Common use of Code ss Clause in Contracts

Code ss. 409A. It is the intent of the parties that this Agreement and all payments made hereunder shall be in compliance with the requirements of section 409A of the Code and the regulations promulgated thereunder. If any provision of this Agreement shall not be in compliance with section 409A of the Code and the regulations thereunder, then such provision shall be deemed automatically amended without further action on the part of the Company or the Officer to the minimum extent necessary to cause such provision to be in compliance and such provision will thereafter be given effect as so amended. If postponing payment of any amounts due under this Agreement is necessary for compliance with the requirements of section 409A of the Code and the regulations thereunder to avoid adverse tax consequences to the Officer, then payment of such amounts shall be postponed to comply with section 409A. Any and all payments that are postponed under this Section 3 shall be paid to the Officer in a lump sum at the earliest time that does not result in adverse tax consequences to the Officer under section 409A.

Code ss. 409A. It is the intent of the parties that this Agreement and all payments made hereunder shall be in compliance with the requirements of section 409A of the Code and the regulations promulgated thereunder. If any provision of this Agreement shall not be in compliance with section 409A of the Code and the regulations thereunder, then such provision shall be deemed automatically amended without further action on the part of the Company Employer or the Officer Executive to the minimum extent necessary to cause such provision to be in compliance and such provision will thereafter be given effect as so amended. If postponing payment of any amounts due under this Agreement is necessary for compliance with the requirements of section 409A of the Code and the regulations thereunder to avoid adverse tax consequences to the OfficerExecutive, then payment of such amounts shall be postponed to comply with section 409A. Any and all payments that are postponed under this Section 3 19 shall be paid to the Officer Executive in a lump sum at the earliest time that does not result in adverse tax consequences to the Officer Executive under section 409A.