Common use of Xxxxx of Payments Clause in Contracts

Xxxxx of Payments. Notwithstanding any other provision of this Agreement to the contrary, if the Employee is considered a "specified employee" for purposes of section 409A of the Code (as determined in accordance with the methodology established by the Corporation and the Bank as in effect on the date of termination), (i) any payment that constitutes nonqualified deferred compensation within the meaning of section 409A of the Code that is otherwise due to the Employee under this Agreement during the six-month period following his separation from service (as determined in accordance with section 409A of the Code) shall be accumulated and paid to Employee on the first business day of the seventh month following her separation from service (the "Delayed Payment Date") and (ii) in the event any equity compensation awards held by the Employee that vest upon termination of the Employee’s employment constitute nonqualified deferred compensation within the meaning of section 409A of the Code, the delivery of shares of common stock (or cash) as applicable in settlement of such award shall be made on the earliest permissible payment date (including the Delayed Payment Date) or event under section 409A on which the shares (or cash) would otherwise be delivered or paid. The Employee shall be entitled to interest on any delayed cash payments from the date of termination to the Delayed Payment Date at a rate equal to the applicable federal short-term rate in effect under Code section 1274(d) for the month in which the Employee’s separation from service occurs. If the Employee dies during the postponement period, the amounts and entitlements delayed on account of section 409A of the Code shall be paid to the person designated by the Employee in writing for this purpose, or in the absence of any such designation, to (i) her spouse if he survives her, or (ii) to her estate if her spouse does not survive her, on the first to occur of the Delayed Payment Date or 30 days after the date of the Employee’s death. The foregoing shall apply only to those payments required hereunder, if any, that do not qualify as short term deferrals or an exempt pay arrangement under section 409A.

Xxxxx of Payments. Notwithstanding any other provision of this Agreement to the contrary, if the Employee is considered a "specified employee" for purposes of section 409A of the Code (as determined in accordance with the methodology established by the Corporation and the Bank as in effect on the date of termination), (i) any payment that constitutes nonqualified deferred compensation within the meaning of section 409A of the Code that is otherwise due to the Employee under this Agreement during the six-month period following his separation from service (as determined in accordance with section 409A of the Code) shall be accumulated and paid to Employee on the first business day of the seventh month following her his separation from service (the "Delayed Payment Date") and (ii) in the event any equity compensation awards held by the Employee that vest upon termination of the Employee’s employment constitute nonqualified deferred compensation within the meaning of section 409A of the Code, the delivery of shares of common stock (or cash) as applicable in settlement of such award shall be made on the earliest permissible payment date (including the Delayed Payment Date) or event under section 409A on which the shares (or cash) would otherwise be delivered or paid. The Employee shall be entitled to interest on any delayed cash payments from the date of termination to the Delayed Payment Date at a rate equal to the applicable federal short-term rate in effect under Code section 1274(d) for the month in which the Employee’s separation from service occurs. If the Employee dies during the postponement period, the amounts and entitlements delayed on account of section 409A of the Code shall be paid to the person designated by the Employee in writing for this purpose, or in the absence of any such designation, to (i) her his spouse if he she survives herhim, or (ii) to her his estate if her his spouse does not survive herhim, on the first to occur of the Delayed Payment Date or 30 days after the date of the Employee’s death. The foregoing shall apply only to those payments required hereunder, if any, that do not qualify as short term deferrals or an exempt pay arrangement under section 409A.

Xxxxx of Payments. Notwithstanding Despite any other contrary provision of this Agreement to the contraryAgreement, if the Employee Xx. Xxxxxxxxx is considered a "“specified employee" ” for purposes of section Section 409A of the Code (as determined in accordance with the methodology established by the Corporation and the Bank Company as in effect on the date of termination), (ix) any payment that constitutes nonqualified deferred compensation within the meaning of section Section 409A of the Code that is otherwise due to the Employee Xx. Xxxxxxxxx under this Agreement during the six-month period following his separation from service (as determined in accordance with section Section 409A of the Code) shall will be accumulated and paid to Employee Xx. Xxxxxxxxx on the first business day of the seventh month following her his separation from service (the "“Delayed Payment Date"”) and (iiy) in the event any equity compensation awards held by the Employee Xx. Xxxxxxxxx that vest upon termination of the Employee’s Xx. Xxxxxxxxx’x employment constitute nonqualified deferred compensation within the meaning of section 409A of the CodeCode Section 409A, the delivery of shares of common stock (or cash) as applicable in settlement of such award awards shall be made on the earliest permissible payment date (including the Delayed Payment Date) or event under section Code Section 409A on which the shares (or cash) would otherwise be delivered or paid. The Employee shall Xx. Xxxxxxxxx will be entitled to interest on any delayed cash payments from the date of termination to the Delayed Payment Date at a rate equal to the applicable federal short-term rate in effect under Code section Section 1274(d) for the month in which the Employee’s Xxxxxxxxx’x separation from service occurs. If the Employee Xx. Xxxxxxxxx dies during the postponement period, the amounts and entitlements delayed on account of section Section 409A of the Code shall be paid to the person designated by the Employee in writing for this purpose, or in the absence personal representative of any such designation, to (i) her spouse if he survives her, or (ii) to her his estate if her spouse does not survive her, on the first to occur of the Delayed Payment Date or 30 days after the date of the Employee’s his death. The foregoing shall apply only to those payments required hereunder, if any, that do not qualify as short term deferrals or an exempt pay arrangement under section 409A..