Common use of Code Section 409A Matters Clause in Contracts

Code Section 409A Matters. Code Section 409A shall only apply to that portion of the Officer’s benefit that was not earned and vested prior to January 1, 2005. The parties intend that the increased accruals that result from the change in the Normal Retirement Age to age 62 as of January 1, 2006 shall not be treated as a material modification so as to affect the pre-January 1, 2005 accruals and that such increased accruals shall be subject to Code Section 409A.” 4. This First Amendment shall be effective as of January 1, 2006.

Code Section 409A Matters. Code Section 409A shall only apply to that portion of the Officer’s benefit that was not earned and vested prior to January 1, 2005. The parties intend that the increased accruals that result from the change in the Normal Retirement Age to age 62 as of January 1, 2006 shall not be treated as a material modification so as to affect the pre-January 1, 2005 accruals and that such increased accruals shall be subject to Code Section 409A.” 4. This First Second Amendment shall be effective as of January 1, 2006.