Section 409A of the Code definition
Examples of Section 409A of the Code in a sentence
For purposes of this Agreement, the phrase “Separation from Service” (or any form thereof) shall have the meaning set forth in Section 409A of the Code (“Section 409A”) and Treasury Regulation Section 1.409A-1(h)(1), including the default presumptions thereunder.
This Agreement is intended to be exempt from the provisions of Section 409A of the Code and the rules and regulations promulgated thereunder.
The Company reserves the right to change the terms of this Agreement and the Plan without your consent to the extent necessary or desirable to comply with the requirements of Section 409A of the Code, the Treasury regulations and other guidance thereunder.
Notwithstanding any other timing provision in this Section 6, if, at the time any payment under this Agreement becomes subject to Section 409A of the Code, does not satisfy a 409A exemption, would commence due to a separation from service, and Executive is a “specified employee” as defined by Section 409A of the Code, then no such payment may be paid before the earlier of the date (i) that is six (6) months after Executive’s separation from service, or (ii) of the individual’s death.
Payments under this Agreement are intended to be exempt from Section 409A of the Code to the maximum extent possible, including to the extent subject to a substantial risk of forfeiture, as an involuntary separation pay plan (under Treasury Regulation § 1.409A-1(b)(9)) and as providing for short-term deferrals (under Treasury Regulation § 1.409A-1(b)(4)) and shall be interpreted and operated consistently with those intentions.