Common use of Separation from Service Prior to Attainment of Age 55 Clause in Contracts

Separation from Service Prior to Attainment of Age 55. If the Employee should separate from service prior to his attainment of age fifty-five (55) for any reason other than death or on account of "Cause" as defined in subsection (c) below, the Employee shall be entitled to receive payment in a lump sum of the entire amount of his Deferred Compensation Account, including the same Interest Equivalent as described in subsection (a) above. If the Employee is a “specified employee” as that term is defined under Section 409A at the time of separation from service, payment under this subsection shall be made on the date which is six (6) months following the date payment would otherwise be made pursuant to the following sentence. If the Employee is not a “specified employee” at the time of separation from service, payment under this subsection shall be made on the third (3rd) day following separation from service.

Separation from Service Prior to Attainment of Age 55. If the Employee should separate from service prior to his her attainment of age fifty-five (55) for any reason other than death or on account of "Cause" as defined in subsection (c) below, the Employee shall be entitled to receive payment in a lump sum of the entire amount of his her Deferred Compensation Account, including the same Interest Equivalent as described in subsection (a) above. If the Employee is a “specified employee” as that term is defined under Section 409A at the time of separation from service, payment under this subsection shall be made on the date which is six (6) months following the date payment would otherwise be made pursuant to the following sentence. If the Employee is not a “specified employee” at the time of separation from service, payment under this subsection shall be made on the third (3rd) day following separation from service.

Separation from Service Prior to Attainment of Age 55. If the Employee should separate from service prior to his [her] attainment of age fifty-five (55) for any reason other than death or on account of "“Cause" ” as defined in subsection (c) below, the Employee shall be entitled to receive payment in a lump sum of the entire amount of his [her] Deferred Compensation Account, including the same Interest Equivalent as described in subsection (a) above. If the Employee is a “specified employee” as that term is defined under Section 409A at the time of separation from service, payment under this subsection shall be made on the date which is six (6) months following the date payment would otherwise be made pursuant to the following sentence. If the Employee is not a “specified employee” at the time of separation from service, payment under this subsection shall be made on the third (3rd) day following separation from service.

Separation from Service Prior to Attainment of Age 55. If the Employee should separate from service prior to his attainment of age fifty-five (55) for any reason other than death or on account of "Cause" as defined in subsection (c) below, the Employee shall be entitled to receive payment in a lump sum of the entire amount of his Deferred Compensation Account, including the same Interest Equivalent as described in subsection (a) above. If the Employee is a “"specified employee” " as that term is defined under Section 409A at the time of separation from service, payment under this subsection shall be made on the date which is six (6) months following the date payment would otherwise be made pursuant to the following sentence. If the Employee is not a “"specified employee” " at the time of separation from service, payment under this subsection shall be made on the third (3rd) day following separation from service.