Common use of Delayed Payment Date Clause in Contracts

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 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 aid on the first regular payroll date following the date of the Officer’s death.