Common use of Payments Subject to Code Section 409A Clause in Contracts

Payments Subject to Code Section 409A. Notwithstanding anything herein to the contrary, if the Executive is designated as a “specified Executive” as defined in Code Section 409A and the regulations applicable thereto at the time any payment is due, any payments that would constitute “deferred compensation” under Code Section 409A will be paid on the 181” day following the Executive’s separation from service (as defined in Code Section 409A), and any delay in payment will accrue interest at the applicable federal short term rate as determined under Code Section 1274 in effect on the date payment was otherwise due.

Payments Subject to Code Section 409A. Notwithstanding anything herein to the contrary, if the Executive is designated as a “specified Executive” as defined in Code Section 409A and the regulations applicable thereto at the time any payment is due, any payments that would constitute “deferred compensation” under Code Section 409A will be paid on the 181” " day following the Executive’s separation from service (as defined in Code Section 409A), and any delay in payment will accrue interest at the applicable federal short term rate as determined under Code Section 1274 in effect on the date payment was otherwise due.

Payments Subject to Code Section 409A. Notwithstanding anything herein to the contrary, if the Executive is designated as a “specified Executiveemployee” as defined in Code Section 409A and the regulations applicable thereto at the time any payment is due, any payments that would constitute “deferred compensation” under Code Section 409A will be paid on the 181” 181st day following the Executive’s separation from service (as defined in Code Section 409A), and any delay in payment will accrue interest at the applicable federal short term rate as determined under Code Section 1274 in effect on the date payment was otherwise due.