Common use of Delayed Commencement Date Clause in Contracts

Delayed Commencement Date. Notwithstanding any provision to the contrary in this Agreement, no payment or benefit to which the Executive otherwise becomes entitled under this Section shall be made, paid or provided prior to the earlier of (i) the expiration of the six (6) month period measured from the date of the Executive’s “separation from service” with the Company (as such term is defined in Treasury Regulations issued under Code Section 409(A) or (ii) the date of the Executive’s death, if the Executive is deemed at the time of such separation from service to be a “key employee” within the meaning of that term under Code Section 416(i) and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Code Section 409A(a)(2). Upon the expiration of the applicable Code Section 409A(a)(2) deferral period, all payments and benefits deferred pursuant to this subparagraph (f), whether they would have otherwise been payable in a single sum or in installments in the absence of such deferral, shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Section 6 shall be paid or provided in accordance with the normal payment dates specified for them herein.

Delayed Commencement Date. Notwithstanding any provision to the contrary in this Agreement, no payment or benefit to which the Executive otherwise becomes entitled under this Section 6 shall be made, paid or provided prior to the earlier of (i) the expiration of the six (6) month period measured from the date of the Executive’s “separation from service” with the Company (as such term is defined in Treasury Regulations issued under Code Section 409(A409A) or (ii) the date of the Executive’s death, if the Executive is deemed at the time of such separation from service to be a “key employee” within the meaning of that term under Code Section 416(i) and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Code Section 409A(a)(2). Upon the expiration of the applicable Code Section 409A(a)(2) deferral period, all payments and benefits deferred pursuant to this subparagraph (f), whether they would have otherwise been payable in a single sum or in installments in the absence of such deferral, shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Section 6 shall be paid or provided in accordance with the normal payment dates specified for them herein.