Common use of Specified Employee Delay Clause in Contracts

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 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 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.

Specified Employee Delay. In the event the Executive is a “specified employee” Specified Employee as defined in Code Section 409A409A of the Code, any payments under this Agreement due to a separation from service and subject to Code Section 409A of the Code shall be delayed until a date that is six months after the date of separation from service (or, if earlier, the date of death of Executivethe Specified Employee). Payments to which a “specified employee” Specified Employee would otherwise be entitled during the first six 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.

Specified Employee Delay. In the event Executive is a “specified employee” as defined in Code Section 409A409A of the Code, any payments under this Agreement due to a separation from service and subject to Code Section 409A of the Code shall be delayed until a date that is six 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 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.