Common use of Delaying Payment Clause in Contracts

Delaying Payment. Notwithstanding the foregoing, if Employee is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) as of the date of his separation from service, then payment of any amounts under the Agreement shall be deferred for six months after the date of his separation from service to the extent required by Section 409A of the Code.

Delaying Payment. Notwithstanding the foregoing, if Employee is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended amended, (the “Code”) as of the date of his separation from service, then payment of any amounts under the Agreement payable under Section 2(c) shall be deferred for six (6) months after the date of his separation from service to the extent required by Section 409A of the Code.

Delaying Payment. Notwithstanding the foregoing, if Employee is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) as of the date of his separation from service, then payment of any amounts under the Agreement shall be deferred for six (6) months after the date of his separation from service to the extent required by Section 409A of the Code.