Common use of Timing of Payment; Section 409A Clause in Contracts

Timing of Payment; Section 409A. The lump sum payments under Subparagraphs 5(d) and (f) shall be made at the time provided in this Subparagraph 5(i). If, at the time of separation from service, Executive is not a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) and the Treasury Regulations, the lump sum payable shall be paid on or before the 30th day after Executive separates from the service of Employer as defined in Section 409A(a)(2)(A) and the Treasury Regulations, and Employer, and not Executive, shall determine the date of payment. If, at the time of separation from service, Executive is a "specified employee," the lump sum shall be paid on the earliest date on which payment may be made under Code Section 409A(a)(2)(B)(i) (the six month delay rule for specified employees) after Executive separates from the service of Employer as defined in Code section 409A(a)(2)(A)(i) and the Treasury Regulations.