Common use of Separation from Service under Section 409A Clause in Contracts

Separation from Service under Section 409A. Notwithstanding any provision to the contrary in this Agreement: (a) no amount shall be payable pursuant to Section 6.2 unless the termination of Executive’s employment constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations; (b) for purposes of Section 409A, Executive’s right to receive installment payments pursuant to Section 6.2 shall be treated as a right to receive a series of separate and distinct payments; and (c) to the extent that any reimbursement of expenses or in-kind benefits constitutes “deferred compensation” under Section 409A, such reimbursement or benefit shall be provided no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year. The amount of any in-kind benefits provided in one year shall not affect the amount of in-kind benefits provided in any other year.

Separation from Service under Section 409A. Notwithstanding any provision to the contrary in this Agreement: (ai) no amount shall be payable pursuant to Section 6.2 7 or Section 8 unless the termination of the Executive’s employment constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations; (bii) for purposes of Section 409A, the Executive’s right to receive any installment payments or benefits pursuant to Section 6.2 7(a) shall be treated as a right to receive a series of separate and distinct paymentspayments within the meaning of Section 409A; and (ciii) to the extent that any reimbursement of expenses or in-kind benefits constitutes “deferred compensation” under Section 409A, such reimbursement or benefit shall be provided no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year. The amount of any in-kind benefits provided in one year shall not affect the amount of in-kind benefits provided in any other year.

Separation from Service under Section 409A. Notwithstanding any provision to the contrary in this Agreement: (ai) no amount shall be payable pursuant to Section 6.2 7(b) or Section 8 unless the termination of the Executive’s employment constitutes a “separation from service” within the meaning of Section 1.409A-1(h1.409A-l(h) of the Department of Treasury Regulations; (bii) for purposes of Section 409A, the Executive’s right to receive installment payments pursuant to Section 6.2 7(a) shall be treated as a right to receive a series of separate and distinct payments; and (ciii) to the extent that any reimbursement of expenses or in-kind benefits constitutes “deferred compensation” under Section 409A, such reimbursement or benefit shall be provided no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year. The amount of any in-kind benefits provided in one year shall not affect the amount of in-kind benefits provided in any other year.