Common use of Restriction on Timing of Distribution Clause in Contracts

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, distributions under this Agreement to an employee who is a “specified employee” under Section 409A of the Code at the date of their Separation from Service may not commence earlier than six (6) months after the date of a Separation from Service. In the event a distribution is delayed pursuant to this Section, the originally scheduled distribution shall be delayed for 6 months, and shall commence instead on the first day of the seventh month following Separation from Service. If payments are scheduled to be made in installments, the first six months of installment payments shall be delayed, aggregated, and paid instead on the first day of the seventh month, after which all installment payments shall be made on their regular schedule. If payment is scheduled to be made in a lump sum, the lump sum payment shall be delayed for six months and instead be made on the first day of the seventh month.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement Solely to the contraryextent necessary to comply with Section 409A of the Code, distributions under this Agreement to an employee who is a “specified employee” under Section 409A of the Code at the date of their Separation from Service may not commence earlier than six (6) months after the date of a Separation from Service. Service if, pursuant to Section 409A of the Code, the Director is considered a “specified employee.” In the event a distribution is delayed pursuant to this Section, the originally scheduled distribution shall be delayed for 6 six (6) months, and shall commence instead on the first day of the seventh month following Separation from Service. If payments are scheduled to be made in installments, the first six (6) months of installment payments shall be delayed, aggregated, and paid instead on the first day of the seventh month, after which all installment payments shall be made paid on their regular schedule. If payment is scheduled to be made paid in a lump sum, the lump sum payment shall be delayed for six months and paid instead be made on the first day of the seventh month.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, distributions under this Agreement to an employee who is a “specified employee” under Section 409A of the Code at the date of their Separation from Service may not commence earlier than six (6) months after the date of a Separation from Service. In the event a distribution is delayed pursuant to this Section, the originally scheduled distribution shall be delayed for 6 months, and shall commence instead on the first day of the seventh month following Separation from Service. If payments are scheduled to be made in installments, the first six months of installment payments shall be delayed, aggregated, and paid instead on the first day of the seventh month, after which all installment payments shall be made on their regular schedule. If payment is scheduled to be made in a lump sum, the lump sum payment shall be delayed for six months and instead be made on the first day of the seventh month.