{"component": "clause", "props": {"groups": [{"samples": [{"hash": "h8I7YG9pzRl", "uri": "/contracts/h8I7YG9pzRl#payment-delay", "label": "Employment Agreement (Meridian Corp)", "score": 30.2758388519, "published": true}, {"hash": "4oAXCmOcDBZ", "uri": "/contracts/4oAXCmOcDBZ#payment-delay", "label": "Employment Agreement (Meridian Corp)", "score": 30.245721817, "published": true}, {"hash": "eZcHMRGeE0H", "uri": "/contracts/eZcHMRGeE0H#payment-delay", "label": "Employment Agreement (Institutional Financial Markets, Inc.)", "score": 24.7125263214, "published": true}], "snippet": "Notwithstanding any provision to the contrary in this Agreement, if on the date of the Executive\u2019s termination of employment, the Executive is a \u201cspecified employee\u201d (as such term is defined in section 409A(a)(2)(B)(i) of the Code and its corresponding regulations) as determined by the Board (or its delegate) in its sole discretion in accordance with its \u201cspecified employee\u201d determination policy, then all cash severance payments payable to the Executive under this Agreement that are deemed as deferred compensation subject to the requirements of section 409A of the Code shall be postponed for a period of six months following the Executive\u2019s \u201cseparation from service\u201d with the Company (or any successor thereto). The postponed amounts shall be paid to the Executive in a lump sum within 30 days after the date that is 6 months following the Executive\u2019s \u201cseparation from service\u201d with the Company (or any successor thereto). If the Executive dies during such six-month period and prior to payment of the postponed cash amounts hereunder, the amounts delayed on account of section 409A of the Code shall be paid to the personal representative of the Executive\u2019s estate within 60 days after Executive\u2019s death. If any of the cash payments payable pursuant to this Agreement are delayed due to the requirements of section 409A of the Code, there shall be added to such payments interest during the deferral period at an annualized rate of interest equal to 5%.", "size": 51, "snippet_links": [{"key": "notwithstanding-any-provision", "type": "clause", "offset": [0, 29]}, {"key": "in-this-agreement", "type": "definition", "offset": [46, 63]}, {"key": "of-the-executive", "type": "clause", "offset": [80, 96]}, {"key": "termination-of-employment", "type": "definition", "offset": [99, 124]}, {"key": "specified-employee", "type": "definition", "offset": [146, 164]}, {"key": "defined-in-section", "type": "clause", "offset": [183, 201]}, {"key": "by-the-board", "type": "clause", "offset": [280, 292]}, {"key": "sole-discretion", "type": "clause", "offset": [318, 333]}, {"key": "in-accordance-with", "type": "definition", "offset": [334, 352]}, {"key": "cash-severance-payments", "type": "clause", "offset": [409, 432]}, {"key": "to-the-executive", "type": "clause", "offset": [441, 457]}, {"key": "deferred-compensation", "type": "clause", "offset": [498, 519]}, {"key": "the-requirements", "type": "clause", "offset": [531, 547]}, {"key": "section-409a-of-the-code", "type": "definition", "offset": [551, 575]}, {"key": "period-of", "type": "definition", "offset": [601, 610]}, {"key": "six-months", "type": "definition", "offset": [611, 621]}, {"key": "following-the", "type": "definition", "offset": [622, 635]}, {"key": "separation-from-service", "type": "clause", "offset": [649, 672]}, {"key": "the-company", "type": "definition", "offset": [679, 690]}, {"key": "lump-sum", "type": "definition", "offset": [777, 785]}, {"key": "days-after", "type": "definition", "offset": [796, 806]}, {"key": "prior-to", "type": "clause", "offset": [985, 993]}, {"key": "payment-of-the", "type": "clause", "offset": [994, 1008]}, {"key": "cash-amounts", "type": "definition", "offset": [1019, 1031]}, {"key": "personal-representative", "type": "clause", "offset": [1123, 1146]}, {"key": "cash-payments", "type": "clause", "offset": [1227, 1240]}, {"key": "pursuant-to-this-agreement", "type": "clause", "offset": [1249, 1275]}, {"key": "during-the-deferral-period", "type": "clause", "offset": [1388, 1414]}, {"key": "rate-of-interest", "type": "definition", "offset": [1432, 1448]}, {"key": "equal-to", "type": "definition", "offset": [1449, 1457]}], "hash": "3a24025b5b05d787183ef08e7900df3f", "id": 3}, {"samples": [{"hash": "j7yXy8DsxNT", "uri": "/contracts/j7yXy8DsxNT#payment-delay", "label": "Executive Employment Agreement", "score": 31.3408622742, "published": true}, {"hash": "hfZw5gzb8AZ", "uri": "/contracts/hfZw5gzb8AZ#payment-delay", "label": "Executive Employment Agreement (Solei Systems, Inc.)", "score": 30.8973312378, "published": true}, {"hash": "5Sp7LTuUonK", "uri": "/contracts/5Sp7LTuUonK#payment-delay", "label": "Executive Employment Agreement (Grow Condos, Inc.)", "score": 30.1362075806, "published": true}], "snippet": "To the maximum extent permitted under section 409A of the Code, the severance benefits payable under this Agreement are intended to comply with the \u201cshort-term deferral exception\u201d under Treas. Reg. \u00a71.409A-1(b)(4), and any remaining amount is intended to comply with the \u201cseparation pay exception\u201d under Treas. Reg. \u00a71.409A-1(b)(9)(iii); provided, however, any amount payable to Executive during the six (6) month period following Executive\u2019s Termination Date that does not qualify within either of the foregoing exceptions and constitutes deferred compensation subject to the requirements of section 409A of the Code, then such amount shall hereinafter be referred to as the \u201cExcess Amount.\u201d If at the time of Executive\u2019s separation from service, the Company\u2019s (or any entity required to be aggregated with the Company under section 409A of the Code) stock is publicly-traded on an established securities market or otherwise and Executive is a \u201cspecified employee\u201d (as defined in section 409A of the Code and determined in the sole discretion of the Company (or any successor thereto) in accordance with the Company\u2019s (or any successor thereto) \u201cspecified employee\u201d determination policy), then the Company shall postpone the commencement of the payment of the portion of the Excess Amount that is payable within the six (6) month period following Executive\u2019s Termination Date with the Company (or any successor thereto) for six (6) months following Executive\u2019s Termination Date with the Company (or any successor thereto). The delayed Excess Amount shall be paid in a lump sum to Executive within ten (10) days following the date that is six (6) months following Executive\u2019s Termination Date with the Company (or any successor thereto). If Executive dies during such six (6) month period and prior to the payment of the portion of the Excess Amount that is required to be delayed on account of section 409A of the Code, such Excess Amount shall be paid to the personal representative of Executive\u2019s estate within sixty (60) days after Executive\u2019s death.", "size": 106, "snippet_links": [{"key": "section-409a-of-the-code", "type": "definition", "offset": [38, 62]}, {"key": "severance-benefits-payable", "type": "clause", "offset": [68, 94]}, {"key": "this-agreement", "type": "clause", "offset": [101, 115]}, {"key": "comply-with-the", "type": "clause", "offset": [132, 147]}, {"key": "deferral-exception", "type": "definition", "offset": [160, 178]}, {"key": "remaining-amount", "type": "definition", "offset": [223, 239]}, {"key": "separation-pay", "type": "clause", "offset": [272, 286]}, {"key": "to-executive", "type": "definition", "offset": [376, 388]}, {"key": "following-executive", "type": "definition", "offset": [421, 440]}, {"key": "termination-date", "type": "clause", "offset": [443, 459]}, {"key": "the-foregoing", "type": "clause", "offset": [499, 512]}, {"key": "deferred-compensation", "type": "clause", "offset": [540, 561]}, {"key": "the-requirements", "type": "clause", "offset": [573, 589]}, {"key": "excess-amount", "type": "clause", "offset": [677, 690]}, {"key": "at-the-time", "type": "definition", "offset": [696, 707]}, {"key": "separation-from-service", "type": "clause", "offset": [723, 746]}, {"key": "established-securities-market", "type": "clause", "offset": [883, 912]}, {"key": "specified-employee", "type": "definition", "offset": [946, 964]}, {"key": "defined-in-section", "type": "clause", "offset": [970, 988]}, {"key": "discretion-of-the-company", "type": "clause", "offset": [1033, 1058]}, {"key": "in-accordance-with", "type": "definition", "offset": [1086, 1104]}, {"key": "the-company-shall", "type": "clause", "offset": [1195, 1212]}, {"key": "payment-of-the", "type": "clause", "offset": [1246, 1260]}, {"key": "the-excess", "type": "clause", "offset": [1272, 1282]}, {"key": "payable-within", "type": "definition", "offset": [1298, 1312]}, {"key": "lump-sum", "type": "definition", "offset": [1569, 1577]}, {"key": "following-the", "type": "definition", "offset": [1612, 1625]}, {"key": "prior-to-the", "type": "clause", "offset": [1793, 1805]}, {"key": "personal-representative", "type": "clause", "offset": [1961, 1984]}, {"key": "days-after", "type": "definition", "offset": [2025, 2035]}], "hash": "ba9639cd7e065f2699811e48dfa295e1", "id": 2}, {"samples": [{"hash": "7K2zdUMKnGG", "uri": "/contracts/7K2zdUMKnGG#payment-delay", "label": "Severance Protection Agreement (Broadstone Net Lease, Inc.)", "score": 34.3360710144, "published": true}, {"hash": "kuuFuXPeCtk", "uri": "/contracts/kuuFuXPeCtk#payment-delay", "label": "Employment Agreement (Broadstone Net Lease, Inc.)", "score": 31.0999317169, "published": true}, {"hash": "cW0WO4CRA1t", "uri": "/contracts/cW0WO4CRA1t#payment-delay", "label": "Employment Agreement (Broadstone Net Lease, Inc.)", "score": 31.0999317169, "published": true}], "snippet": "Notwithstanding any provision to the contrary in this Agreement, if on the date of Executive\u2019s termination of employment, Executive is a \u201cspecified employee\u201d (as such term is used in Section 409A), then any amounts payable to Executive that constitute deferred compensation for purposes of Section 409A that are payable due to Executive\u2019s termination of employment shall be postponed and paid (without interest) to Executive in a lump sum on the date that is six (6) months and one (1) day following Executive\u2019s \u201cseparation from service\u201d with the Company (or any successor thereto); provided, however, that if Executive dies during such six-month period and prior to payment of the postponed cash amounts hereunder, the amounts delayed on account of Section 409A shall be paid to the personal representative of Executive\u2019s estate on the sixtieth (60th) day after Executive\u2019s death.", "size": 27, "snippet_links": [{"key": "notwithstanding-any-provision", "type": "clause", "offset": [0, 29]}, {"key": "in-this-agreement", "type": "definition", "offset": [46, 63]}, {"key": "date-of", "type": "clause", "offset": [75, 82]}, {"key": "termination-of-employment", "type": "definition", "offset": [95, 120]}, {"key": "specified-employee", "type": "definition", "offset": [138, 156]}, {"key": "section-409a", "type": "definition", "offset": [183, 195]}, {"key": "to-executive", "type": "definition", "offset": [223, 235]}, {"key": "for-purposes-of-section", "type": "clause", "offset": [274, 297]}, {"key": "lump-sum", "type": "definition", "offset": [430, 438]}, {"key": "following-executive", "type": "definition", "offset": [490, 509]}, {"key": "separation-from-service", "type": "clause", "offset": [513, 536]}, {"key": "the-company", "type": "definition", "offset": [543, 554]}, {"key": "prior-to", "type": "clause", "offset": [658, 666]}, {"key": "payment-of-the", "type": "clause", "offset": [667, 681]}, {"key": "cash-amounts", "type": "definition", "offset": [692, 704]}, {"key": "personal-representative", "type": "clause", "offset": [784, 807]}], "hash": "c0cd8a8ce0e7b36fb4ec4fa314c83a78", "id": 5}, {"samples": [{"hash": "hSfnbqRwtDw", "uri": "/contracts/hSfnbqRwtDw#payment-delay", "label": "Employment Agreement (Antares Pharma, Inc.)", "score": 29.8459949493, "published": true}, {"hash": "7BhHDrFZRKk", "uri": "/contracts/7BhHDrFZRKk#payment-delay", "label": "Employment Agreement (Antares Pharma, Inc.)", "score": 27.8555774689, "published": true}, {"hash": "bsI45FF89vX", "uri": "/contracts/bsI45FF89vX#payment-delay", "label": "Employment Agreement (Antares Pharma, Inc.)", "score": 27.6036968231, "published": true}], "snippet": "Notwithstanding any provision in this Agreement to the contrary, if at the time of the Executive\u2019s separation from service with the Company, the Company has securities which are publicly traded on an established securities market and the Executive is a \u201cspecified employee\u201d (as defined in section 409A of the Code) and it is necessary to postpone the commencement of any severance payments otherwise payable pursuant to this Agreement as a result of such separation from service to prevent any accelerated or additional tax under section 409A of the Code, then the Company will postpone the commencement of the payment of any such payments hereunder (without any reduction in such payments ultimately paid or provided to the Executive) that are not otherwise exempt from section 409A of the Code, until the first payroll date that occurs after the date that is six (6) months following the Executive\u2019s separation from service with the Company. If any payments are postponed due to such requirements, such postponed amounts will be paid in a lump sum to the Executive on the first payroll date that occurs after the date that is six (6) months following the Executive\u2019s separation from service with the Company. If the Executive dies during the postponement period prior to the payment of the postponed amount, the amounts withheld on account of section 409A of the Code shall be paid to the personal representative of the Executive\u2019s estate within sixty (60) days after the date of the Executive\u2019s death.", "size": 27, "snippet_links": [{"key": "notwithstanding-any-provision", "type": "clause", "offset": [0, 29]}, {"key": "agreement-to", "type": "definition", "offset": [38, 50]}, {"key": "of-the-executive", "type": "clause", "offset": [80, 96]}, {"key": "service-with-the-company", "type": "clause", "offset": [115, 139]}, {"key": "the-company-has", "type": "clause", "offset": [141, 156]}, {"key": "publicly-traded", "type": "clause", "offset": [178, 193]}, {"key": "established-securities-market", "type": "clause", "offset": [200, 229]}, {"key": "specified-employee", "type": "definition", "offset": [254, 272]}, {"key": "section-409a-of-the-code", "type": "definition", "offset": [289, 313]}, {"key": "severance-payments", "type": "definition", "offset": [371, 389]}, {"key": "pursuant-to-this-agreement", "type": "clause", "offset": [408, 434]}, {"key": "additional-tax", "type": "definition", "offset": [509, 523]}, {"key": "the-company-will", "type": "clause", "offset": [561, 577]}, {"key": "the-payment", "type": "clause", "offset": [607, 618]}, {"key": "payments-hereunder", "type": "clause", "offset": [631, 649]}, {"key": "reduction-in", "type": "definition", "offset": [663, 675]}, {"key": "to-the-executive", "type": "clause", "offset": [718, 734]}, {"key": "payroll-date", "type": "definition", "offset": [813, 825]}, {"key": "following-the", "type": "definition", "offset": [876, 889]}, {"key": "lump-sum", "type": "definition", "offset": [1041, 1049]}, {"key": "postponement-period", "type": "definition", "offset": [1244, 1263]}, {"key": "prior-to-the", "type": "clause", "offset": [1264, 1276]}, {"key": "payment-of-the", "type": "clause", "offset": [1277, 1291]}, {"key": "amounts-withheld", "type": "clause", "offset": [1314, 1330]}, {"key": "personal-representative", "type": "clause", "offset": [1391, 1414]}, {"key": "days-after", "type": "definition", "offset": [1459, 1469]}, {"key": "date-of", "type": "clause", "offset": [1474, 1481]}], "hash": "f424dde3d887e49974af871963c14f2d", "id": 6}, {"samples": [{"hash": "5JtvdntQgWA", "uri": "/contracts/5JtvdntQgWA#payment-delay", "label": "Contract for Services", "score": 36.4551849365, "published": true}, {"hash": "1Wf2hHGsiCM", "uri": "/contracts/1Wf2hHGsiCM#payment-delay", "label": "Contract for Services", "score": 36.4538040161, "published": true}, {"hash": "lAW4ZqpPy49", "uri": "/contracts/lAW4ZqpPy49#payment-delay", "label": "Contract for Services", "score": 36.4455909729, "published": true}], "snippet": "Notwithstanding any other terms of this Agreement, no payments will be made to CONTRACTOR until COUNTY is satisfied that work of such value has been rendered pursuant to this Agreement. However, COUNTY will not unreasonably withhold payment and, if a dispute exists, the withheld payment shall be proportional only to the item in dispute.", "size": 209, "snippet_links": [{"key": "other-terms-of-this-agreement", "type": "clause", "offset": [20, 49]}, {"key": "no-payments", "type": "clause", "offset": [51, 62]}, {"key": "to-contractor", "type": "clause", "offset": [76, 89]}, {"key": "pursuant-to-this-agreement", "type": "clause", "offset": [158, 184]}, {"key": "withhold-payment", "type": "definition", "offset": [224, 240]}, {"key": "a-dispute", "type": "definition", "offset": [249, 258]}, {"key": "withheld-payment", "type": "clause", "offset": [271, 287]}, {"key": "in-dispute", "type": "definition", "offset": [327, 337]}], "hash": "15be2299ebb3318c141692d635defbe3", "id": 1}, {"samples": [{"hash": "jzFUOh6JiCg", "uri": "/contracts/jzFUOh6JiCg#payment-delay", "label": "Employment Agreement (FrontView REIT, Inc.)", "score": 36.4934959412, "published": true}, {"hash": "luX5Fnveau2", "uri": "/contracts/luX5Fnveau2#payment-delay", "label": "Employment Agreement (FrontView REIT, Inc.)", "score": 35.7652282715, "published": true}, {"hash": "aXJRUf3x4Fc", "uri": "/contracts/aXJRUf3x4Fc#payment-delay", "label": "Employment Agreement (FrontView REIT, Inc.)", "score": 35.7652282715, "published": true}], "snippet": "Notwithstanding any other provision of this Agreement, if any payment or benefit provided to Executive in connection with Executive\u2019s termination of employment is determined to constitute nonqualified deferred compensation within the meaning of Section 409A and Executive is determined to be a \u201cspecified employee\u201d as defined in Section 409A(a)(2)(b)(i) of the Code, then such payment or benefit shall not be paid until the first payroll date following the date that is six months following the Termination Date or, if earlier, on Executive\u2019s death (the \u201cSpecified Employee Payment Date\u201d). The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule.", "size": 10, "snippet_links": [{"key": "other-provision-of-this-agreement", "type": "clause", "offset": [20, 53]}, {"key": "to-executive", "type": "definition", "offset": [90, 102]}, {"key": "in-connection-with", "type": "clause", "offset": [103, 121]}, {"key": "termination-of-employment", "type": "definition", "offset": [134, 159]}, {"key": "nonqualified-deferred-compensation", "type": "clause", "offset": [188, 222]}, {"key": "meaning-of", "type": "definition", "offset": [234, 244]}, {"key": "section-409a", "type": "definition", "offset": [245, 257]}, {"key": "defined-in-section", "type": "clause", "offset": [318, 336]}, {"key": "the-code", "type": "clause", "offset": [357, 365]}, {"key": "payroll-date", "type": "definition", "offset": [430, 442]}, {"key": "six-months", "type": "definition", "offset": [470, 480]}, {"key": "following-the-termination-date", "type": "clause", "offset": [481, 511]}, {"key": "specified-employee-payment-date", "type": "definition", "offset": [555, 586]}, {"key": "lump-sum", "type": "definition", "offset": [731, 739]}, {"key": "payments-shall-be", "type": "clause", "offset": [809, 826]}, {"key": "without-delay", "type": "definition", "offset": [832, 845]}, {"key": "in-accordance-with", "type": "definition", "offset": [846, 864]}], "hash": "a1a5b10ff41272e9252a3103fc33375f", "id": 8}, {"samples": [{"hash": "9oDs9cZ58tx", "uri": "/contracts/9oDs9cZ58tx#payment-delay", "label": "Employment Agreement (Ralph Lauren Corp)", "score": 28.2443523407, "published": true}], "snippet": "If the Executive is deemed at the time of his termination of employment to be a \u201cspecified employee\u201d for purposes of Section 409A(a)(2)(B)(i) of the Code (as determined by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including, without limitation, Section 1.409A-1(i) of the Department of Treasury Regulations and any successor provision thereto)), to the extent delayed commencement of any portion of the termination benefits to which the Executive is entitled under this Agreement (or in accordance with an award granted to the Executive pursuant to the 2012 Agreement or the 2008 Agreement), including, without limitation, any portion of the additional compensation awarded pursuant to this Section 7, is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of the Executive\u2019s termination benefits shall not be provided to the Executive prior to the earlier of (I) the expiration of the six (6)-month period measured from the date of the Executive\u2019s \u201cseparation from service\u201d with the Company (as such term is defined in the Department of Treasury Regulations issued under Section 409A of the Code), or (II) the date of the Executive\u2019s death. Upon the earlier of such dates, all payments delayed pursuant to this Section 7(e) shall be paid in a lump sum to the Executive, and any remaining payments due under this Agreement (or in accordance with an award granted to the Executive pursuant to the 2012 Agreement or the 2008 Agreement) shall be paid as otherwise provided in accordance with its terms.", "size": 10, "snippet_links": [{"key": "at-the-time", "type": "definition", "offset": [27, 38]}, {"key": "termination-of-employment", "type": "definition", "offset": [46, 71]}, {"key": "specified-employee", "type": "definition", "offset": [81, 99]}, {"key": "for-purposes-of-section", "type": "clause", "offset": [101, 124]}, {"key": "in-accordance-with", "type": "definition", "offset": [184, 202]}, {"key": "terms-of", "type": "definition", "offset": [207, 215]}, {"key": "section-409a-of-the-code", "type": "definition", "offset": [216, 240]}, {"key": "applicable-guidance", "type": "definition", "offset": [245, 264]}, {"key": "without-limitation", "type": "clause", "offset": [288, 306]}, {"key": "treasury-regulations", "type": "definition", "offset": [349, 369]}, {"key": "successor-provision", "type": "clause", "offset": [378, 397]}, {"key": "to-the-extent", "type": "clause", "offset": [409, 422]}, {"key": "commencement-of", "type": "clause", "offset": [431, 446]}, {"key": "termination-benefits", "type": "definition", "offset": [466, 486]}, {"key": "to-the-executive", "type": "clause", "offset": [583, 599]}, {"key": "pursuant-to-the", "type": "clause", "offset": [600, 615]}, {"key": "agreement-or", "type": "definition", "offset": [621, 633]}, {"key": "additional-compensation", "type": "definition", "offset": [705, 728]}, {"key": "this-section-7", "type": "clause", "offset": [749, 763]}, {"key": "in-order-to", "type": "clause", "offset": [777, 788]}, {"key": "prohibited-distribution", "type": "definition", "offset": [797, 820]}, {"key": "of-the-executive", "type": "clause", "offset": [878, 894]}, {"key": "prior-to-the", "type": "clause", "offset": [957, 969]}, {"key": "expiration-of-the", "type": "clause", "offset": [989, 1006]}, {"key": "date-of", "type": "clause", "offset": [1046, 1053]}, {"key": "separation-from-service", "type": "clause", "offset": [1071, 1094]}, {"key": "all-payments", "type": "clause", "offset": [1295, 1307]}, {"key": "lump-sum", "type": "definition", "offset": [1365, 1373]}, {"key": "payments-due-under-this-agreement", "type": "clause", "offset": [1410, 1443]}], "hash": "87c9335b0206fb35db66dca9b9287f7e", "id": 10}, {"samples": [{"hash": "5ZSoZhaGUkX", "uri": "/contracts/5ZSoZhaGUkX#payment-delay", "label": "Employment Agreement (Zynerba Pharmaceuticals, Inc.)", "score": 28.2334022522, "published": true}, {"hash": "5fcexgMXwHd", "uri": "/contracts/5fcexgMXwHd#payment-delay", "label": "Employment Agreement (Zynerba Pharmaceuticals, Inc.)", "score": 27.8692684174, "published": true}, {"hash": "hPRvzx0HjV8", "uri": "/contracts/hPRvzx0HjV8#payment-delay", "label": "Employment Agreement (Zynerba Pharmeceuticals, Inc.)", "score": 26.4921283722, "published": true}], "snippet": "Notwithstanding any provision in this Agreement to the contrary, if at the time of the Employee\u2019s termination of employment with the Employer, the Employer has securities which are publicly-traded on an established securities market and the Employee is a \u201cspecified employee\u201d (as defined in section 409A of the Code) and it is necessary to postpone the commencement of any severance payments otherwise payable pursuant to this Agreement as a result of such termination of employment in order to prevent any accelerated or additional tax under section 409A of the Code, then the Employer shall postpone the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Employee) that are not otherwise paid within the short-term deferral exception under section 409A of the Code and are in excess of the lesser of two (2) times (i) the Employee\u2019s then-annual compensation or (ii) the limit on compensation then set forth in section 401(a)(17) of the Code, until the first payroll date that occurs after the date that is six (6) months following the Employee\u2019s \u201cseparation from service\u201d with the Employer (as defined under section 409A of the Code). If any payments are postponed due to such requirements, such postponed amounts shall be paid in a lump sum to the Employee, and any installment payments due to the Employee shall recommence, on the first payroll date that occurs after the date that is six (6) months following the Employee\u2019s \u201cseparation from service\u201d with the Employer. If the Employee dies during the postponement period prior to the payment of the postponed amount, the amounts withheld on account of section 409A of the Code shall be paid to the personal representative of the Employee\u2019s estate within sixty (60) days after the date of the Employee\u2019s death.", "size": 47, "snippet_links": [{"key": "notwithstanding-any-provision", "type": "clause", "offset": [0, 29]}, {"key": "agreement-to", "type": "definition", "offset": [38, 50]}, {"key": "time-of-the", "type": "clause", "offset": [75, 86]}, {"key": "employment-with-the", "type": "clause", "offset": [113, 132]}, {"key": "established-securities-market", "type": "clause", "offset": [203, 232]}, {"key": "specified-employee", "type": "definition", "offset": [256, 274]}, {"key": "section-409a-of-the-code", "type": "definition", "offset": [291, 315]}, {"key": "severance-payments", "type": "definition", "offset": [373, 391]}, {"key": "pursuant-to-this-agreement", "type": "clause", "offset": [410, 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of any amount under this Agreement is required to be delayed for a period of six (6) months after separation from service pursuant to section 409A of the Code, payment of such amount shall be delayed as required by section 409A of the Code, and the accumulated postponed amount, with interest (if applicable), shall be paid in a lump sum payment within ten (10) days after the end of the six-month period. If Executive dies during the postponement period prior to the payment of postponed amount, the amounts withheld on account of section 409A of the Code, with interest (if applicable), shall be paid to the personal representative of Executive\u2019s estate within sixty (60) days after the date of Executive\u2019s death. A \u201cspecified employee\u201d shall mean an employee who, at any time during the twelve (12) month period ending on the identification date, is a \u201cspecified employee\u201d under section 409A of the Code, as determined by the Board. The determination of \u201cspecified employees,\u201d including the number and identity of persons considered \u201cspecified employees\u201d and the identification date, shall be made by the Board in accordance with the provisions of sections 416(i) and 409A of the Code and the regulations issued thereunder.", "size": 10, "snippet_links": [{"key": "agreement-to", "type": "definition", "offset": [33, 45]}, {"key": "publicly-traded-corporation", "type": "definition", "offset": [104, 131]}, {"key": "section-409a-of-the-code", "type": "definition", "offset": [138, 162]}, {"key": "payment-of", "type": "definition", "offset": [170, 180]}, {"key": "period-of", "type": "definition", "offset": [245, 254]}, {"key": "separation-from-service", "type": "clause", "offset": [276, 299]}, {"key": "pursuant-to-section", "type": "clause", "offset": [300, 319]}, {"key": "as-required-by", "type": "clause", "offset": [378, 392]}, {"key": "with-interest", "type": "definition", "offset": [457, 470]}, {"key": "if-applicable", "type": "definition", "offset": [472, 485]}, {"key": "lump-sum-payment", "type": "clause", "offset": [507, 523]}, {"key": "days-after", "type": "definition", "offset": [540, 550]}, {"key": "postponement-period", "type": "definition", "offset": [613, 632]}, {"key": "the-payment", "type": "clause", "offset": [642, 653]}, {"key": "amounts-withheld", "type": "clause", "offset": [679, 695]}, {"key": "personal-representative", "type": "clause", "offset": [788, 811]}, {"key": "date-of", "type": "clause", "offset": [867, 874]}, {"key": "an-employee-who", "type": "clause", "offset": [928, 943]}, {"key": "at-any-time", "type": "clause", "offset": [945, 956]}, {"key": "period-ending", "type": "clause", "offset": [986, 999]}, {"key": "identification-date", "type": "definition", "offset": [1007, 1026]}, {"key": "by-the-board", "type": "clause", "offset": [1100, 1112]}, {"key": "the-determination-of", "type": "definition", "offset": [1114, 1134]}, {"key": "specified-employees", "type": "definition", "offset": [1136, 1155]}, {"key": "number-and-identity", "type": "clause", "offset": [1172, 1191]}, {"key": "in-accordance-with", "type": "definition", "offset": [1292, 1310]}, {"key": "the-provisions-of", "type": "clause", "offset": [1311, 1328]}, {"key": "the-regulations", "type": "clause", "offset": [1370, 1385]}], "hash": "e4668c25a9845e082fea043ed66b6c54", "id": 9}], "next_curs": "ClYSUGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjILEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhZwYXltZW50LWRlbGF5IzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"title": "Payment Delay", "children": [["", ""], ["intellectual-properties-retained", "Intellectual Properties Retained"], ["business-continuity", "Business Continuity"], ["breach-notification", "Breach Notification"], ["data-location", "Data Location"]], "size": 659, "parents": [["invoices", "INVOICES"], ["section-409a", "Section 409a"], ["section-409a-of-the-code", "Section 409a of the Code"], ["application-of-section-409a-of-the-internal-revenue-code", "Application of Section 409a of the Internal Revenue Code"], ["termination", "Termination"]], "id": "payment-delay", "related": [["six-month-delay", "Six-Month Delay", "Six-Month Delay"], ["payment-failure", "Payment Failure", "Payment Failure"], ["tenant-delay", "Tenant Delay", "Tenant Delay"], ["payment-due-date", "Payment Due Date", "Payment Due Date"], ["excusable-delay", "Excusable Delay", "Excusable Delay"]], "related_snippets": [], "updated": "2026-03-05T04:26:20+00:00", "also_ask": ["What are the most effective remedies to include for repeated payment delays?", "How can the clause be drafted to minimize ambiguity and disputes over what constitutes a 'delay'?", "What are the key risks if the clause lacks clear notice and cure periods?", "How do courts typically interpret liquidated damages or penalty provisions for payment delays?", "How does this clause compare to industry standards or statutory requirements for late payments?"], "drafting_tip": "Specify payment deadlines to prevent confusion, outline consequences for delays to encourage timely payment, and define acceptable delay periods to ensure enforceability.", "explanation": "The Payment Delay clause defines the conditions under which a party may postpone or defer payment obligations under a contract. Typically, this clause outlines specific circumstances\u2014such as unforeseen events, disputes over invoice accuracy, or force majeure\u2014that justify a delay in payment, and may set out procedures for notifying the other party and any applicable interest or penalties. Its core practical function is to provide a clear framework for handling late payments, thereby reducing uncertainty and potential disputes between parties regarding when and how payments must be made."}, "json": true, "cursor": ""}}