Common use of Six-Month Delay Rule Clause in Contracts

Six-Month Delay Rule. The “six-month delay rule” will apply to 409A Restricted Stock Units if the following four conditions exist: 1. The Participant has a separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)); 2. A payment is triggered by the separation from service (but not due to death); 3. The Participant is a “specified employee” under Code Section 409A; and 4. The payment in settlement of the Restricted Stock Units would otherwise occur within six months after the separation from service. If the six-month delay rule applies, payment in settlement of the Restricted Stock Units shall instead be made on the first business day after the date that is six months following the Participant's separation from service (or death, if earlier), with interest from the date such payment would otherwise have been made at the short-term applicable federal rate, compounded semi-annually, as determined under Section 1274 of the Code, for the month in which payment would have been made but for the delay in payment. During the six-month delay period, accelerated payment will be permitted in the event of the Participant’s death and for no other reason (including no acceleration upon a Change of Control) except to the extent permitted under Code Section 409A.

Six-Month Delay Rule. The “six-month delay rule” will apply to 409A Restricted Stock Units if the following four conditions exist: 1. The Participant has a separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)); 2. A payment is triggered by the separation from service (but not due to death); 3. The Participant is a “specified employee” under Code Section 409A; and 4. The payment in settlement of the Restricted Stock Units would otherwise occur within six months after the separation from service. If the six-month delay rule applies, payment in settlement of the Restricted Stock Units shall instead be made on the first business day after the date that is six months following the Participant's separation from service (or death, if earlier), with interest from the date such payment would otherwise have been made at the short-term applicable federal rate, compounded semi-annually, as determined under Section 1274 of the Code, for the month in which payment would have been made but for the delay in payment. During the six-month delay period, accelerated payment will be permitted in the event of the Participant’s death and for no other reason (including no acceleration upon a Change of ControlControl or Fundamental Transaction) except to the extent permitted under Code Section 409A.

Six-Month Delay Rule. The “six-month delay rule” will apply to 409A Restricted Stock the Performance Share Units if the following four conditions exist: 1. The Participant has a separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)); 2. A payment is triggered by the separation from service (but not due to death); 3. The Participant is a “specified employee” under Code Section 409A; and 4. The payment in settlement of the Restricted Stock Performance Share Units would otherwise occur within six months after the separation from service. If the six-month delay rule applies, payment in settlement of the Restricted Stock Performance Share Units shall instead be made occur on the first business day after the date that is six months following the Participant's ’s separation from service (or death, if earlier), with interest from the date such payment would otherwise have been made at the short-term applicable federal rate, compounded semi-annually, as determined under Section 1274 of the Code, for the month in which payment would have been made but for the delay in payment. During the six-month delay period, accelerated payment will be permitted in the event of the Participant’s death and for no other reason (including no acceleration upon a Change of Control) except to the extent permitted under Code Section 409A.

Six-Month Delay Rule. The “six-month delay rule” will apply to 409A Restricted Stock Units the RSUs, if the following four conditions exist: (1. ) The Participant has a separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)); (2. ) A payment is triggered by the separation from service (but not due to death); (3. ) The Participant is a “specified employee” under Code Section 409A409A of the Code; and (4. ) The payment in settlement of the Restricted Stock Units RSUs would otherwise occur within six months after the separation from service. If the six-month delay rule applies, payment in settlement of the Restricted Stock Units RSUs shall instead be made on the first business day after the date that is six months following the Participant's separation from service (or death, if earlier), with interest from the date such payment would otherwise have been made at the short-term applicable federal rate, compounded semi-annually, as determined under Section 1274 of the Code, for the month in which payment would have been made but for the delay in payment. During the six-month delay period, accelerated payment will be permitted in the event of the Participant’s death and for no other reason (including no acceleration upon a Change of in Control) except to the extent permitted under Code Section 409A.409A of the Code.

Six-Month Delay Rule. The “six-month delay rule” will apply to 409A Restricted Stock Units 000X XXXx if the following four conditions exist: 1. The Participant has a separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)); 2. A payment is triggered by the separation from service (but not due to death); 3. The Participant is a “specified employee” under Code Section 409A; and 4. The payment in settlement of the Restricted Stock Units 000X XXXx would otherwise occur within six months after the separation from service. If the six-month delay rule applies, payment in settlement of the Restricted Stock Units 000X XXXx shall instead be made occur on the first business day after the date that is six months following the Participant's ’s separation from service (or death, if earlier), with interest from the date such payment would otherwise have been made at the short-term applicable federal rate, compounded semi-annually, as determined under Section 1274 of the Code, for the month in which payment would have been made but for the delay in payment. During the six-month delay period, accelerated payment will be permitted in the event of the Participant’s death and for no other reason (including no acceleration upon a Change of Control) except to the extent permitted under Code Section 409A.