Common use of Specified Employee Limitation Clause in Contracts

Specified Employee Limitation. In the event that the stock of the Bank or of any affiliate of the Bank becomes tradable on an established securities market or otherwise, then, if the Executive is a Specified Employee, to the extent required under section 409A of the Code, any payment made hereunder following a Termination of Employment death shall be made no earlier than the date which is six (6) months after the Executive’s Termination of Employment date. For purposes of the preceding sentence, Specified Employee shall mean, with respect to the Bank or such affiliate, a “key employee” as defined in Code section 416(i) (without regard to paragraph (5) thereof).

Specified Employee Limitation. In the event that the stock of the Bank or of any affiliate of the Bank becomes tradable on an established securities market or otherwise, then, if the Executive is a Specified Employee, to the extent required under section 409A of the Code, any payment made hereunder following a Termination of Employment death shall be made no earlier than the date which is six (6) months after the Executive’s Termination of Employment date. For purposes of the preceding sentence, Specified Employee shall mean, with respect to the Bank or such affiliate, a “key employee” as defined in Code section 416(i4l6(i) (without regard to paragraph (5) thereof).