Common use of Six Month Suspension for Specified Key Employees Clause in Contracts

Six Month Suspension for Specified Key Employees. Notwithstanding the foregoing, if, at the time of his or her Termination of Employment, the Covered Employee is a Specified Employee and the Company determines that paying any amounts under Section 2(a), 2(b) and/or 3 at the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then, in addition to the conditions specified therein, no payment under this Agreement shall be made until the first day after the end of the six (6) month period following the Covered Employee’s Termination of Employment, or, if earlier, upon the Covered Employee’s death. If any such suspended payment is not made within ten (10) days of the end of such six month period, the Company will pay the Covered Employee interest, equal to the Applicable Federal Rate (AFR) determined under Code Section 1274(d) in effect for each month, from the date of Termination of Employment through the date of payment.

Six Month Suspension for Specified Key Employees. Notwithstanding the foregoing, if, at the time of his or her Termination of Employment, the Covered Employee is a Specified Employee and the Company determines that paying any amounts under Section 2(a), 2(b) and/or 3 at the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then, in addition to the conditions specified therein, no payment under this Agreement shall be made until the first day after the end of the six (6) month period following the Covered Employee’s Termination of Employment, or, if earlier, upon the Covered Employee’s death. If any such suspended payment is not made within ten (10) days of the end of such six month period, the Company will pay the Covered Employee interest, equal to the Applicable Federal Rate (“AFR”) determined under Code Section 1274(d) in effect for each month, from the date of Termination of Employment through the date of payment.