Section 409A Penalty definition

Section 409A Penalty means any increase in tax or any other penalty pursuant to Section 409A
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Section 409A Penalty means any increase in tax or any other penalty pursuant to Section 409A of the Code.
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Section 409A Penalty means any increase in tax or any other penalty pursuant to Section 409A; and Subject to the terms of this Section 3.8, any payments that constitute deferred compensation within the meaning of Section 409A that may be due under this Agreement upon a termination of employment shall begin only after the date of Executive’s separation from service which occurs on or after the termination of Executive’s employment. This Agreement is intended not to result in the imposition of any Section 409A Penalty and shall be administered, interpreted and construed in a manner consistent with such intent. For purposes of Section 409A, each installment in a series of payments shall be treated as a separate payment. Executive and the Company agree to cooperate to amend this Agreement from time to time as appropriate to avoid the imposition of any Section 409A Penalty. In no event shall the Company be required to provide a tax gross-up payment to Executive with respect to any Section 409A Penalty. Notwithstanding any provision of this Agreement to the contrary, this Agreement is intended to be exempt from or, in the alternative, comply with Section 409A and the interpretive guidance in effect thereunder, including the exceptions for short-term deferrals, separation pay arrangements, reimbursements, and in-kind distributions. The Agreement shall be construed and interpreted in accordance with such intent.
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More Definitions of Section 409A Penalty

Section 409A Penalty means any increase in tax or any other penalty pursuant to Section 409A. Subject to the terms of this Section 3.8, any payments that constitute deferred compensation within the meaning of
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Section 409A Penalty means any increase in tax or any other penalty pursuant to Section 409A. Subject to the terms of this Section 3.8, any payments that constitute deferred compensation within the meaning of Section 409A that may be due under this Agreement upon a termination of employment shall begin only after the date of Executive’s separation from service which occurs on or after the termination of Executive’s employment.
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Related to Section 409A Penalty

  • Section 409A means Section 409A of the Code and the regulations and other guidance promulgated thereunder.

  • Specified Employee means a key employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Company if any stock of the Company is publicly traded on an established securities market or otherwise.

  • IRC means the Internal Revenue Code of 1986, as amended.

  • Parachute Payment means a payment that is described in Code Section 280G(b)(2), determined in accordance with Code Section 280G and the regulations promulgated or proposed thereunder.

  • Qualified employee means an individual who: