Common use of Vesting of Stock Rights Clause in Contracts

Vesting of Stock Rights. Executive shall become immediately and totally vested in any and all Stock Rights outstanding as of the date of such termination of employment, and payment or settlement of such Stock Rights shall be made in accordance with the terms of the applicable award agreement and long-term incentive plan documents. Notwithstanding the time of payment provisions of Section 5.2 above, if Executive is a specified employee (as such term is defined in section 409A of the Code and as determined by the Employer in accordance with any method permitted under section 409A of the Code) and the payment of any amount described in such Section 5.2 would be subject to additional taxes and interest under section 409A of the Code because the timing of such payment is not delayed as provided in section 409A(a)(2)(B)(i) of the Code and the regulations thereunder, then such amount shall be paid within five business days after the Section 409A Payment Date.