Payment Upon Income Inclusion Under Section 409A Sample Clauses

Payment Upon Income Inclusion Under Section 409A. The Management Company may accelerate payment of all or any portion of the Applicable Amounts if this Agreement fails to meet the requirements of Section 409A of the Code; provided that any payment made pursuant to this subsection c(I) may not exceed the amount required to be included by Employee in income as a result of the failure to comply with the requirements of Code Section 409A.
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Payment Upon Income Inclusion Under Section 409A. To the extent permitted under Code Section 409A, if the Plan Administrator determines at any time that the Plan fails to meet the requirements of Code Section 409A with respect to a Participant, the Plan Administrator shall distribute to the Participant the amount from the Participant’s Account that is required to be included in income as a result of such failure. Such payment shall be made in a single lump-sum payment upon such determination.
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Payment Upon Income Inclusion Under Section 409A. If any portion of the Director’s Account becomes taxable to him prior to the time it would otherwise be payable due to failure of this Agreement to satisfy Code Section 409A, the Director may apply to the Committee for a distribution of that portion of his Account that has become taxable. Within 90 days after the Committee determines that a portion of the Director’s Account has become taxable, the Corporation will make a lump sum payment of cash to the Director equal to the taxable portion of his Account. Any distribution under this Section 4.4 will reduce the remaining balance of the Director’s Account.
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Related to Payment Upon Income Inclusion Under Section 409A

  • Election Under Section 83(b) The Grantee and the Company hereby agree that the Grantee may, within 30 days following the Grant Date of this Award, file with the Internal Revenue Service and the Company an election under Section 83(b) of the Internal Revenue Code. In the event the Grantee makes such an election, he or she agrees to provide a copy of the election to the Company. The Grantee acknowledges that he or she is responsible for obtaining the advice of his or her tax advisors with regard to the Section 83(b) election and that he or she is relying solely on such advisors and not on any statements or representations of the Company or any of its agents with regard to such election.

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