Common use of Gross-Up for Code Section 409A Liabilities Clause in Contracts

Gross-Up for Code Section 409A Liabilities. Notwithstanding anything in this Agreement to the contrary, in the event that it will be determined that any compensation, payment or distribution by the Company or its Affiliates to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) would be subject to the interest and additional 20% tax imposed by Code Section 409A (a “409A Amount”), then the Executive will be entitled to receive a payment (a “409A Gross-Up Payment”) in an amount such that after payment by the Executive of the interest and the additional 20% tax imposed under Code Section 409A(a)(1)(B) (including any interest and additional 20% tax imposed with respect to such payment) and any income taxes imposed on the 409A Gross-Up Payment only (and any interest and penalties imposed with respect thereto), the Executive retains an amount equal to the 409A Amount. Any 409A Gross-Up Payment will be made no later than the end of the calendar year following the year Executive pays the 409A Amount.

Gross-Up for Code Section 409A Liabilities. Notwithstanding anything in this Agreement to the contrary, in the event that it will be determined that any compensation, payment or distribution by the Company or its Affiliates to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) would be subject to the interest and additional twenty percent (20% %) tax imposed by Code Section 409A (a “409A Amount”), then the Executive will be entitled to receive a payment (a “409A Gross-Up Payment”) in an amount such that after payment by the Executive of the interest and the additional twenty percent (20% %) tax imposed under Code Section 409A(a)(1)(B) (including any interest and additional twenty percent (20% %) tax imposed with respect to such payment) and any income taxes imposed on the 409A Gross-Up Payment only (and any interest and penalties imposed with respect thereto), the Executive retains an amount equal to the 409A Amount. Any 409A Gross-Up Payment will be made no later than the end of the calendar year following in which the year Executive pays the 409A Amount.

Gross-Up for Code Section 409A Liabilities. Notwithstanding anything in this Agreement to the contrary, in the event that it will shall be determined that any compensation, payment or distribution by the Company or its Affiliates to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) would be subject to the interest and additional 20% tax imposed by Code Section 409A (a “409A Amount”), then the Executive will shall be entitled to receive a payment (a “409A Gross-Up Payment”) in an amount such that after payment by the Executive of the interest and the additional 20% tax imposed under Code Section 409A(a)(1)(B) (including any interest and additional 20% tax imposed with respect to such payment) and any income taxes imposed on the 409A Gross-Up Payment only (and any interest and penalties imposed with respect thereto), the Executive retains an amount equal to the 409A Amount. Any 409A Gross-Up Payment will be made no later than the end of the calendar year following the year Executive pays the 409A Amount.

Gross-Up for Code Section 409A Liabilities. Notwithstanding anything in this Agreement to the contrary, in the event that it will be determined that any compensation, payment or distribution by the Company or its Affiliates to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) would be subject to the interest and additional 20% tax imposed by Code Section 409A (a “409A Amount”), then the Executive will be entitled to receive a payment (a “409A Gross-Up Payment”) in an amount such that after payment by the Executive of the interest and the additional 20% tax imposed under Code Section 409A(a)(1)(B) (including any interest and additional 20% tax imposed with respect to such payment) and any income taxes imposed on the 409A Gross-Up Payment only (and any interest and penalties imposed with respect thereto), the Executive retains an amount equal to the 409A Amount. Any 409A Gross-Up Payment will be made no later than the end of the calendar year following in which the year Executive pays the 409A Amount.