Common use of Delayed Payment Date Clause in Contracts

Delayed Payment Date. To the extent any amounts payable to Executive or on Executive’s behalf under this Agreement are deemed to be deferred compensation subject to the requirements of section 409A of the Code and the delay of such payments to Executive could avoid adverse tax treatment and even where the delay would avoid adverse tax treatment, the Company shall not delay the payment to Executive for such amounts and shall pay to Executive or on Executive’s behalf such amounts when required to be paid under this Agreement. The Company shall also pay to Executive an additional amount, if applicable, to cover the excise tax under section 409A of the Code that results from the failure to delay such payments, plus an additional amount to cover any income taxes thereon (plus interest and penalties) because of the failure to comply with such requirements and an additional amount to cover the Excise Tax on such amount so that on an after-tax basis Executive shall be in the same position as if there were no excise tax under section 409A of the Code assessed on such amounts.