Six-Month Delayed Payment Clause Samples

Six-Month Delayed Payment. Notwithstanding anything in this Agreement to the contrary, the Company shall delay issuance of distribution or dividend amounts to the Recipient for a period of six months following the Recipient’s termination of employment to the extent any payment pursuant to this Agreement is considered a “deferred compensation” payment for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and such delayed payment is required to avoid excise taxes pursuant to Code Section 409A(a)(2)(B) because the Recipient is a “specified employee” as defined therein.