Common use of Delay of Payments Clause in Contracts

Delay of Payments. Notwithstanding anything to the contrary in this Section 4, however, to the extent required to avoid adverse tax consequences to Executive under Section 409A of the Code, if Executive is deemed to be a “specified employee” for purposes of Section 409A(a)(2)(B) of the Code, Executive agrees that the payments due to him or her under this Section 4 in connection with a termination of employment that would otherwise have been payable at any time during the six-month period immediately following such termination of employment shall not be paid prior to, and shall instead be payable in a lump sum as soon as practicable following, the expiration of such six-month period. In the event of Executive’s death during such six-month period, Executive’s estate shall be entitled to immediately receive the applicable severance benefits described in this Agreement.

Delay of Payments. Notwithstanding anything to the contrary in this Section 4, however, to the extent required to avoid adverse tax consequences to Executive under Section 409A of the Code, if Executive is deemed to be a “specified employee” for purposes of Section 409A(a)(2)(B409A(a) (2)(B) of the Code, Executive agrees that the payments due to him or her under this Section 4 in connection with a termination of employment that would otherwise have been payable at any time during the six-month period immediately following such termination of employment shall not be paid prior to, and shall instead be payable in a lump sum as soon as practicable following, the expiration of such six-month period. In the event of Executive’s death during such six-month period, Executive’s estate shall be entitled to immediately receive the applicable severance benefits described in this Agreement.