Conflicts with Plan, Correction of Errors, and Grantee’s Consent. In the event that any provision of this Agreement conflicts in any way with a provision of the Plan, such Plan provision shall be controlling and the applicable provision of this Agreement shall be without force and effect to the extent necessary to cause such Plan provision to be controlling. In the event that, due to administrative error, this Agreement does not accurately reflect a Phantom Stock Award properly granted to Grantee pursuant to the Plan, the Company, acting through its Executive Compensation Department, reserves the right to cancel any erroneous document and, if appropriate, to replace the cancelled document with a corrected document. It is the intention of the Company and the Grantee that this Award comply with, or be exempt from, the requirements of Code Section 409A or any Canadian law equivalent, as applicable. Accordingly, this Agreement, and any terms contained herein, shall be interpreted as necessary to comply with, or be exempt from, the requirements of Code 2013 Phantom Award Agreement 5 Section 409A, or any Canadian law equivalent, as applicable. Grantee consents to any amendment of this Agreement as the Company may reasonably make in furtherance of such intention, and the Company shall promptly provide, or make available to, Grantee a copy of any such amendment. Further, to the extent that any term of this Agreement is ambiguous, such term shall be interpreted as necessary to comply with, or be exempt from, the requirements of Code Section 409A, or any Canadian law equivalent, as determined by the Company.
Appears in 1 contract
Samples: Phantom Stock Award Agreement (Spectra Energy Corp.)
Conflicts with Plan, Correction of Errors, and Grantee’s Consent. In the event that any provision of this Agreement conflicts in any way with a provision of the Plan, such Plan provision shall be controlling and the applicable provision of this Agreement shall be without force and effect to the extent necessary to cause such Plan provision to be controlling. In the event that, due to administrative error, this Agreement does not accurately reflect a Phantom Stock an Award properly granted to the Grantee pursuant to the Plan, the Company, acting through its Executive Compensation Department, reserves the right to cancel any erroneous document and, if appropriate, to replace the cancelled document with a corrected document. It is the intention of the Company and the Grantee that this Award comply with, or be exempt from, the requirements of Code Section 409A 409A, or any Canadian law equivalent, as applicable. Accordingly, this Agreement, and any terms contained herein, shall be interpreted as necessary to comply with, or be exempt from, the requirements of Code 2013 Phantom Award Agreement 5 Section 409A, or any Canadian law equivalent, as applicable. Grantee consents to any such amendment of this Agreement as the Company may reasonably make in furtherance of such intention, and the Company shall promptly provide, or make available to, Grantee a copy of any such amendment. Further, to the extent that any term of this Agreement is ambiguous, such term shall be interpreted as necessary to comply with, or be exempt from, the requirements of Code Section 409A, or any Canadian law equivalent, as determined by the Company.
Appears in 1 contract
Samples: Performance Share Award Agreement (Spectra Energy Corp.)
Conflicts with Plan, Correction of Errors, and Grantee’s Consent. In the event that any provision of this Agreement conflicts in any way with a provision of the Plan, such Plan provision shall be controlling and the applicable provision of this Agreement shall be without force and effect to the extent necessary to cause such Plan provision to be controlling. In the event that, due to administrative error, this Agreement does not accurately reflect a Phantom Stock Award properly granted to Grantee pursuant to the Plan, the Company, acting through its Executive Compensation Department, reserves the right to cancel any erroneous document and, if appropriate, to replace the cancelled document with a corrected document. It is the intention of the Company and the Grantee that this Award comply with, or be exempt from, the requirements of not result in unfavorable tax consequences to Grantee under Code Section 409A or any Canadian law equivalent, as applicable. Accordingly, this Agreement, and any terms contained herein, shall be interpreted as necessary to comply with, or be exempt from, the requirements of Code 2013 Phantom Award Agreement 5 Section 409A, or any Canadian law equivalent, as applicable. Grantee consents to any amendment of this Agreement as the Company may reasonably make in furtherance of such intention, and the Company shall promptly provide, or make available to, Grantee a copy of any such amendment. Further, to the extent that any term of this Agreement is ambiguous, such term shall be interpreted as necessary to comply with, or be exempt from, the requirements of Code Section 409A, or any Canadian law equivalent, as determined by the Company.
Appears in 1 contract
Samples: Phantom Stock Award Agreement (Spectra Energy Corp.)
Conflicts with Plan, Correction of Errors, and Grantee’s Consent. In the event that any provision of this Agreement conflicts in any way with a provision of the Plan, such Plan provision shall be controlling and the applicable provision of this Agreement shall be without force and effect to the extent necessary to cause such Plan provision to be controlling. In the event that, due to administrative error, this Agreement does not accurately reflect a Phantom Stock an Award properly granted to the Grantee pursuant to the Plan, the Company, acting through its Executive Compensation Department, reserves the right to cancel any erroneous document and, if appropriate, to replace the cancelled document with a corrected document. It is the intention of the Company and the Grantee that this Award comply with, or be exempt from, the requirements of Code Section 409A 409A, or any Canadian law equivalent, as applicable. Accordingly, this Agreement, and any terms contained herein, shall be interpreted as necessary to comply with, or be exempt from, the requirements of Code 2013 Phantom Award Agreement 5 Section 409A, or any Canadian law equivalent, as applicable. Grantee consents to any such amendment 2013 Performance Award Agreement - Cash 5 of this Agreement as the Company may reasonably make in furtherance of such intention, and the Company shall promptly provide, or make available to, Grantee a copy of any such amendment. Further, to the extent that any term of this Agreement is ambiguous, such term shall be interpreted as necessary to comply with, or be exempt from, the requirements of Code Section 409A, or any Canadian law equivalent, as determined by the Company.
Appears in 1 contract
Samples: Performance Share Award Agreement (Spectra Energy Corp.)