Section 409A Requirements. To the extent applicable, this Agreement shall be interpreted, construed and operated in accordance with the Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury regulations and other guidance issued thereunder. If on the date of the Employee’s separation from service (as defined in Treasury Regulation §1.409A-1(h)) with the Company the Employee is a specified employee (as defined in Code Section 409A and Treasury Regulation §1.409A-1(i)), then, notwithstanding any other provision of this Agreement, no payment constituting the “deferral of compensation” within the meaning of Treasury Regulation §1.409A-1(b) and after application of the exemptions provided in Treasury Regulation §§1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) shall be made to the Employee at any time during the six (6) month period following the Employee’s separation from service, and any such amounts shall instead be paid in a lump sum on the first payroll payment date following expiration of such six (6) month period. For purposes of conforming this Agreement to Section 409A of the Code, the parties agree that any reference to termination of employment, severance from service or similar terms shall mean a “separation from service” as defined in Treasury Regulation §1.409A-1(h).
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Section 409A Requirements. To the extent applicable, this Agreement shall be interpreted, construed and operated in accordance with the Section 409A of the Internal Revenue Code of 1986, as amended (the “"Code”"), and the Treasury regulations and other guidance issued thereunder. If on the date of the Employee’s 's separation from service (as defined in Treasury Regulation §1.409A-1(hss.1.409A-1(h)) with the Company the Employee is a specified employee (as defined in Code Section 409A and Treasury Regulation §1.409A-1(iss.1.409A-1(i)), then, notwithstanding any other provision of this Agreement, no payment constituting the “"deferral of compensation” " within the meaning of Treasury Regulation §1.409A-1(bss.1.409A-1(b) and after application of the exemptions provided in Treasury Regulation §§1.409A-1(b)(4ss.ss.1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) shall be made to the Employee at any time during the six (6) month period following the Employee’s 's separation from service, and any such amounts shall instead be paid in a lump sum on the first payroll payment date following expiration of such six (6) month period. For purposes of conforming this Agreement to Section 409A of the Code, the parties agree that any reference to termination of employment, severance from service or similar terms shall mean a “"separation from service” " as defined in Treasury Regulation §1.409A-1(hss.1.409A-1(h).
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