Required Postponement for Specified Executives. (i) If Xx. Xxxxxxxxxx is considered a Specified Executive (as defined below) and payment of any amounts under this Agreement is required to be delayed for a period of six months after separation from service pursuant to Section 409A of the Code, payment of such amounts shall be delayed as required by Section 409A, and the accumulated postponed amounts, with accrued interest as described below, shall be paid in a lump sum payment within five days after the end of the six month period. If Xx. Xxxxxxxxxx dies during the postponement period prior to the payment of benefits, the amounts postponed on account of Section 409A, with accrued interest as described in subsection (b) below, shall be paid to the personal representative of Xx. Xxxxxxxxxx’x estate within 60 days after the date of Xx. Xxxxxxxxxx’x death.
Appears in 5 contracts
Samples: Employment Agreement, Employment Agreement (Immunomedics Inc), Employment Agreement (Immunomedics Inc)
