Common use of Delay in Payment Clause in Contracts

Delay in Payment. Notwithstanding anything in the Agreement to the contrary, if Executive is deemed by ICO at the time of Executive’s “separation from service” with ICO to be a “specified employee,” any non-exempt deferred compensation which would otherwise be payable hereunder shall not be paid until the date which is the first business day following the six-month period after Executive’s separation from service (or if earlier, Executive’s death). Such delay in payment shall only be effected with respect to each separate payment of non-exempt deferred compensation to the extent required to avoid adverse tax treatment to Executive under Section 409A. Any payments or benefits not subject to such delay shall be paid pursuant to the time and form of payment specified above. Any compensation which would have otherwise been paid during the delay period shall be paid to Executive (or his beneficiary or estate) in a lump sum payment on the first business day following the expiration of the delay period.

Delay in Payment. Notwithstanding anything in the Agreement to the contrary, if Executive is deemed by ICO the Company at the time of Executive’s “separation from service” with ICO the Company to be a “specified employee,” any non-exempt deferred compensation which would otherwise be payable hereunder hereunder, shall not be paid until the date which is the first business day following the six-month period after Executive’s separation from service (or if earlier, Executive’s death). Such delay in payment shall only be effected with respect to each separate payment of non-exempt deferred compensation to the extent required to avoid adverse tax treatment to Executive under Section 409A. Any payments or benefits not subject to such delay delay, shall be paid pursuant to the time and form of payment specified above. Any compensation which would have otherwise been paid during the delay period shall be paid to Executive (or his beneficiary or estate) in a lump sum payment on the first business day following the expiration of the delay period.

Delay in Payment. Notwithstanding anything contained in the this Agreement to the contrary, if Executive is deemed by ICO the Company at the time of Executive’s “separation from service” with ICO the Company to be a “specified employee,” any non-exempt nonqualified deferred compensation to which would otherwise be payable hereunder Executive is entitled under the Agreement in connection with such separation from service shall not be paid or commence payment until the date which is the first business day following the six-six (6) month period after Executive’s separation from service (or if earlier, Executive’s death). Such delay in payment shall only be effected with respect to each separate payment of non-exempt deferred compensation to the extent required to avoid adverse tax treatment to Executive under Section 409A. Any payments or benefits not subject to such delay shall be paid pursuant to the time and form of payment specified above. Any compensation which would have otherwise been paid during the delay period in the absence of this Section 4(d) shall be paid to Executive (or his beneficiary or estate) in a lump sum payment on the first business day following the expiration of the delay period.

Delay in Payment. Notwithstanding anything in the this Agreement to the contrary, if Executive is deemed determined by ICO at the time of Executive’s “separation from service” with ICO Company (or its successor) to be a “specified employee,” any non-exempt and an amount payable under this Agreement is treated as deferred compensation which would otherwise be payable hereunder under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), such amount shall not be paid until the date which that is the first business day following the six-month period after Executive’s separation from service (or if earlier, Executive’s death). Such delay in payment shall only be effected with respect to each separate payment of non-exempt deferred compensation to the extent required to avoid adverse tax treatment to Executive under Section 409A. Any payments or benefits payment not subject to such delay delay, shall be paid pursuant to the time and form of payment specified above. Any compensation which that would have otherwise been paid during the delay period shall be paid to Executive (or his Executive’s beneficiary or estate) in a lump sum payment on the first business day following the expiration of the delay period.