Common use of 409A Payment and Ordering Rules Clause in Contracts

409A Payment and Ordering Rules. Payments under this paragraph 3 are intended to qualify to the maximum extent possible as "short-term deferrals" exempt from the application of Code Section 409A. Any payments that do not so qualify are intended to qualify for the Code Section 409A exemption set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii) (which exempts from Code Section 409A certain payments made upon an "involuntary separation from service"). To the extent that payments made pursuant to this paragraph 3 are made upon an "involuntary separation from service" but exceed the exemption threshold set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii), the exemption will first be applied to any continued health and welfare benefits payable under this paragraph 3 (to the extent such benefits are subject to Code Section 409A and are payable within six (6) months from the Executive's "separation from service," as defined for purposes of Code Section 409A (the "Delayed Payment Date")) and thereafter to the cash payments that are payable closest in time to the date of termination, until the exemption has been applied in full. Any payments under this paragraph 3 that are not exempted from Code Section 409A and that are payable prior to the Delayed Payment Date shall be withheld by the Company and paid to Executive on the Delayed Payment Date or as soon thereafter as is administratively feasible. For purposes of this paragraph, any payment or benefit to be made in installments or periodically shall be deemed a series of separate payments pursuant to Treasury Regulation Section 1.409A-2(b)(2)(iii). Nothing in this paragraph shall prohibit the Company and Executive from making use of any other Code Section 409A exemption that may be applicable to a payment or benefit hereunder.

409A Payment and Ordering Rules. Payments under this paragraph 3 5 are intended to qualify to the maximum extent possible as "“short-term deferrals" ” exempt from the application of Code Section 409A. Any payments that do not so qualify are intended to qualify for the Code Section 409A exemption set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii) (which exempts from Code Section 409A certain payments made upon an "“involuntary separation from service"”). To the extent that payments made pursuant to this paragraph 3 5 are made upon an "“involuntary separation from service" ” but exceed the exemption threshold set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii), the exemption will first be applied to any continued health and welfare benefits payable under this paragraph 3 5 (to the extent such benefits are subject to Code Section 409A and are payable within six (6) months from the Executive's "’s “separation from service," ” as defined for purposes of Code Section 409A (the "“Delayed Payment Date"”)) and thereafter to the cash payments that are payable closest in time to the date of termination, until the exemption has been applied in full. Any payments under this paragraph 3 5 that are not exempted from Code Section 409A and that are payable prior to the Delayed Payment Date shall be withheld by the Company and paid to Executive on the Delayed Payment Date or as soon thereafter as is administratively feasible. For purposes of this paragraph, any payment or benefit to be made in installments or periodically shall be deemed a series of separate payments pursuant to Treasury Regulation Section 1.409A-2(b)(2)(iii). Nothing in this paragraph shall prohibit the Company and Executive from making use of any other Code Section 409A exemption that may be applicable to a payment or benefit hereunder.

409A Payment and Ordering Rules. Payments under this paragraph 3 are intended to qualify to the maximum extent possible as "“short-term deferrals" ” exempt from the application of Code Section 409A. Any payments that do not so qualify are intended to qualify for the Code Section 409A exemption set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii) (which exempts from Code Section 409A certain payments made upon an "“involuntary separation from service"”). To the extent that payments made pursuant to this paragraph 3 are made upon an "“involuntary separation from service" ” but exceed the exemption threshold set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii), the exemption will first be applied to any continued health and welfare benefits payable under this paragraph 3 (to the extent such benefits are subject to Code Section 409A and are payable within six (6) months from the Executive's "Key Employee’s “separation from service," ” as defined for purposes of Code Section 409A (the "“Delayed Payment Date"”)) and thereafter to the cash payments that are payable closest in time to the date Date of terminationTermination, until the exemption has been applied in full. Any payments under this paragraph 3 that are not exempted exempt from Code Section 409A and that are payable prior to the Delayed Payment Date shall be withheld by the Company and paid to Executive Key Employee on the Delayed Payment Date or as soon thereafter as is administratively feasible. For purposes of this paragraph, any payment or benefit to be made in installments or periodically shall be deemed a series of separate payments pursuant to Treasury Regulation Section 1.409A-2(b)(2)(iii). Nothing in this paragraph shall prohibit the Company and Executive Key Employee from making use of any other Code Section 409A exemption that may be applicable to a payment or benefit hereunder.

409A Payment and Ordering Rules. Payments under this paragraph 3 are intended to qualify to the maximum extent possible as "“short-term deferrals" ” exempt from the application of Code Section 409A. Any payments that do not so qualify are intended to qualify for the Code Section 409A exemption set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii) (which exempts from Code Section 409A certain payments made upon an "“involuntary separation from service"”). To the extent that payments made pursuant to this paragraph 3 are made upon an "“involuntary separation from service" ” but exceed the exemption threshold set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii), the exemption will first be applied to any continued health and welfare benefits payable under this paragraph 3 (to the extent such benefits are subject to Code Section 409A and are payable within six (6) months from the Executive's "’s “separation from service," ” as defined for purposes of Code Section 409A (the "“Delayed Payment Date"”)) and thereafter to the cash payments that are payable closest in time to the date of termination, until the exemption has been applied in full. Any payments under this paragraph 3 that are not exempted from Code Section 409A and that are payable prior to the Delayed Payment Date shall be withheld by the Company and paid to Executive on the Delayed Payment Date or as soon thereafter as is administratively feasible. For purposes of this paragraph, any payment or benefit to be made in installments or periodically shall be deemed a series of separate payments pursuant to Treasury Regulation Section 1.409A-2(b)(2)(iii). Nothing in this paragraph shall prohibit the Company and Executive from making use of any other Code Section 409A exemption that may be applicable to a payment or benefit hereunder.

409A Payment and Ordering Rules. Payments under this paragraph Section 3 are intended to qualify to the maximum extent possible as "“short-term deferrals" ” exempt from the application of Code Section 409A. Any payments that do not so qualify are intended to qualify for the Code Section 409A exemption set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii) (which exempts from Code Section 409A certain payments made upon an "“involuntary separation from service"”). To the extent that payments made pursuant to this paragraph Section 3 are made upon an "“involuntary separation from service" ” but exceed the exemption threshold set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii), the exemption will first be applied to any continued health and welfare benefits payable under this paragraph Section 3 (to the extent such benefits are subject to Code Section 409A and are payable within six (6) months from the Executive's "Key Employee’s “separation from service," ” as defined for purposes of Code Section 409A (the "“Delayed Payment Date"”)) and thereafter to the cash payments that are payable closest in time to the date Date of terminationTermination, until the exemption has been applied in full. Any payments under this paragraph Section 3 that are not exempted from Code Section 409A and that are payable prior to the Delayed Payment Date shall be withheld by the Company and paid to Executive Key Employee on the Delayed Payment Date or as soon thereafter as is administratively feasible. For purposes of this paragraphSection 3(d), any payment or benefit to be made in installments or periodically shall be deemed a series of separate payments pursuant to Treasury Regulation Section 1.409A-2(b)(2)(iii). Nothing in this paragraph Section 3(d) shall prohibit the Company and Executive Key Employee from making use of any other Code Section 409A exemption that may be applicable to a payment or benefit hereunder.