Common use of Specified Employee Delay Clause in Contracts

Specified Employee Delay. In the event the Company determines that Employee is a “specified employee” within the meaning of Code Section 409A as of his or her Termination Date, then, notwithstanding any provision of this Agreement to the contrary, the Company shall postpone until the first business day of the seventh calendar month following Employee’s Termination Date (the “Delayed Payment Date”) any payment or benefit hereunder which is deemed on account of Employee’s separation from service and not otherwise permitted to be paid or furnished in accordance with the provisions of Code Section 409A or the guidance promulgated thereunder. Any payment made as of Employee’s Delayed Payment Date shall include the principal amount of all payments suspended between Employee’s Termination Date and such date.