Common use of Short-Term Deferral Exemption Clause in Contracts

Short-Term Deferral Exemption. This Agreement is not intended to provide for any deferral of compensation subject to Section 409A of the Code and, accordingly, the Severance Payment payable under Section 2(a)(ii) shall be paid not later than the later of: (i) the fifteenth (15th) day of the third (3rd) month following Executive's first taxable year in which such severance benefit is no longer subject to a substantial risk of forfeiture, and (ii) the fifteenth (15th) day of the third (3rd) month following first taxable year of the Companies in which such severance benefit is no longer subject to substantial risk of forfeiture, as determined in accordance with Section 409A of the Code and any Treasury Regulations and other guidance issued thereunder.

Short-Term Deferral Exemption. This Agreement is not intended to provide for any deferral of compensation subject to Section 409A of the Code and, accordingly, the Severance Payment payable under Section 2(a)(ii3(b)(ii) shall be paid not later than the later of: : (i) the fifteenth (15th) day of the third (3rd) month following Executive's ’s first taxable year in which such severance benefit payment is no longer subject to a substantial risk of forfeiture, and (ii) the fifteenth (15th) day of the third (3rd) month following first taxable year of the Companies in which such severance benefit payment is no longer subject to substantial risk of forfeiture, as determined in accordance with Section 409A of the Code and any Treasury Regulations and other guidance issued thereunder.

Short-Term Deferral Exemption. This Agreement is not intended to provide for any deferral of compensation subject to Section 409A of the Code and, accordingly, the Severance Payment payable under Section 2(a)(ii) shall be paid not later than the later of: (i) the fifteenth (15th) day of the third (3rd) month following Executive's ’s first taxable year in which such severance benefit is no longer subject to a substantial risk of forfeiture, and (ii) the fifteenth (15th) day of the third (3rd) month following first taxable year of the Companies in which such severance benefit is no longer subject to substantial risk of forfeiture, as determined in accordance with Section 409A of the Code and any Treasury Regulations and other guidance issued thereunder.