Common use of Release Effective Date Clause in Contracts

Release Effective Date. To the extent that any payment or benefit provided for in this Agreement constitutes a “deferral of compensation” within the meaning of Section 409A of the Code, if the period from (y) the date of Executive’s Separation of Service to (z) the date on which Executive’s revocation rights would expire if Executive were to deliver the Separation Agreement to Employer on the 60th day following the Separation Date, begins in one calendar year and ends in the following calendar year: (i) Employer shall not pay Executive any Cash Change in Control Benefits, and the Accelerated Change in Control Benefits shall not vest or be settled, prior to Employer’s first payroll date of the calendar year following the year of the Separation Date, but in no event more than 90 days after the Separation Date, and (ii) Employer shall hold and accumulate the Cash Change in Control Benefits to which Section 4(c)(i) applies, without interest, and shall pay the Cash Change in Control Benefits, and the Accelerated Change in Control Benefits shall vest, on Employer’s first payroll date on the calendar year following the year of the Separation Date.