Common use of Income Tax Status Clause in Contracts

Income Tax Status. The Agreement is intended to be an unfunded, nonqualified deferred compensation and death benefit plan that is governed by Internal Revenue Code sections 61, 83, and 451, such that neither the Director nor the Director's Beneficiary(ies) will have any taxable income by virtue of the operation of the Agreement earlier than the first taxable year in which the deferred compensation benefits under the Agreement are paid.

Income Tax Status. The Agreement is intended to be an unfunded, nonqualified deferred compensation and death benefit plan that is governed by Internal Revenue Code sections 61, 83, 402(b), 404(a)(5), and 451, such that neither the Director Employee nor the DirectorEmployee's Beneficiary(ies) will have any taxable income by virtue of the operation of the Agreement earlier than the first taxable year in which the deferred compensation benefits under the Agreement are paid.

Income Tax Status. The Agreement is intended to be an unfunded, nonqualified deferred compensation and death benefit plan that is governed by Internal Revenue Code sections 61, 83, 402(b), 404(a)(5), 409A and 451, such that neither the Director Employee nor the Director's Employee’s Beneficiary(ies) will have any taxable income by virtue of the operation of the Agreement constructive receipt doctrine earlier than the first taxable year in which the deferred compensation benefits under the Agreement are paid.