Common use of Special Rules for Severance Payments Clause in Contracts

Special Rules for Severance Payments. In the case of severance payments under Section 5(b) or 5(c) (the “Severance Payments”) which constitute nonqualified deferred compensation subject to Code Section 409A, the term “termination of employment” or similar term shall mean a “separation from service” as defined in Treasury Regulation § 1.409A-1(h). If any of such Severance Payment is payable within six months after Executive's termination of employment and, at the time of such termination, Executive was a “specified employee” as defined in Treasury Regulation § 1.409A-1(i), such payment shall instead be paid at the date that is six months after Executive's termination of employment (or earlier at the date 15 days after the death of Executive).

Special Rules for Severance Payments. In the case of severance payments under Section 5(b) or 5(c) (the “Severance Payments”) which constitute nonqualified deferred compensation subject to Code Section 409A, the term “termination of employment” or similar term shall mean a “separation from service” as defined in Treasury Regulation § 1.409A-1(h). If any of such Severance Payment is payable within six months after Executive's ’s termination of employment and, at the time of such termination, Executive was a “specified employee” as defined in Treasury Regulation § 1.409A-1(i), such payment shall instead be paid at the date that is six months after Executive's ’s termination of employment (or earlier at the date 15 days after the death of Executive).