Common use of Specified Participant Clause in Contracts

Specified Participant. Notwithstanding any contrary Plan provision, any payment(s) that are required to be made under the Plan or this Agreement to a Specified Participant due to his or her Termination of Service (other than due to death) shall be accumulated during the first six (6) months following the Termination of Service and shall instead be paid on the payment date that immediately follows the end of such six-month period or as soon as administratively practicable thereafter, unless the Employee dies during such six (6) month period, in which case, the Restricted Stock Units will be paid to the Employee’s estate as soon as practicable following his or her death, subject to Section 8. It is the intent of this Agreement to comply with the requirements of Section 409A so that none of the Restricted Stock Units provided under this Agreement or Shares issuable thereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. For purposes of this Agreement, “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and any proposed, temporary or final Treasury Regulations and Internal Revenue Service guidance thereunder, as each may be amended from time to time.

Specified Participant. Notwithstanding any contrary Plan provision, any payment(s) that are required to be made under the Plan or this Agreement to a Specified Participant due to his or her Termination termination of Service service (other than due to death) shall be accumulated during the first six (6) months following the Termination termination of Service service and shall instead be paid on the payment date that immediately follows the end of such six-month period or as soon as administratively practicable thereafter, unless the Employee Director dies during such six (6) month period, in which case, the Restricted cash settlement of the Phantom Stock Units will be paid to the EmployeeDirector’s estate as soon as practicable following his or her death, subject to Section 86. It is the intent of this Agreement to comply with the requirements of Section 409A so that none of the Restricted Phantom Stock Units provided under this Agreement or Shares issuable thereunder the cash payable with respect thereto will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. For purposes of this Agreement, “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and any proposed, temporary or final Treasury Regulations and Internal Revenue Service guidance thereunder, as each may be amended from time to time.