Common use of Required Delay Clause in Contracts

Required Delay. Notwithstanding any provision of this Agreement to the contrary, if, at the time the Executive's employment is terminated, the Executive is a "specified employee" within the meaning of Section 409A(a)(2)(B)(ii) of the Internal Revenue Code of 1986 (the "Code") and the regulations thereunder, then any payments under this Agreement to the Executive that constitute "nonqualified deferred compensation" within the meaning of Section 409A of the Code shall be delayed by a period of six months and (i) all payments that would have been made to the Executive during such six month period shall be made in a lump sum in the seventh month following the date of termination and (ii) all remaining payments shall commence in the seventh month following the date of termination.