Common use of Delayed Payment Restriction Clause in Contracts

Delayed Payment Restriction. Notwithstanding any provision in this Agreement to the contrary, if any payment or benefit provided for herein would be subject to additional taxes and interest under Section 409A of the Code if Executive's receipt of such payment or benefit is not delayed until the Section 409A Payment Date, then such payment or benefit shall not be provided to Executive (or Executive's estate, if applicable) until the Section 409A Payment Date (and, at that time, Executive shall also receive interest thereon from the date such payment or benefit would have been provided in the absence of this paragraph until the date of receipt of such payment or benefit at the Aa Corporate Bond Rate (as defined in paragraph 3.5(vii), but determined as of the last day of the second month preceding the first day of the month coinciding with or next following the date of Executive's termination of employment)). Upon request of Executive, Company shall establish and fully fund (other than during any period in which such funding would result in adverse tax consequences to Executive pursuant to Section 409A(b)(3) of the Code) an irrevocable grantor ("rabbi") trust as described in the last sentence of paragraph 4.1 with respect to any amounts (plus interest thereon) required to be deferred in payment to Executive pursuant to the preceding sentence. This paragraph shall not apply to any payment or benefit otherwise described in the first sentence of this paragraph if another provision of this Agreement is intended to cause Executive's receipt of such payment or benefit to satisfy the requirements of Section 409A(a)(2)(B)(i) of the Code.

Delayed Payment Restriction. Notwithstanding any provision in this Agreement to the contrary, if employee is a Specified Employee (as defined in the Plan) and any payment or benefit provided for herein or pursuant to any other agreement or plan of the Company to which Employee is entitled to any payment or benefit would be subject to additional taxes and interest under Section 409A of the Code if Executive's Employee’s receipt of such payment or benefit is not delayed until the Section 409A Payment DateDate (as defined below), then such payment or benefit shall not be provided to Executive Employee (or Executive's Employee’s estate, if applicable) until the Section 409A Payment Date (and, at that time, Executive Employee shall also receive interest thereon from the date such payment or benefit would have been provided in the absence of this paragraph until the date of receipt of such payment or benefit at the Aa Corporate Bond Rate (short term applicable federal rate as defined in paragraph 3.5(vii), but determined effect as of the last day of the second month preceding the first day of the month coinciding with or next following the date of Executive's termination of employment)). Upon request of Executivedate; provided, Company shall establish and fully fund (other than during any period in which such funding would result in adverse tax consequences to Executive pursuant to Section 409A(b)(3) of the Code) an irrevocable grantor ("rabbi") trust as described in the last sentence of paragraph 4.1 however, that with respect to any amounts delayed payment of Employee’s Account Balance under the Plan, such Account Balance shall be credited with deemed investment income in accordance with the terms of the program and not interest under the terms of this Agreement). For purposes of this Agreement, “Section 409A Payment Date” shall mean the earlier of (plus interest thereon1) required the date of Employee’s death or (2) the date which is six months after the date of termination of Employee’s employment with the Company. Employee hereby agrees to be deferred bound by the Company’s determination of its Specified Employees in payment to Executive pursuant to accordance with the preceding sentence. This paragraph shall not apply to Plan and any payment or benefit otherwise described in of the first sentence of this paragraph if another provision of this Agreement is intended to cause Executive's receipt of such payment or benefit to satisfy the requirements of methods permitted under Section 409A(a)(2)(B)(i) 409A of the Code.