Certain Delayed Payments Clause Samples

Certain Delayed Payments. If any amount to be paid to Officer pursuant to this Section 6 as a result of Officer’s termination of employment is “deferred compensation” subject to Section 409A of the Code and the rules and regulations thereunder and if the Officer is a “Specified Employee” (as defined under Section 409A) as of the date of Officer’s termination of employment hereunder, then, to the extent necessary to avoid the imposition of excise taxes or other penalties under Section 409A of the Code, the payment of benefits, if any, scheduled to be paid by the Employer to Officer hereunder during the first six (6) month period following the date of a termination of employment hereunder shall not be paid until the date which is the first business day following the six-month anniversary of Officer’s termination of employment for any reason other than death. Any deferred compensation payments delayed in accordance with the terms of this paragraph shall be paid in a lump sum when paid.

Certain Delayed Payments. Notwithstanding any provision of this Agreement to the contrary, if the payment of any amount or benefit under this Agreement would be subject to additional taxes and interest under Section 409A of the Code because the timing of such payment is not delayed as provided in Section 409A(a)(2)(B)(i) of the Code and the regulations thereunder, then any such payment or benefit that Executive would otherwise be entitled to during the first six months following the date of Executive’s termination of employment shall be accumulated and paid or provided, as applicable, on the date that is six months after the date of Executive’s termination of employment (or if such date does not fall on a business day of Company, the next following business day of Company), or such earlier date upon which such amount can be paid or provided under Section 409A of the Code without being subject to such additional taxes and interest. If the provisions of the preceding sentence become applicable such that the payment of any amount is delayed, any payments that are so delayed shall accrue interest on a non-compounded basis, from the date of Executive’s termination of employment to the actual date of payment, at the prime or base rate of interest announced by JPMorgan Chase Bank (or any successor thereto) at its principal office in New York on the date of such termination (or the first business day following such date if such termination does not occur on a business day) and shall be paid in a lump sum on the actual date of payment of the delayed payment amount. Executive hereby agrees to be bound by Company’s determination of its “specified employees” (as such term is defined in Section 409A of the Code) in accordance with any of the methods permitted under the regulations issued under Section 409A of the Code.

Certain Delayed Payments. Notwithstanding the foregoing, to the extent an amount was intended to be paid such that it would have qualified as a short-term deferral under Section 409A, then such payment may be delayed without causing such amount to be subject to Section 409A if the requirements of Treas. Reg. § 1.409A-1(b)(4)(ii) are met.

Certain Delayed Payments. (1) Notwithstanding anything to the contrary contained herein, if the Executive is a “specified employee” for purposes of Section 409A of the Code and regulations and other interpretive guidance issued thereunder (“Section 409A”), any payments required to be made pursuant to Sections 2(a)(2), (3) or (4), or pursuant to Sections 2(b)(2), (3) or (5), shall not commence until one day after the day which is six (6) months after the Executive’s Termination Date (the “Delay Period”), with the first payment equaling the total of all payment that would have been paid during the Delay Period but for the application of Section 409A to such payments. (2) To the extent that benefits to be provided to the Executive pursuant to Sections 2(b)(4), (5), (6), (7), (8) and Section 4 of this Agreement are not (A) “disability pay,” “death benefit” plans or non-taxable medical benefits within the meaning of Treasury Regulation Section 1.409A-1(a)(5) or (B) other benefits not considered nonqualified deferred compensation under that regulation or Treasury Regulation Section 1.409A-1(b)(9)(v), such provision of benefits shall be delayed until the end of the Delay Period, unless the Executive’s termination occurs by reason of the Executive’s death. Notwithstanding the foregoing, to the extent that the previous sentence applies to the provision of any ongoing benefits that would not be required to be delayed if the premiums or costs thereof were paid by the Executive, the Executive shall pay the full premium or cost for such benefits during the Delay Period. The Corporation shall pay the Executive an amount equal to the amount of such premiums and costs paid by the Executive during the Delay Period within ten (10) days after the end of the Delay Period. (3) To the extent that any benefits to be provided to the Executive pursuant to Sections 2(b)(4), (5), (6), (7) and (8), Section 4 or any other section of this Agreement are considered nonqualified deferred compensation and are reimbursements subject to Treasury Regulation Section 1.409A-3(i)(1)(iv), then (i) the reimbursement of eligible expenses related to such benefits shall be made on or before the last day of the Executive’s taxable year following the Executive’s taxable year in which the expense was incurred and (ii) notwithstanding anything to the contrary in this Agreement or any plan providing for such benefits, the amount of expenses eligible for reimbursement during any taxable year of the Executive shall not affect the ex...

Certain Delayed Payments. For purchases pursuant to Section 3.1(b) (terminations for Cause and resignations without Good Reason): (i) if the date of termination occurs prior to the third anniversary of the Merger, then one-third of the purchase price of the purchased shares shall be paid within 15 days following each of the third, fourth and fifth anniversaries of the Merger; (ii) if the date of termination occurs on or after the third anniversary of the Merger and prior to the fourth anniversary of the Merger, then (x) two-thirds of the purchase price of the purchased shares shall be paid by the 15th day following such fourth anniversary and (y) one-third of the purchase price of the purchased shares shall be paid within 15 days following the fifth anniversary of the Merger; (iii) if the date of termination occurs on or after the fourth anniversary of the Merger and prior to the fifth anniversary of the Merger, then the purchase price of the purchased shares shall be paid by the 15th day following such fifth anniversary; and (iv) if the date of termination occurs on or after the fifth anniversary of the Merger, then the purchase price of the purchased shares shall be paid by the 15th day after the determination of the Fair Market Value of the shares to be purchased, but subject to the surrender of the certificates representing the purchased shares.

Certain Delayed Payments. If any payment or benefit hereunder constituting “nonqualified deferred compensation” subject to Section 409A would be subject to subsection (a)(2)(B)(i) of Section 409A (relating to payments made to “specified employees” of publicly-traded companies upon separation from service), any such payment or benefit to which the Consultant would otherwise be entitled during the six (6)-month period following the Consultant’s separation from service will instead be provided or paid without interest on the first business day following the expiration of such six (6)-month period, or if earlier, the date of the Consultant’s death.