Specified Employee Postponement. Notwithstanding any contrary provision of this Agreement, if the Company or an affiliate is publicly traded on an established securities market (or otherwise) and the Executive is a “specified employee” (as defined below) and is entitled to receive a payment that is subject to Code Section 409A on account of his Separation from Service, such payment may not be made earlier than six months following the date of his Separation from Service if required by Code Section 409A and the regulations thereunder, in which case, the accumulated postponed amount shall be paid in a lump sum payment on the second day after the end of the six-month period. If the Executive dies during the postponement period prior to the payment of the postponed amount, the amounts withheld on account of Code Section 409A shall be paid to the personal representative of his estate within 30 days after the date of death. The determination of whether the Executive is a “specified employee” shall be made in accordance with Code Section 409A and the applicable regulations and other guidance thereunder using the default provisions in such regulations and other guidance unless another method permitted pursuant to such regulations and other guidance has been prescribed for such purpose by the Company.
Appears in 6 contracts
Samples: Employment Agreement (Armstrong Coal Company, Inc.), Employment Agreement (Armstrong Coal Company, Inc.), Employment Agreement (Armstrong Energy, Inc.)
