Common use of Code Section 409A Exemption Clause in Contracts

Code Section 409A Exemption. It is the parties’ intent that to the maximum extent possible, the payments contemplated under Sections 8(A)(iii) and (vi) be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“Code”) under the “short-term deferral” exemption as described under Treas. Reg. § 1.409A-1(b)(4) and/or the “separation pay” exemption under Treas. Reg. §1.409-1(b)(9) such that the payments shall not be deemed “deferred compensation” within the meaning of Code Section 409A. To the extent that any amount payable under this Agreement shall not fall within an exception but shall instead be “deferred compensation” subject to Code Section 409A, the following terms shall apply.

Code Section 409A Exemption. It is the parties’ ' intent that to the maximum extent possible, the payments contemplated under Sections 8(A)(iii8{A)(iii) and ({vi) be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“"Code”") under the “"short-term deferral” " exemption as described under Treas. Reg. § 1.409A-1(b)(41.409A-l(b)(4) and/or the “"separation pay” " exemption under Treas. Reg. §1.409-1(b)(9) such that the payments shall not be deemed “"deferred compensation” " within the meaning of Code Section 409A. To the extent that any amount payable under this Agreement shall not fall within an exception but shall instead be “"deferred compensation” " subject to Code Section 409A, the following terms shall apply.