Common use of Delay in Payment Clause in Contracts

Delay in Payment. Notwithstanding any provision in this Agreement to the contrary, but taking into account Treas. Reg. 1.409A-1(b)(9)(iii), any payment of nonqualified deferred compensation otherwise required to be made hereunder to Employee at any date as a result of the termination of Employee’s employment shall be delayed for such period of time as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code (the “Delay Period”). On the earliest date on which such payments can be made after the Delay Period, there shall be paid to the Employee, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence. Notwithstanding the foregoing, to the extent that the first sentence applies to the provision of any ongoing health and other insurance plan benefits, Employee shall pay the full cost for such health and other insurance plan benefits during the Delay Period and the Company shall pay Employee an amount equal to the amount of such premiums paid by Employee during the Delay Period within ten (10) days after the end of the Delay Period.

Delay in Payment. Notwithstanding any provision in this Agreement to the contrary, but taking into account Treas. Reg. 1.409A-1(b)(9)(iii1.409A-1(b) (9) (iii), any payment of nonqualified deferred compensation otherwise required to be made hereunder to Employee at any date as a result of the termination of Employee’s employment shall be delayed for such period of time as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code (the “Delay Period”). On the earliest date on which such payments can be made after the Delay Period, there shall be paid to the Employee, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence. Notwithstanding the foregoing, to the extent that the first sentence applies to the provision of any ongoing health and other insurance plan benefits, Employee shall pay the full cost for such health and other insurance plan benefits during the Delay Period and the Company shall pay Employee an amount equal to the amount of such premiums paid by Employee during the Delay Period within ten (10) days after the end of the Delay Period.