Section 409A definition
Examples of Section 409A in a sentence
In the event the Company and Executive determine that any payment hereunder is not in compliance with Section 409A, the parties shall negotiate in good faith to modify the arrangement as necessary to be in compliance, preserving, to the maximum extent possible, the original economic intent of the parties hereunder.
For purposes of Section 409A, each payment under this Agreement will be treated as a separate payment.
This Agreement and the severance payments and benefits herein are intended to comply with Section 409A or an exemption thereunder and shall be construed and administered in accordance with such intent.
If any payment provided to Executive in connection with Executive’s termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A and Executive is determined to be a “specified employee” as defined in Section 409A, then such payment shall not be paid until the first payroll date following the six-month anniversary of Executive’s termination of employment.
To the extent Section 409A applies, any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A.