Common use of Delay of Payment due to Section 409A Clause in Contracts

Delay of Payment due to Section 409A. Notwithstanding Section 16.1, if a payment under an Award Agreement is subject to Section 409A and if the Change of Control definition contained in the Award Agreement does not comply with the definition of “change of control” for purposes of a distribution under Section 409A, then any payment of an amount that is otherwise accelerated under this Article shall be delayed until the earliest time that such payment would be Permissible under Section 409A.

Delay of Payment due to Section 409A. Notwithstanding Section 16.1, if a payment under an Award Agreement is subject to Section 409A and if the Change of Control definition contained in the Award Agreement does not comply with the definition of “change of control” for purposes of a distribution under Section 409A409A of the Code, then any payment of an amount that is otherwise accelerated under this Article shall be delayed until the earliest time that such payment would be Permissible under Section 409A.

Delay of Payment due to Section 409A. Notwithstanding anything in this Section 16.124 to the contrary, if a payment under an Award Agreement is subject to Code Section 409A and if the Change of in Control definition contained in the Award Agreement does not comply with the definition of “change of control” for purposes of a distribution under Code Section 409A, then any payment of an amount that is otherwise accelerated under this Article shall be delayed until the earliest time that such payment would be Permissible permissible under Code Section 409A without triggering any penalties applicable under Code Section 409A.