Common use of Effect of Code Section 409A Clause in Contracts

Effect of Code Section 409A. It is expressly contemplated by the parties that this Agreement will conform to, and be interpreted to comply with, Section 409A of the Internal Revenue Code, as amended (the “Code”). Notwithstanding any other provision of this Agreement, if Employee is a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the Code, then the payment of any amount or the provision of any benefit under this Agreement which is considered deferred compensation subject to Section 409A of the Code and which is payable upon a separation from service shall be deferred for six (6) months after Employee’s “separation from service” or, if earlier, Employee’s death as required by Section 409A(a)(2)(B)(i) of the Code.

Effect of Code Section 409A. It is expressly contemplated by the parties that this Agreement will conform to, and be interpreted to comply with, Section 409A of the Internal Revenue Code, as amended (the “Code”). Notwithstanding any other provision of this Agreement, if Employee is a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the Code, then the payment of any amount or the provision of any benefit under this Agreement which is considered deferred compensation subject to Section 409A of the Code and which is payable upon a separation from service shall be deferred for six (6) months after Employee’s “separation from service” or, if earlier, Employee’s death death, as required by Section 409A(a)(2)(B)(i) of the Code.