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

Section 409A Delay in Payment. Notwithstanding any other provision of this Agreement to the contrary, if any payment hereunder (including any payment made pursuant to any of the Exhibits attached hereto) is subject to section 409A of the Code, if such payment is to be paid on account of Executive’s separation from service (within the meaning of section 409A of the Code) and if Executive is a specified employee (within the meaning of section 409A(a)(2)(B) of the Code), such payment shall be delayed until the first day of the seventh month following Executive’s separation from service (or, if later, the date on which such payment is otherwise to be paid under this Agreement). In the case of a series of payments, the first payment shall include the amounts Executive would have been entitled to receive during the six month waiting period. Any such determination shall be made in the reasonable judgment of the Company after consultation with Executive. For purposes of section 409A of the Code, each installment payment shall be considered a separate payment. To the extent that any installment payments may not be made during the six month period following Executive’s separation from service, such installment payments shall be made in a lump sum payment on the first day of the seventh month following Executive’s separation from service.