Common use of Application of Internal Revenue Code Section 409A Clause in Contracts

Application of Internal Revenue Code Section 409A. Benefits payable under the Agreement, to the extent of payments made from the date of termination of the Executive through March 15th of the calendar year following such termination, are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations and thus payable pursuant to the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations; to the extent such payments are made following said March 15th, they are subject to the distribution requirements of Code Section 409A(a)(2)(A), including, without limitation, the requirement of Code Section 409A(a)(2)(B)(i) that payment to the Executive be delayed until 6 months after separation from service if the Executive is a “specified Executive” within the meaning of the aforesaid section of the Code at the time of such separation from service.

Application of Internal Revenue Code Section 409A. Benefits payable under the Agreement, to the extent of payments made from the date of termination of the Executive through March 15th of the calendar year following such termination, are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations and thus payable pursuant to the “"short-term deferral” " rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations; to the extent such payments are made following said March 15th, they are subject to the distribution requirements of Code Section 409A(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the "Code"), including, without limitation, the requirement of Code Section 409A(a)(2)(B)(i) of the Code that payment to the Executive be delayed until 6 months after separation from service if the Executive is a “"specified Executive” " within the meaning of the aforesaid section of the Code at the time of such separation from service.

Application of Internal Revenue Code Section 409A. Benefits payable under the Agreement, to the extent of payments made from the date of termination of the Executive through March 15th of the calendar year following such termination, are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations and thus payable pursuant to the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations; to the extent such payments are made following said March 15th, they are subject to the distribution requirements of Code Section 409A(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), including, without limitation, the requirement of Code Section 409A(a)(2)(B)(i) of the Code that payment to the Executive be delayed until 6 months after separation from service if the Executive is a “specified Executive” within the meaning of the aforesaid section of the Code at the time of such separation from service.

Application of Internal Revenue Code Section 409A. Benefits Severance payable under the Agreement, to the extent Sections 7.2 and 7.5 of payments made from the date of termination of the Executive through March 15th of the calendar year following such termination, this Agreement are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations and thus be payable pursuant to the “short-"short- term deferral” " rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations; . Severance payable pursuant to Section 7.4 of this Agreement are intended to be payable pursuant to a window program pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations to the maximum extent such payments are made following permitted by said March 15thprovision, they are with any excess amount being regarded as subject to the distribution requirements of Code Section 409A(a)(2)(A)) of the Code, including, without limitation, the requirement of Code Section 409A(a)(2)(B)(i) of the Code that payment to the Executive be delayed until 6 months after Executive's separation from service if the Executive is a “"specified Executive” employee' within the meaning of the aforesaid section of the Code at the time of such separation from service.