Common use of Six-Month Delay for Payments to Specified Employee Clause in Contracts

Six-Month Delay for Payments to Specified Employee. If Officer is a Specified Employee (as defined below) as of the date of his termination of employment under this Agreement, notwithstanding any other provision of this Agreement, any payment to Officer upon a termination of employment described in Sections 6(a), 6(c), 6(d), 6(e), 6(f), or 6(g) (including, without limitation, any payment under Section 8(c)) will be accumulated (the "Accumulated Amount") and Officer's right to receive payment or distribution of such Accumulated Amount will be delayed until the earlier of Officer's death or the first day of the seventh month following the Termination Date (the "Termination Payment Date"), whereupon the Accumulated Amount will be paid or distributed to Officer and the normal payment or distribution schedule for any remaining payments or distributions will resume. During the period during which the payment of the Accumulated Amount is delayed pursuant to Code Section 409A, such amount will be set aside in a "rabbi trust" (within the meaning of Internal Revenue Service Revenue Procedure 92-64) established by Employer for purposes of holding the funds constituting the Accumulated Amount. Such funds shall be invested in short-term United States Government obligations until the Termination Payment Date, and an amount equal to the interest earned on obligations held by the rabbi trust shall be paid to Officer on the Termination Payment Date or, if later, the date the Termination Payment is actually paid to Officer.

Six-Month Delay for Payments to Specified Employee. If Officer Executive is a Specified Employee (as defined below) as of the date of his termination of employment under this Agreement, notwithstanding any other provision of this Agreement, any payment to Officer upon Executive following a termination of employment described in Sections 6(a), 6(c), 6(d), 6(e), 6(f), Section 4(c) or 6(g) (including, without limitation, any payment under Section 8(c)4(e)(1) will be accumulated (the "“Accumulated Amount"”) and Officer's Executive’s right to receive payment or distribution of such Accumulated Amount will be delayed until the earlier of Officer's Executive’s death or the first day of the seventh month following the Termination Date Executive’s termination of employment (the "“Termination Payment Date"”), whereupon the Accumulated Amount will be paid or distributed to Officer Executive and the normal payment or distribution schedule for any remaining payments or distributions will resume. During the period during in which the payment of the Accumulated Amount is delayed pursuant to Code Section 409A, such amount the Accumulated Amount will be set aside in a "“rabbi trust" ” (within the meaning of Internal Revenue Service Revenue Procedure 92-64) established by Employer the Company for purposes of holding the funds constituting the Accumulated Amount. Such funds shall be invested in short-term United States U.S. Government obligations until the Termination Payment Date, and an amount equal to the interest earned on obligations held by the rabbi trust shall be paid to Officer Executive on the Termination Payment Date or, if later, the date the Termination Payment is actually paid to Officer.to

Six-Month Delay for Payments to Specified Employee. If Officer Xxxxxxxx is a Specified Employee (as defined below) as of the date of his termination of employment under this Agreement, notwithstanding any other provision of this Agreement, any payment to Officer upon Xxxxxxxx following a termination of employment described in Sections 6(aparagraph 7(b), 6(c), 6(d), 6(e), 6(f), or 6(gparagraph 7(c) (including, without limitation, any payment under Section 8(c)and paragraph 7(f) will be accumulated (the "“Accumulated Amount"”) and Officer's Xxxxxxxx’x right to receive payment or distribution of such Accumulated Amount will be delayed until the earlier of Officer's Xxxxxxxx’x death or the first day of the seventh month following the Termination Date Xxxxxxxx’x termination of employment (the "“Termination Payment Date"”), whereupon the Accumulated Amount will be paid or distributed to Officer Xxxxxxxx and the normal payment or distribution schedule for any remaining payments or distributions will resume. During the period during which the payment of the Accumulated Amount is delayed pursuant to Code Section 409A, such amount will be set aside in a "“rabbi trust" ” (within the meaning of Internal Revenue Service Revenue Procedure 92-64) established by Employer the Company for purposes of holding the funds constituting the Accumulated Amount. Such funds shall be invested in short-term United States U.S. Government obligations until the Termination Payment Date, and an amount equal to the interest earned on obligations held by the rabbi trust shall be paid to Officer Xxxxxxxx on the Termination Payment Date or, if later, the date the Termination Payment is actually paid to OfficerXxxxxxxx.