Delay Due to Code Section 409A Sample Clauses

Delay Due to Code Section 409A. Notwithstanding any other provision of this Agreement to the contrary, the Company shall delay the payment of any benefits payable under this Agreement as required and to the extent necessary to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “specified employees” of certain publicly-traded companies) and in such event, any such amount to which Executive would otherwise be entitled during the six (6) month period immediately following his termination of employment shall instead be accumulated through and paid or provided, together with interest at the long-term applicable federal rate (annual compounding) under Section 1274(d) of the Code in effect on his termination of employment, on the first business day following the expiration of such six (6) month period, or if earlier, the date of his death; provided, however, that any amounts due to the Executive as a result of his termination of employment that can be paid in a manner consistent with Section 409A(a)(2)(B)(i) of the Code during such six (6) month period shall be paid to him as otherwise provided herein to the maximum extent permitted by Section 409A of the Code, its related Treasury regulations (including, without limitation, Section 1.409A-1(b)(9), relating to separation pay arrangements), and any official administrative guidance relating to Section 409A of the Code.