Common use of Additional Restriction on Distributions to Key Employees Clause in Contracts

Additional Restriction on Distributions to Key Employees. (a) Notwithstanding the provisions of this Agreement providing for payment of benefits upon termination of employment, if at the time a benefit would otherwise be payable, Executive is a “specified employee” [as defined below], and the payment provided for would be deferred compensation with the meaning of Code section 409A, the distribution of the Executive’s benefit may not be made until six months after the date of the Executive’s separation from service with the Company [as that term may be defined in Section 409A(a)(2)(A)(i) of the Code and relevant regulations], or, if earlier the date of death of the Executive. This requirement shall remain in effect only for periods in which the stock of the Company is publicly traded on an established securities market.

Additional Restriction on Distributions to Key Employees. (a) Notwithstanding the provisions of this Agreement providing for payment of benefits upon termination of employment, if at the time a benefit would otherwise be payable, Executive is a “specified employee” [(as defined below]), and the payment provided for would be deferred compensation with the meaning of Code section 409A, the distribution of the Executive’s benefit may not be made until six months after the date of the Executive’s separation from service with the Company [(as that term may be defined in Section 409A(a)(2)(A)(i) of the Code and relevant regulations]), or, if earlier the date of death of the Executive. This requirement shall remain in effect only for periods in which the stock of the Company is publicly traded on an established securities market.