Specified Employee Delay. In the event Executive is a “specified employee” as defined in Code Section 409A, any payments under this Agreement due to a separation from service and subject to Code Section 409A shall be delayed until a date that is six (6) months after the date of separation from service (or, if earlier, the date of death of Executive). Payments to which a “specified employee” would otherwise be entitled during the first six (6) months following the date of separation shall be accumulated and paid as of the first date of the seventh month following the date of separation from service. Interest shall be paid on any such delayed payment at the applicable federal rate under Code Section 7872(f)(2)(A).
Appears in 8 contracts
Samples: Executive Change of Control Agreement (State Auto Financial CORP), Executive Change of Control Agreement (State Auto Financial CORP), Executive Change of Control Agreement (State Auto Financial CORP)
Specified Employee Delay. In the event Executive is a “specified employee” as defined in Code Section 409A, any payments under this Agreement due to a separation from service and subject to Code Section 409A shall be delayed until a date that is six (6) months after the date of separation from service (or, if earlier, the date of death of Executive). Payments to which a “specified employee” would otherwise be entitled during the first six (6) months following the date of separation shall be accumulated and paid as of the first date of the seventh month following the date of separation from service. Interest shall be paid on any such delayed payment at the applicable federal rate under Code Section 7872(f)(2)(A).
Appears in 7 contracts
Samples: Executive Change of Control Agreement (State Auto Financial CORP), Executive Change of Control Agreement (State Auto Financial CORP), Executive Change of Control Agreement (State Auto Financial CORP)
Specified Employee Delay. In the event Executive is a “specified employee” as defined in Code Section 409A, any payments under this Agreement due to a separation from service and subject to Code Section 409A shall be delayed until a date that is six (6) months after the date of separation from service (or, if earlier, the date of death of Executive). Payments to which a “specified employee” would otherwise be entitled during the first six (6) months following the date of separation shall be accumulated 5 and paid as of the first date of the seventh month following the date of separation from service. Interest shall be paid on any such delayed payment at the applicable federal rate under Code Section 7872(f)(2)(A).. Article III
Appears in 1 contract
Samples: Control Agreement
