Common use of Six-Month Distribution Delay Clause in Contracts

Six-Month Distribution Delay. Notwithstanding anything in this Agreement to the contrary, if the Executive is a “specified employee” (within the meaning of Section 409A of the Code and the Treasury Regulations promulgated thereunder and as determined under the Company’s policy for determining specified employees), on the Executive’s date of termination and the Executive is entitled to a payment and/or a benefit under this Agreement that is required to be delayed pursuant to Section 409A(a)(2)(B)(i) of the Code, then such payment or benefit, as the case may be, shall not be paid or provided (or begin to be paid or provided) until the first business day of the seventh month following the date of the Executive’s termination of employment (or, if earlier, the date of the Executive’s death). The first payment that can be made to the Executive following such postponement period shall include the cumulative amount of any payments or benefits that could not be paid or provided during such postponement period due to the application of Section 409A(a)(2)(B)(i) of the Code.

Six-Month Distribution Delay. Notwithstanding anything in this Agreement to the contrary, if If the Executive is a “specified employee,” (within the meaning of Section Code §409A of the Code and the Treasury Regulations promulgated thereunder and as determined under the Company’s Cxxxxxx’x policy for determining specified employees), on the Executive’s date Date of termination Termination, all payments and the Executive is entitled to a payment and/or a benefit benefits under this Agreement Section 7 (other than payments and benefits that is required to be delayed pursuant to Section 409A(a)(2)(B)(i) of the Code, then such payment or benefitare short-term deferrals, as the case may bedefined in Treasury Regulation §1.409A-1(b)(4), or that are treated as separation pay under Treasury Regulation §1.409A-1(b)(9)(iii) or §1.409A-1(b)(9)(v)) shall not be paid or provided (or begin commence to be paid or provided) until the first business day of after the seventh month date that is six (6) months following the date Date of the Executive’s termination of employment Termination (or, if earlier, the date of the Executive’s death). The payment made on the first payment business day after the date that can be made to is six (6) months following the Executive following such postponement period Date of Termination shall include the cumulative amount of any payments or benefits amounts that could not be paid or provided during such postponement period due to the application of Section 409A(a)(2)(B)(i) of the Codesix-month period.

Six-Month Distribution Delay. Notwithstanding anything in this Agreement to the contrary, if the Executive is a “specified employee” (within the meaning of Section 409A of the Code and the Treasury Regulations promulgated thereunder and as determined under the Company’s policy for determining specified employees), on the Executive’s date of termination of employment and the Executive is entitled to a payment and/or a benefit under this Agreement that is required to be delayed pursuant to Section 409A(a)(2)(B)(i) of the Code, then such payment or benefit, as the case may be, shall not be paid or provided (or begin to be paid or provided) until the first business day of the seventh month following the date of the Executive’s termination of employment (or, if earlier, the date of the Executive’s death). The first payment that can be made to the Executive following such postponement period shall include the cumulative amount of any payments or benefits that could not be paid or provided during such postponement period due to the application of Section 409A(a)(2)(B)(i) of the Code.