Compliance With IRC 409A. Notwithstanding anything herein to the contrary, (i) if at the time of Employee’s termination of employment with the Company Employee is a “specified employee” as defined in Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer 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 Employee) until the date that is six months following Employee’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code) and (ii) if any other payments of money or other benefits due to Employee hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board, that does not cause such an accelerated or additional tax. The Company shall consult with Employee in good faith regarding the implementation of the provisions of this Section 25.9; provided that neither the Company nor any of its employees or representatives shall have any liability to Employee with respect to thereto.
Compliance With IRC 409A. In the event of any ambiguity in terms, or in the event further clarification of any term or provision is necessary, all interpretations and payouts of benefits based thereon shall be in accordance with IRC 409A and any related notices or guidance thereon.
Compliance With IRC 409A. It is the intent of the parties to comply with all applicable Internal Revenue Code Sections, including but not limited to, IRC 409A. Thus, when required by IRC 409A, any benefits payable pursuant to this Agreement and as a result of a Separation From Service shall be withheld for six (6) months following such Separation From Service if Executive is a Specified Employee (as defined herein and/or by the Internal Revenue Service) and Employer is publicly traded at the time of Separation From Service. For any individual affected by this six (6) month delay in payment imposed by IRC 409A, and when applicable, the aggregate amount of the first seven (7) months of installments shall be paid on the first day of the seventh month following the date of Separation From Service. Monthly installment payments shall continue thereafter as called for. In addition, and in accordance with and subject to IRS Notices 2006-79, 2007-78 and 2007-86, no payment scheduled to be made in 2008 may be delayed to a date later than 2008, no payment which would not otherwise be scheduled to occur in 2008 may be accelerated into 2008, and no payment scheduled to be made in 2008 may be delayed to a date later than 2008. If any payout to Executive in this Agreement is affected by this prohibition, then such payouts shall only be made in compliance with IRC 409A. In the event any provision of this Agreement is ambiguous, then, whenever possible, it shall be interpreted in a manner that is consistent with IRC 409A.
Compliance With IRC 409A. This Agreement is intended to comply with I.R.C. Section 409A and will be interpreted in a manner intended to comply with Section 409A. Each payment made under this Agreement shall be designated as a "separate payment" within the meaning of Section 409A. If, as of the Last Day Worked, Employee is a "specified employee" as defined in Section 409A and the deferral of any other payment or commencement of any other payments or benefits otherwise payable by the Company to Employee as a result of Employee's separation of servi� is necessary in order to prevent any acceleratedo r additional tax under Section 409A, then the Company will defer the commencement of the payment of any such payments or benefits until the date that is six months following the Last Day Worked. 23.
Compliance With IRC 409A. To the extent required by IRC § 409A and the regulations promulgated thereunder, payment of severance benefits to Executive under any provision of Section 6 of this Agreement will not be paid or commenced until the expiration of six months following the date of termination of Executive’s employment with Corporation. If payments are deferred pursuant to this Section 6.4, all such deferred amounts will be paid in a lump sum on the expiration of the six-month period.
Compliance With IRC 409A. This Agreement is intended to comply with I.R.C. Section 409A and will be interpreted in a manner intended to comply with Section 409A. Each payment made under this Agreement shall be designated as a "separate payment" within the meaning of Section 409A. If, as of the last day worked by Xx. Xxxxx, she is a "specified employee" as defined in Section 409A and the deferral of any other payment or commencement of any other payments or benefits otherwise payable by V2X to Xx. Xxxxx as a result of Xx. Xxxxx'x separation of service is necessary in order to prevent any accelerated or additional tax under Section 409A, then V2X will defer the commencement of the payment of any such payments or benefits until the date that is six months following her last day of employment.
Compliance With IRC 409A. This Agreement is a separation pay plan that does not provide for deferral of compensation according to I.R.C. /s/ TW (Initial) Page | 8
Compliance With IRC 409A. In the event the timing of any provision herein is deemed to trigger tax under the provisions of IRC 409A, the parties agree to amend the timing to provide compliance with IRC 409A.
Compliance With IRC 409A. This Agreement is intended to comply with I.R.C. Section 409A and will be interpreted in a manner intended to comply with Section 409A. Each payment made under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A. If, as of the last day worked by Mr. Xxxxx, xx is a “specified employee” as defined in Section 409A and the deferral of any other payment or commencement of any other payments or benefits otherwise payable by V2X to Mr. Xxxxx xx a result of Mr. Xxxxx’x xxxaration of service is necessary in order to prevent any accelerated or additional tax under Section 409A, then V2X will defer the commencement of the payment of any such payments or benefits until the date that is six months following his last day of employment.
Compliance With IRC 409A
