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Permissible payment event

A specifically defined event under your NQDC plan and the Section 409A rules that triggers payout. This can be a specific year or other time that you elected for payouts, or it can be the end of your employment with the company (“separation from service”). The payout language “as soon as reasonably practicable” for payouts is permitted only as long as the payments are made within the times set by Section 409A.