Common use of Required Delay For Certain Deferred Compensation and Section 409A Clause in Contracts

Required Delay For Certain Deferred Compensation and Section 409A. In the event that any compensation with respect to Executive’s termination is “deferred compensation” within the meaning of Section 409A of the Code and the regulations promulgated thereunder (“Section 409A”), the shares of the Company, the OP or any affiliate is publicly traded on an established securities market or otherwise, and Executive is determined to be a “specified employee,” as defined in Section 409A(a)(2)(B)(i) of the Code, payment of such compensation shall be delayed as required by Section 409A. Such delay shall last six (6) months from the date of Executive’s termination, except in the event of Executive’s death. Within twenty (20) business days following the end of such six (6)-month period, or, if earlier, Executive’s death, the Company shall make a catch-up payment to Executive equal to the total amount of such payments that would have been made during the six (6)-month period but for this Section 4.4. Such catch-up payment shall bear simple interest at the prime rate of interest as published by the Wall Street Journal’s bank survey as of the first day of the six (6)-month period, which such interest shall be paid with the catch-up payment. Wherever payments under this Agreement are to be made in installments, each such installment shall be deemed to be a separate payment for purposes of Section 409A.

Required Delay For Certain Deferred Compensation and Section 409A. In the event that any compensation with respect to the Executive’s termination is “deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations promulgated thereunder (“Section 409A”), the shares stock of the CompanyCorporation, the OP Parent, or any affiliate is publicly traded on an established securities market or otherwise, and the Executive is determined to be a “specified employee,” as defined in Section 409A(a)(2)(B)(i) of the Code), payment of such compensation shall be delayed as required by Section 409A. Such delay shall last six (6) months from the date Date of Executive’s terminationTermination, except in the event even of the Executive’s death. Within twenty thirty (2030) business days following the end of such six (6)-month 6) month period, or, if earlier, the Executive’s death, the Company shall Corporation will make a catch-up payment to the Executive equal to the total amount of such payments that would have been made during the six (6)-month 6) month period but for this Section 4.4. Such catch-up payment shall bear simple interest at the prime rate of interest as published by the Wall Street Journal’s bank survey as of the first day of the six (6)-month period, which such interest shall be paid with the catch-up payment9(c). Wherever payments under this Agreement Section 9 are to be made in installments, each such installment shall be deemed to be a separate payment for purposes of Section 409A.