Document ID: 11705

Text:
(a) The Parties intend for this Agreement either to satisfy the requirements of Section 409A of the Internal Revenue Code of 1986 , as amended, and all applicable guidance promulgated thereunder (Section 409A) or to be exempt from the application of Section 409A , and this Agreement shall be construed and interpreted accordingly. Any amount payable pursuant to this Agreement due to a termination of employment which constitutes a deferral of compensation within the meaning of Section 409A shall not be paid unless and until such termination constitutes a separation from service within the meaning of Section 409A. Further, to the extent an amount payable under this Agreement is intended to be exempt from Section 409A, and such exemption is conditioned upon the payment being made upon a separation from service, then such payment shall not be paid unless and until Employee has incurred a separation from service. If this Agreement either fails to satisfy the requirements of Section 409A or is not exempt from the application of Section 409A, then the Parties hereby agree to amend or to clarify this Agreement in a timely manner so that this Agreement either satisfies the requirements of Section 409A or is exempt from the application of Section 409A.

Named Entities:
15
16
Regulation
19
23
Act

Tokenized Text:
(
a
)
The
Parties
intend
for
this
Agreement
either
to
satisfy
the
requirements
of
Section
409A
of
the
Internal
Revenue
Code
of
1986
,
as
amended
,
and
all
applicable
guidance
promulgated
thereunder
(
Section
409A
)
or
to
be
exempt
from
the
application
of
Section
409A
,
and
this
Agreement
shall
be
construed
and
interpreted
accordingly
.
Any
amount
payable
pursuant
to
this
Agreement
due
to
a
termination
of
employment
which
constitutes
a
deferral
of
compensation
within
the
meaning
of
Section
409A
shall
not
be
paid
unless
and
until
such
termination
constitutes
a
separation
from
service
within
the
meaning
of
Section
409A
.
Further
,
to
the
extent
an
amount
payable
under
this
Agreement
is
intended
to
be
exempt
from
Section
409A
,
and
such
exemption
is
conditioned
upon
the
payment
being
made
upon
a
separation
from
service
,
then
such
payment
shall
not
be
paid
unless
and
until
Employee
has
incurred
a
separation
from
service
.
If
this
Agreement
either
fails
to
satisfy
the
requirements
of
Section
409A
or
is
not
exempt
from
the
application
of
Section
409A
,
then
the
Parties
hereby
agree
to
amend
or
to
clarify
this
Agreement
in
a
timely
manner
so
that
this
Agreement
either
satisfies
the
requirements
of
Section
409A
or
is
exempt
from
the
application
of
Section
409A
.