Common use of Delaying Payment Clause in Contracts

Delaying Payment. As set forth in Section 10 of the Agreement, the Award earned, vested and paid hereunder is a Short-Term Deferral and therefore not subject to the delayed payment provisions of Section 409A of the Internal Revenue Code of 1986, as amended (Code), and the regulations promulgated thereunder. Notwithstanding the foregoing, if Employee is a “specified employee” within the meaning of Section 409A of the Code as of the date of his separation from service, then payment of any amounts under the Agreement shall be deferred for six months after the date of his separation from service if it is determined that such delay is required by Section 409A of the Code.