Common use of Required Delay in Payment Clause in Contracts

Required Delay in Payment. If any Retention Bonus payments owed to the Employee pursuant to Section 3.2 are subject to the requirements of Treas. Reg. § 1.409A-3(i)(2) (or any successor provision) at the time of her separation from service under this Section 3.2, then notwithstanding Section 3.2.1 or any other provision of this Agreement, those payments that are otherwise due within six (6) months following the Employee’s separation from service will be deferred (without interest) and paid to the Employee in a lump sum immediately following that six-month period.

Required Delay in Payment. If any Retention Bonus payments owed to the Employee pursuant to Section 3.2 are subject to the requirements of Treas. Reg. § 1.409A-3(i)(2) (or any successor provision) at the time of her his separation from service under this Section 3.2, then notwithstanding Section 3.2.1 or any other provision of this Agreement, those payments that are otherwise due within six (6) months following the Employee’s separation from service will be deferred (without interest) and paid to the Employee in a lump sum immediately following that six-month period.