Common use of Section 409A Specified Employee Clause in Contracts

Section 409A Specified Employee. If the Executive is a “specified employee” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, or any successor provision of law (the “Code”), to the extent required to comply with Section 409A of the Code, any payments required to be made pursuant to this Section 4 which are deferred compensation and subject to Section 409A of the Code (and do not qualify for an exemption thereunder) shall not commence until one day after the day which is six (6) months from the date of termination. Should this Section 4.9 result in a delay of payments to the Executive, on the first day any such payments may be made without incurring a penalty pursuant to Section 409A (the “409A Payment Date”), the Company shall begin to make such payments as described in this Section 4, provided that any amounts that would have been payable earlier but for application of this Section 4.9 shall be paid in lump-sum on the 409A Payment Date.