” (as defined in section 409A(a)(2)(B)(i) of the Internal Revenue Code (the “Code”) (hereinafter a “Specified Employee”)) at the time Employee is eligible to be paid any amounts under Section 3(b)(i)(A7(b)(i)(A) and (B), such payment(s) shall be made as follows: (i) That portion of the total amount to be paid to Employee which does not exceed two times the lesser of (A) and (B), below, shall be paid in equal installments in accordance with CompanyEmployer’s regular salary payment practices over the Severance Period — (A) The sum of Employee’s annualized compensation based upon the annual rate of pay for services provided to Company Employer for CompanyEmployee’s taxable year preceding Employee’s taxable year in which Employee has a separation from service with Company Employer (adjusted for any increase during that year that was expected to continue indefinitely if Employee had not terminated employment); or (B) The maximum amount that may be taken into account under a qualified plan pursuant to Code section 401(a)(17) for the year of Employee’s termination of employment. (ii) That portion which exceeds the amount that may be paid under Section 3(h)(i7(h)(i) above shall be paid in equal installments in accordance with CompanyEmployer’s regular salary payment practices over the Severance Period except that no payments shall be made during the first six months following Employee’s termination of employment and each such payment which otherwise would have been made during such initial six-month time period shall be held in arrears by Company Employer until the first day after six months following Employee’s termination of employment, at which time all amounts held in arrears shall be paid in a lump sum and the remaining 18 months of severance pay shall be paid in equal installments in accordance with CompanyEmployer’s regular salary payment practices over the remainder of the Severance Period.

Payments to Specified Employee. If Employee is a “specified employee” (as defined in section 409A(a)(2)(B)(i) of the Internal Revenue Code (the “Code”) (hereinafter a “Specified Employee”)) at the time Employee is eligible to be paid any amounts under Section 3(b)(i)(A7(b)(i)(A) and (B), such payment(s) shall be made as follows: (i) That portion of the total amount to be paid to Employee which does not exceed two times the lesser of (A) and (B), below, shall be paid in equal installments in accordance with CompanyEmployer’s regular salary payment practices over the Severance Period — (A) The sum of Employee’s annualized compensation based upon the annual rate of pay for services provided to Company Employer for CompanyEmployee’s taxable year preceding Employee’s taxable year in which Employee has a separation from service with Company Employer (adjusted for any increase during that year that was expected to continue indefinitely if Employee had not terminated employment); or (B) The maximum amount that may be taken into account under a qualified plan pursuant to Code section 401(a)(17) for the year of Employee’s termination of employment. (ii) That portion which exceeds the amount that may be paid under Section 3(h)(i7(h)(i) above shall be paid in equal installments in accordance with CompanyEmployer’s regular salary payment practices over the Severance Period except that no payments shall be made during the first six months following Employee’s termination of employment and each such payment which otherwise would have been made during such initial six-month time period shall be held in arrears by Company Employer until the first day after six months following Employee’s termination of employment, at which time all amounts held in arrears shall be paid in a lump sum and the remaining 18 six months of severance pay shall be paid in equal installments in accordance with CompanyEmployer’s regular salary payment practices over the remainder of the Severance Period.

Payments to Specified Employee. If Employee is a “specified employee” (as defined in section 409A(a)(2)(B)(i) of the Internal Revenue Code (the “Code”) (hereinafter a “Specified Employee”)) at the time Employee is eligible to be paid any amounts under Section 3(b)(i)(A7(b)(i)(A) and (B), such payment(s) shall be made as follows: (i) That portion of the total amount to be paid to Employee which does not exceed two times the lesser of (A) and (B), below, shall be paid in equal installments in accordance with CompanyEmployer’s regular salary payment practices over the Severance Period — (A) The sum of Employee’s annualized compensation based upon the annual rate of pay for services provided to Company Employer for CompanyEmployer’s taxable year preceding Employee’s taxable year in which Employee has a separation from service with Company Employer (adjusted for any increase during that year that was expected to continue indefinitely if Employee had not terminated employment); or (B) The maximum amount that may be taken into account under a qualified plan pursuant to section 401(a)(17) for the year of Employee’s termination of employment. (ii) That portion which exceeds the amount that may be paid under Section 3(h)(i7(h)(i) above shall be paid in equal installments in accordance with CompanyEmployer’s regular salary payment practices over the Severance Period except that no payments shall be made during the first six months following Employee’s termination of employment and each such payment which otherwise would have been made during such initial six-month time period shall be held in arrears by Company Employer until the first one day after six months following Employee’s termination of employment, at which time all amounts held in arrears shall be paid in a lump sum and the remaining 18 months of severance pay shall be paid in equal installments in accordance with CompanyEmployer’s regular salary payment practices over the remainder of the Severance Period.

Payments to Specified Employee. If Employee is a “"specified employee” " (as defined in Code section 409A(a)(2)(B)(i) of the Internal Revenue Code (the “Code”) (hereinafter a “"Specified Employee”")) at the time Employee is eligible to be paid any amounts under Section 3(b)(i)(A) and (B), such payment(s) shall be made as follows: (i) That portion of the total amount to be paid to Employee which does not exceed two times the lesser of (A) and (B), below, shall be paid in equal installments in accordance with Company’s 's regular salary payment practices over the Severance Period — (A) The sum of Employee’s 's annualized compensation based upon the annual rate of pay for services provided to Company for Company’s 's taxable year preceding Employee’s 's taxable year in which Employee has a separation from service with Company (adjusted for any increase during that year that was expected to continue indefinitely if Employee had not terminated employment); or (B) The maximum amount that may be taken into account under a qualified plan pursuant to section 401(a)(17) for the year of Employee’s 's termination of employment. (ii) That portion which exceeds the amount that may be paid under Section 3(h)(i) above shall be paid in equal installments in accordance with Company’s 's regular salary payment practices over the Severance Period except that no payments shall be made during the first six months following Employee’s 's termination of employment and each such payment which otherwise would have been made during such initial six-month time period shall be held in arrears by Company until the first day after six months following Employee’s 's termination of employment, at which time all amounts held in arrears shall be paid in a lump sum and the remaining 18 months of severance pay shall be paid in equal installments in accordance with Company’s 's regular salary payment practices over the remainder of the Severance Period.