Delayed Payment Date Sample Clauses

Delayed Payment Date. Notwithstanding any provision to the contrary in this Agreement, if the Executive is deemed at the time to be a “specified employee” (determined in accordance with Code Section 409A and Treasury Regulation Section 1.409A-3(i)(2)) and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Section 409A(a)(2) of the Code, no payments or benefits to which the Executive otherwise becomes entitled under this Agreement and that are subject to Code Section 409A shall be made or provided to the Executive prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of the Executive’s “separation from service” (as such term is defined in Treasury Regulations issued under Code Section 409A) or (ii) the date of the Executive’s death. Upon the expiration of the applicable Code Section 409A(a)(2) deferral period referred to in the preceding sentence, all payments and benefits deferred pursuant to this Section 4(f) (whether they would have otherwise been payable in a single sum or in installments in the absence of such deferral) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. Whether the Executive is a “specified employee” shall be determined in accordance with written guidelines adopted by the Company for such purposes and consistent with the Treasury Regulations under Code Section 409A. 11. Section 6 of the Employment Agreement is amended by deleting the fifth sentence of that section and by adding the following new sentences in its place: The Company agrees to pay as incurred, to the full extent permitted by law, all legal fees and expenses (“Legal Costs”) which the Executive may reasonably incur during the Executive’s lifetime as a result of any contest by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement). Legal Costs will be paid within 30 days of when they are incurred and in no event later than the last day of the Executive’s taxable year next following the taxable year in which the Legal Costs were incurred. The Company will pay interest on the amount of any Legal Costs that are paid more th...

Delayed Payment Date. To the extent any amounts payable to Executive or on Executive’s behalf under this Agreement are deemed to be deferred compensation subject to the requirements of section 409A of the Code and the delay of such payments to Executive could avoid adverse tax treatment and even where the delay would avoid adverse tax treatment, the Company shall not delay the payment to Executive for such amounts and shall pay to Executive or on Executive’s behalf such amounts when required to be paid under this Agreement. The Company shall also pay to Executive an additional amount, if applicable, to cover the excise tax under section 409A of the Code that results from the failure to delay such payments, plus an additional amount to cover any income taxes thereon (plus interest and penalties) because of the failure to comply with such requirements and an additional amount to cover the Excise Tax on such amount so that on an after-tax basis Executive shall be in the same position as if there were no excise tax under section 409A of the Code assessed on such amounts.

Delayed Payment Date. Notwithstanding any provision to the contrary in this Agreement, if the Executive is deemed at the time to be a “key employee” within the meaning of that term under Section 416(i) of the Internal Revenue Code of 1986, as amended (the “Code”), and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Section 409A(a)(2) of the Code, no payments or benefits to which the Executive otherwise becomes entitled under this Agreement shall be made or provided to the Executive prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of the Executive’s “separation from service” (as such term is defined in Treasury Regulations issued under Section 409A of the Code) or (ii) the date of the Executive’s death. Upon the expiration of the applicable Code Section 409A(a)(2) deferral period referred to in the preceding sentence, all payments and benefits deferred pursuant to this Section 4(f) (whether they would have otherwise been payable in a single sum or in installments in the absence of such deferral) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

Delayed Payment Date. Notwithstanding anything contained herein to the contrary, if the Officer is a “specified employee” as defined in Code Section 409A with regard to the benefits hereunder, as determined by OFC in its sole discretion, and delayed payment is necessary to avoid the imposition of taxes on the Officer under Code Section 409A, such payments or benefits that would otherwise have been paid hereunder before the date that is six (6) months plus one day after the date of the Officer’s termination of employment (“Delayed Payment Date”) shall not be made before the Delayed Payment Date and shall be paid by the Company on the first regular payroll date following the Delayed Payment Date; however, in the event of the Officer’s death, the delayed payment shall be paid on the first regular payroll date following the date of the Officer’s death.

Delayed Payment Date. Notwithstanding any provision to the contrary in this Agreement, IF the Disqualified Individual is deemed at the time of his or her termination of employment to be a "key employee" within the meaning of that term under Code Section 416(i) (as used for purposes of defining a "specified employee" under Section 409A of the Code) AND delayed payment of an amount that is payable to or on behalf of the Disqualified Individual in connection with termination of employment is required in order to avoid a prohibited distribution under Section 409A(a)(2) of the Code, no such amount shall be provided to or paid on behalf of the Disqualified Individual prior to the EARLIER of (i) the expiration of the six (6)-month period measured from the date of the Disqualified Individual's "separation from service" (as such term is defined in Treasury Regulations issued under Code Section 409A) or (ii) the date of the Disqualified Individual's death. Upon the expiration of the applicable Code Section 409A(a)(2) delay period referred to in the preceding sentence, all amounts delayed pursuant to this Section 4 shall be promptly paid to or on behalf of the Disqualified Individual in a lump sum, and any remaining payments due under this Agreement shall be paid or provided in accordance with the terms hereof.