Common use of Payment Delay Clause in Contracts

Payment Delay. Notwithstanding anything in this Retention Agreement to the contrary, in the event the Executive becomes entitled to payments under this Retention Agreement that are not exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the Executive is determined to be a “specified employee” (as defined in Section 409A of the Code), to the extent necessary to comply with Section 409A of the Code, such payments will be made on the first business day following the six-month anniversary of the Executive’s “separation from service date” (as defined in Section 409A of the Code).