Examples of Section 409A in a sentence
In addition, to the full extent permitted by applicable law, and subject to the requirements to avoid tax under Section 409A, all payments under the Plan shall be subject to offset for any debts owing to the Company or any of its affiliates.
Notwithstanding the foregoing, the Plan Administrator may establish an extended deferral election deadline for “performance-based compensation” within the meaning of Section 409A that is no later than later than six months before the end of the performance period for such performance-based pay; provided, that, that such extended deadline shall not apply for any amount that has become readily ascertainable within the meaning of Section 409A (i.e., calculable and substantially certain to be paid).
To the extent permitted by Section 409A, all Deferral Accounts shall be paid upon termination of the Plan.
In no event shall any Employer or any director, officer, or employee of an Employer (other than the Participant or Beneficiary) be liable for any additional tax, interest, or penalty incurred by a Participant or Beneficiary as a result of the Plan’s failure to satisfy the requirements of Section 409A, or as a result of the Plan’s failure to satisfy any other requirements of applicable tax laws.
Without limiting the generality of the foregoing, and subject to the requirements under Section 409A, overpayments that are not repaid, and associated interest, may be recovered by an offset against subsequent payments otherwise becoming due under the Plan.