Manner of Reduction. Any such reduction shall be made in accordance with Code Section 409A and the following: (i) the Covered Payments which do not constitute nonqualified deferred compensation subject to the requirements of Code Section 409A shall be reduced first; and (ii) all other Covered Payments shall then be reduced as follows: (A) cash payments shall be reduced before non-cash payments; and (B) payments to be made on a later payment date shall be reduced before payments to be made on an earlier payment date.
Appears in 12 contracts
Samples: Employment Agreement (Workhorse Group Inc.), Employment Agreement (Workhorse Group Inc.), Employment Agreement (Workhorse Group Inc.)
