Common use of Application of Code Section 409A Clause in Contracts

Application of Code Section 409A. (i) Notwithstanding any other provision in this Agreement, the Executive and the Company intend for this Agreement to comply with the provisions of Code Section 409A and any Treasury Regulations issued thereunder. Each provision and term of this Agreement should be interpreted accordingly. If any provision or term of this Agreement would result in an additional tax under Code Section 409A(a)(1)(B) (“Section 409A Tax”), then such provision shall be deemed to be conformed to comply with Code Section 409A or, if such conformation is not possible, such provision shall be null and void to the extent, and only to the extent, required to eliminate the Section 409A Tax, without effecting the remainder of this Agreement, but only if such modification results in the Executive realizing a greater after-tax benefit taking into consideration all applicable federal, state and local income taxes, and any interest and penalties thereof, including any Section 409A Tax. Each provision and term of this Agreement should be interpreted accordingly.

Application of Code Section 409A. (i) Notwithstanding any other provision in this Agreement, the Executive and the Company intend for this Agreement to comply with the provisions of Code Section 409A and any Treasury Regulations issued thereunder. Each provision and term of this Agreement should be interpreted accordingly. If any provision or term of this Agreement would result in an additional tax under Code Section 409A(a)(1)(B) (the “Section 409A Tax”), then such provision shall be deemed to be conformed to comply with Code Section 409A or, if such conformation is not possible, such provision shall be null and void to the extent, and only to the extent, required to eliminate the Section 409A Tax, without effecting the remainder of this Agreement, but only if such modification results in the Executive realizing a greater after-tax benefit taking into consideration all applicable federal, state and local income taxes, and any interest and penalties thereofthereon, including any Section 409A Tax. Each provision and term of this Agreement should be interpreted accordingly...

Application of Code Section 409A. (i) Notwithstanding any other provision in this Agreement, the Executive and the Company intend for this Agreement to comply with the provisions of Code Section 409A and any Treasury Regulations issued thereunder. Each provision and term of this Agreement should be interpreted accordingly. If any provision or term of this Agreement would result in an additional tax under Code Section 409A(a)(1)(B) (“Section 409A Tax”), then such provision shall be deemed to be conformed to comply with Code Section 409A or, if such conformation is not possible, such provision shall be null and void to the extent, and only to the extent, required to eliminate the Section 409A Tax, Tax without effecting the remainder of this Agreement, Agreement but only if such modification results in the Executive realizing a greater after-tax benefit taking into consideration all applicable federal, state and local income taxes, taxes and any interest and penalties thereof, including any Section 409A Tax. Each provision and term of this Agreement should be interpreted accordingly.