Effect of Section 409A of the Code. The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and applicable guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. In no event whatsoever shall the Company be liable for any additional tax, interest or penalties that may be imposed on you by Code Section 409A or any damages for failing to comply with Code Section 409A.
Appears in 2 contracts
Sources: Separation Agreement (Genco Shipping & Trading LTD), Separation Agreement (Georgiopoulos Peter C)
Effect of Section 409A of the Code. The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and applicable guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. In no event whatsoever shall the Company be liable for any additional tax, interest or penalties that may be imposed on you the Executive by Code Section 409A or any damages for failing to comply with Code Section 409A.
Appears in 1 contract
Sources: Transition Agreement (EVgo Inc.)